Herbal medicine market size to grow by USD 36,636.05 million between 2022 and 2027; Growth driven by the demand for natural healing

NEW YORK, April 10, 2023 /PRNewswire/ — The herbal medicine market size is forecasted to increase by USD 36,636.05 million from 2022 to 2027, at a CAGR of 5.96%, according to the recent market study by Technavio. The growth of the market will be driven by the immunity-boosting properties of herbal medicines, low side effects, and natural healing by using herbal remedies. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download the Sample Report

Vendor Analysis

The herbal medicine market report includes information on the key products and recent developments of leading vendors, including:

• Arkopharma Laboratories: The company offers herbal medicines such as Arkofluides Articulations BIO.

• Beijing Tongrentang Co Ltd.: The company offers herbal medicines such as Angong Niuhuang Wan.

• Bio Botanica Inc.: The company offers herbal medicines such as organic wild cherry bark in glycerin.

• Blackmores Ltd.: The company offers herbal medicines such as milk thistle and tranquil night.

• Charak Pharma Pvt. Ltd.

• Dabur India Ltd.

• Dasherb Corp.

• Dr. Willmar Schwabe GmbH and Co. KG

• Emami Ltd.

• Hamdard Laboratories

• Himalaya Global Holdings Ltd.

• Hishimo Pharmaceuticals Pvt. Ltd.

• Imperial Ginseng Products Ltd.

• Ricola Group AG

• Schaper and Brummer GmbH and Co. KG

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.

• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Market Segmentation:

The market is segmented by product (capsules and tablets, powders, extracts, syrups, and others), distribution channel (hospitals, retail pharmacies, and e-commerce), and geography (Asia, North America, Europe, and the Rest of the World (ROW))

By product, the market growth will be significant in the capsules and tablets segment during the forecast period. In this segment, tablets are inexpensive, safe, and effective oral medications. Caplets, which are elongated tablets, may be easier to swallow. Some have a notch in the middle to make it easier to separate the two halves of the tablet. The capsule shell breaks down in the gastrointestinal tract, and the active pharmaceutical ingredients are absorbed into the body, distributed, and processed in a manner similar to tablets taken. The above factors drive the growth of the segment during the forecast period.

By distribution channel, the market growth will be significant in the hospital segment during the forecast period. The drugs found in hospital pharmacies include therapeutic and critical care drugs. These drugs are used in cardiology, neurology, urology, and pathogenic infections. A hospital pharmacy’s primary business is the procurement, storage, and sale of medicines to patients within the hospital. Inpatient medications are administered to individuals during their treatment. Such factors will increase segment growth during the forecast period.

Asia will account for 42% of the market growth during the forecast period. In Asia, the herbal medicine market has increased significantly in recent years due to various factors such as the increased consumer awareness of the side effects of symptomatic medications and the rise in awareness about the medicinal and therapeutic benefits of herbal products. This has increased the demand for Ayurvedic products such as extracts, dietary supplements, and personal care products in the region. Such factors will increase the market growth in this region during the forecast period.

Market Dynamics:

Key Drivers:

Herbal remedies are used in herbal medicine as an alternative medicine that contributes to natural healing. These remedies are used primarily for chronic illnesses, as opposed to life-threatening illnesses. However, when modern medicine proves ineffective in treating diseases such as advanced cancer or when new infections arise, the use of traditional medicines increases. This will drive the global herbal medicine market and also create opportunities for other vendors to enter the market. Such factors will increase the market growth during the forecast period.

Major Trends:

• Inclination toward herbal and natural products

• Growing popularity of e-commerce channels

• Proliferating demand for personalized herbal medicines

A large number of people nearing retirement age, and youth are inclined toward natural products such as herbal medicines and health supplements. This has influenced a shift in healthcare spending, with many older people opting for herbal medicines to stay active. Moreover, during the pandemic, lockdown restrictions prevented most people from attending fitness centers such as gyms and sports clubs. As a result, the demand for herbal medicines has increased. In addition, vendors actively promoted online sales, especially through e-commerce portals, offering discounts on prominent herbal medicines. Such factors are expected to drive the growth of the global herbal medicine market during the forecast period.

Key Challenges:

Over the last three decades, the use of herbal medicines has skyrocketed, with more than 80% of people worldwide relying on herbal medicines as part of their essential health care. Although therapies employing these compounds have demonstrated significant potential, many of them remain untested and their use is either poorly controlled or unchecked. As a result, there is insufficient understanding of their method of action, potential adverse responses, contraindications, and combinations with currently available conventional medications and functional foods. Safety remains a key concern with the use of herbal treatments, relevant regulatory bodies must implement adequate measures to protect public health by ensuring that all herbal medications are safe and of appropriate quality. Such factors will hinder market growth during the forecast period.

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What are the key data covered in this Herbal Medicine Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the herbal medicine market between 2023 and 2027

• Precise estimation of the herbal medicine market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the herbal medicine market across Asia, North America, Europe, and Rest of World (ROW)

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of herbal medicine market vendors

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Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio