Herbal Medicinal Products Market Size is expected to register a commendable growth rate from 2022 to 2028. This growth is a result of the gradual transition from conventional medicines to more holistic solutions. Herbal medicinal products, also known as phytotherapeutic products, refer to medicinal solutions derived from active ingredients that contain plants, plant parts, or plant material in processed or crude form.
One of the prominent factors powering herbal medicinal products market trends over 2022-2028 is the growing burden of chronic ailments across the globe. According to estimates from the WHO (World Health Organization), the most common causes of fatalities are chronic ailments like heart disease, COPD (chronic obstructive pulmonary disease), stroke, respiratory conditions as well as dementias like Alzheimer’s. These conditions could lead to a growing demand for herbal medicines, given the gradual shift in patient preference towards holistic treatments. In recent years, many patients diagnosed with anxiety disorders have shown a preference for CAM (complementary and alternative medicine) as an adjunct or alternative to conventional mental health treatments. Recent studies have also indicated the rising potential of herbal medicinal products in the treatment of ailments like Parkinson’s disease. In July 2021, for instance, researchers from Johns Hopkins Medicine revealed additions to evidence that the farnesol compound, occurring naturally in berries and herbs, could prevent and reverse Parkinson’s disease-related brain damage in mouse studies.
With respect to product, homeopathic medicines will emerge as a key segment for the herbal medicinal products industry by 2028. Herbal medications like homeopathy have been gaining rapid traction over the years, as an effective and economical treatment option for various ailments, with various authorities increasing approvals for these solutions. Health Canada, for example, has given approval for over 8,500 homeopathic medicine products.
Europe herbal medicinal products market is expected to record significant growth through 2028, given the strong position of Germany as a major consumer of homeopathic medication. Homeopathy has become an integral part of the medicine industry in Germany. According to a survey conducted by forsa on behalf of Deutsche Homöopathie-Union (DHU) in September 2021, over 70% of adults in Germany are open to trying homeopathy or have had experience with the treatment, which could augment regional herbal medicinal products market dynamics considerably over the forecast spell.
Zandu Pharmaceutical Works Ltd., Patanjali Ayurved Ltd, Dabur, Himalaya Drug Company, Schwabe, Arkopharman, Madaus, Tsumura, Nutraceutical International Corporation, Blackmores, Sheng Chang Pharmaceutical Company Hamdard Laboratories, Ricola AG, and China Herbs Company are among the major companies operating in the herbal medicinal products market. These entities are focused on expanding their geographical presence and portfolio to strengthen their position in the global market.
For instance, in March 2021, The Himalaya Drug Company partnered with BMTC (Bangalore Metropolitan Transport Corporation) and the KSRTC (Karnataka State Road Transport Corporation) for the provision of herbal-based hand hygiene products for the health and wellbeing of more than 60,000 staff during the COVID-19 pandemic. As part of the firm’s continued efforts for community outreach, it has delivered essential herbal hygiene and health products to more than 6,00,000 beneficiaries across myriad communities and locations across India.
The onset of the novel coronavirus pandemic, while asserting drastic impacts on various industrial sectors and putting immense pressure on global healthcare systems, has created lucrative opportunities for herbal medicinal products industry growth. Consumers are shifting their focus gradually towards more holistic solutions like herbal medicines, as immunity boosters in order to mitigate the risk of virus transmission. Furthermore, herb-based medicinal products are also being examined as potential treatment options for post-COVID-19 symptoms. A clinical trial by the Southwest College of Naturopathic Medicine, for instance, was conducted to determine the efficacy of individually prescribed homeopathic medication over placebo, as a viable treatment solution to address fatigue and improve quality of life among patients suffering from Post-acute COVID-19 Syndrome or Long COVID.
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