Herbal Medicinal Products Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3669
Herbal Medicinal Products Market size is projected to experience significant growth from 2019 to 2025.
Shifting trend towards adoption of ayurvedic and traditional Chinese medicines will drive herbal medicinal products market over the coming years. Additionally, the growing demand for natural remedies and therapies in developed regions including Europe will further boost business growth. Nearly 80% of Asian and African population use traditional remedy to fulfil their healthcare needs.
Traditional medicine is considered as more accessible, affordable and acceptable in low- and middle-income countries with limited number of medical practitioners of modern medicine. Growing geriatric population base prone to suffer from chronic ailments, rising consumer awareness and less or negligible side-effects will stimulate adoption rate of herbal medicinal products over the coming years.
The increasing prices of pharmaceutical drugs coupled with constricted health budget has elevated demand for traditional medicines thereby fostering industry growth. However, Lack of standardization and research in herbal medicines along with ambiguous regulatory framework will hamper industry expansion to certain extent over the foreseeable years.
Based on product type, the industry is segmented into homeopathic medicines, aromatherapy products, ayurvedic medicines and Chinese medicines. Ayurvedic medicines market dominated the industry in 2018 and is estimated to follow similar trend in the near future owing to high adoption rate and less or no side-effects due to this type of medicine. As per the National Center for Complementary and Integrative Health data, around 240,000 American adults use ayurvedic medicine to fulfil their healthcare needs.
Tablets and capsules form of herbal medicine is anticipated to be the fastest growing segment over the forecast timeframe. Dosage accuracy provided by tablets and capsules in comparison to other forms will drive segmental growth. Additionally, high adoption rate will support growth of tablet form of herbal medicine market.
The distribution channel includes retail pharmacies, e-commerce, hospital pharmacies and others. e-commerce segment is projected to witness lucrative growth over the forecast timeframe owing to growing popularity of online shopping as well as increasing number of e-commerce companies.
Japan herbal medicines market held significant regional share in 2018. High adoption and popularity of KAMPO medicines in the country will act as primary driver for Japanese herbal medicinal products market growth. Few Japanese physicians utilize KAMPO medicines along with chemotherapy and radiotherapy for treating cancer patients, stimulating Japanese herbal medicinal products industry growth.
Increasing utilization of herbs as prescription drugs in developed countries of Europe such as Germany and France will drive Europe herbal medicinal products market growth over the foreseeable period. Growing demand for natural products including natural therapies and remedies will further add to industry expansion.
Dabur, Zandu Pharmaceutical Works Ltd., Schwabe, Himalaya Drug Company, Madaus, Arkopharman, Nutraceutical International Corporation, Tsumura, Blackmores, Sheng Chang Pharmaceutical Company, Ricola AG, Hamdard Laboratories, Patanjali Ayurved Ltd, and China Herbs Company are few major companies operating in the market. Industry players are currently focusing on expanding their product portfolio and geographical reach to broaden their customer base as well as strengthen market position.
Herbal Medicinal Products Market by Product Type, 2014-2025 (USD Million)
- Homeopathic medicines
- Aromatherapy products
- Ayurvedic medicines
- Chinese medicines
Herbal Medicinal Products Market by Product Form, 2014-2025 (USD Million)
- Oils and Ointment
Herbal Medicinal Products Market by Distribution Channel , 2014-2025 (USD Million)
- Retail pharmacies
- Hospital pharmacies
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Himalaya Drug Company
- Sheng Chang Pharmaceutical Company
- Ricola AG
- Zandu Pharmaceutical Works Ltd.
- Hamdard laboratories
- Patanjali Ayurved Ltd.
- China Herbs Company
- Nutraceutical International Corporation
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