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Herbal Medicinal Products Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI3669
Herbal Medicinal Products Market size amount is expected to record profitable revenue between 2023 and 2032 as a result of a gradual shift away from conventional medicines and the growing burden of chronic diseases. According to the WHO (World Health Organization), heart disease, COPD (chronic obstructive pulmonary disease), stroke, chronic diseases such as respiratory disease, and dementia such as Alzheimer's disease are some of the most common causes of death. These conditions are likely to lead to an increasing demand for herbal medicines given the gradual shift in patient preferences toward holistic treatments.
Herbal products, also called phytotherapeutic products, are medicinal solutions derived from active ingredients that contain processed or plant material, plant parts, or crude plants. In recent years, many patients diagnosed with anxiety disorders have shown a preference for CAM (Complementary and Alternative Medicine) as a complement or alternative to traditional mental health treatments. Recent research has also shown the growing potential of herbal remedies in the treatment of diseases such as Parkinson's.
With respect to products, Herbal medicinal products market from herbal medicines segment is expected to gain substantial momentum by 2032. Herbal medication like homeopathy has gained rapid traction in recent years as an effective and cost-effective treatment option for a variety of ailments, with various authorities offering approvals for these solutions. For example, in July 2022, Health Canada approved 8,500 homeopathic medicine products.
The Europe herbal medicines market is expected to witness significant gains by 2032, owing to a strong presence of major homeopathic medicine consumers across Germany. Homeopathy is an integral part of the German pharmaceutical sector.
Some of the major herbal medicinal products market companies include Patanjali Ayurvedic Ltd, Blackmores, China Herbs Company, Dabur, Himalaya Drug Company, Arkopharman, Nutraceutical International Corporation, Sheng Chang Pharmaceutical Company Hamdard Laboratories, Ricola AG, Zandu Pharmaceutical Works Ltd. Tsumura.
Impact of Russia Ukraine war on the market
The ongoing conflict between Russia and Ukraine may have some impact on the production and distribution of herbal medicinal products market. Depending on the location of the farms and manufacturers, disruptions in transportation and supply chains may lead to shortages or delays in obtaining certain herbs or raw materials. Additionally, if the conflict escalates, it may lead to restrictions on exports and imports, which could further impact the availability of herbal medicine products. However, it is difficult to predict the exact impact as it depends on various factors such as the severity and duration of the conflict, and the extent of the herbal medicine industry in the affected regions.
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