Pune, India, April 03, 2019 (GLOBE NEWSWIRE) -- Global Herbal Medicine Market Size is expected to reach a valuation of more than USD 129 billion by 2023, according to the latest research report from Market Research Future (MRFR). The market is expected to exhibit a strong 5.88% CAGR over the forecast period from 2018 to 2023, according to the report.
Market Overview
Herbal medicine comprises products derived from plants and consumed directly with little processing. The lack of extensive processing is probably the major difference between herbal medicine and conventional medicine, as the field of herbal medicine seeks to preserve the natural composition of the plant, while conventional medicine devotes considerable efforts to isolate the active ingredient and produce it on a large scale into medicinal products. This field of medicine has been the oldest field of medicine in human history, as all medicine originally started with the use of plant materials for remedial action against various natural ailments. The field has experienced a resurgence in recent years due to the growing demand among consumers for naturally oriented, process-free, chemical-free medicine. Preference for personal medication could also drive the global herbal medicine market at a strong rate over the forecast period.
Competitive Analysis
Leading players in the global herbal medicine market include Arkopharma, Beovita, Schaper & Brummer, Venus Pharma GmbH, Arizona Natural Products, Dasherb Corp., ZeinPharma Germany GmbH, Hishimo Pharmaceuticals, and Bayer AG.
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Segmentation
By category, the global herbal medicine market is segmented into herbal pharmaceuticals, herbal functional foods, herbal dietary supplements, and herbal beauty products. Herbal pharmaceuticals are by far the most dominant product segment in the global herbal medicine market and accounted for a valuation of more than USD 50.9 billion in 2017.
By type of medicinal plant, the global herbal medicine market is segmented into Marrubium vulgare, Cinnamomum spp., Vaccinium macrocarpon, Echinacea, Camellia sinensis, Curcuma longa, Actaea racemosa, Aloe vera, Zingiber officinale, Cocos nucifera, and others. Marrubium vulgare, commonly known as the white horehound, is likely to dominate the global herbal medicine market over the forecast period with a CAGR of 6.45%.
By form, the market is segmented into capsules and tablets, powders, extracts, syrups, and others. Extracts account for the largest market share in 2017 and are likely to remain dominant over the forecast period.
By source, the global herbal medicine market is segmented into leaves, roots and barks, fruits, whole plants, and others. The leaves segment is likely to lead the global herbal medicine market over the forecast period.
By distribution channel, the market is dominated by hospitals and retail pharmacies, which accounted for 55.82% of the global market in 2017, followed by ecommerce and others.
Growing Demand for Natural Medicines
While conventional medicine has worked tirelessly to produce harmless, isolated products from plants, the commercial aspect of conventional medicine has annoyed many consumers, while the increasing use of synthetic chemicals in medicine has also irked off a significant population. These consumers are increasingly demanding all-natural alternatives to conventional medicine, which has driven the demand for herbal medicine across the world, including developed regions such as North America and Europe as well as developing countries in Asia Pacific, Latin America, and the Middle East and Africa. The increasing number of consumers opting for natural alternatives to conventional medicine is likely to remain the strongest driver for the global herbal medicine market over the forecast period.
Growing Clinical Research into Perfecting Herbal Medicine
Governments in developed countries, especially in Europe, have also been quick to take into account the growing demand for herbal medicine and have funded significant research efforts into the field to enhance the precision and sophistication of the field. This is likely to be a major driver for the Herbal Medicine Market over the forecast period, as government-funded clinical research facilities could provide a sophisticated, polished version of herbal medicine, providing the customer with the best of both worlds.
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Regional Analysis
Europe is likely to remain the major regional market for herbal medicine over the forecast period due to the strong government support to clinical research into improving herbal medicine and the growing consumer demand for natural variants to conventional medicine. Asia Pacific is also likely to play a major role in the growth of the global herbal medicine market over the forecast period due to the traditional use of herbal medicine in many parts of the region.
Lack of Standardization to Hamper Herbal Medicine Market
One of the most pressing concerns for the Herbal Medicine Market is a lack of standardization among global entities and the consequent confusion and decline in trust among consumers. Due to the use of traditional methods to prepare herbal medicine in various regions, global outreach has been difficult to achieve, as different locales may prepare the same medicine in a different way. This has the potential to stunt the global herbal medicine market’s growth over the forecast period, as the well-established distribution channels of conventional medicine could give it a strong advantage over the former in the coming years.
The higher risk of allergies and other adverse effects through the use of herbal medicine is also a major restraint against the global herbal medicine market. Due to the absence of the processes practiced in conventional medicine production to remove all possible threats from the plant material and isolate only the clinically active ingredient, herbal medicine poses a greater overall risk of side effects or allergies and other harmful reactions to the medicine. This is likely to remain a key concern for the market till a strong level of standardization is achieved in herbal medicine products.
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