New York, USA, May 01, 2024 (GLOBE NEWSWIRE) -- Global Herbal Medicine Market is Expected to Showcase a Significant Growth by 2030, Assesses DelveInsight | Key Companies - Bio-Botanica, Prorganiq, Kunnath Pharmaceuticals, Beovita, Hishimo, Cadila, Patanjali Ayurved Limited
The surge in demand for herbal medicine stems from several factors. These include the increasing public trust in the effectiveness of herbal treatments compared to synthetic pharmaceuticals, escalating healthcare expenses coupled with more favorable regulations for herbal remedies, the challenge of generic production for many herbal treatments after patent expiration, a longstanding history of successful and safe usage of herbal remedies for various ailments, the enticing prospect of one herbal remedy's approval leading to sales across multiple conditions, potentially lower development costs for numerous herbal treatments, and governmental efforts to expand the herbal medicine market.
DelveInsight’s Herbal Medicine Market Insights report provides the current and forecast market analysis, individual leading herbal medicine companies’ market shares, challenges, herbal medicine market drivers, barriers, trends, and key market herbal medicine companies in the market.
Key Takeaways from the Herbal Medicine Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global herbal medicine market during the forecast period.
- Notable herbal medicine companies such as Vasu Healthcare Pvt Ltd., Bio-Botanica, Prorganiq, Kunnath Pharmaceuticals, Beovita, Hishimo Pharmaceuticals Pvt. Ltd., Cadila Pharmaceuticals, ZeinPharma Germany GmbH, Himalaya Global Holdings Ltd., Dr. Willmar Schwabe India Pvt. Ltd., Integria, Dabur, Otsuka Holdings Co., Ltd., Patanjali Ayurved Limited, Innovision Healthcare, Bio Veda Action Research Co., and several others, are currently operating in the herbal medicine market.
- In June 2021, Vasu Healthcare Pvt Ltd to strengthen the company’s existing immunity & preventive care range meant for promoting overall health & well-being launched an herbal supplements range – Vasu Safe Herbs.
- In November 2020, Kunnath Pharmaceuticals launched antiviral immunity booster capsules under the brand name ‘Viromune’ across India.
To read more about the latest highlights related to the herbal medicine market, get a snapshot of the key highlights entailed in the Global Herbal Medicine Market Report
Herbal Medicine Overview
Herbal medicine, an ancient practice deeply rooted in various cultures worldwide, harnesses the therapeutic properties of plants for healing and wellness. Throughout history, communities have relied on the vast diversity of flora to address ailments ranging from common colds to chronic conditions. Herbal remedies often offer a holistic approach, considering not only physical symptoms but also mental and emotional well-being. The potency of herbal medicine lies not only in its biological effects but also in the cultural connections and rituals surrounding its use, fostering a profound sense of connection to nature and tradition.
In contemporary times, herbal medicine is experiencing a resurgence in popularity, driven by a growing interest in natural alternatives to conventional pharmaceuticals. With increasing scientific validation, many herbs have garnered attention for their medicinal benefits, leading to the development of standardized extracts and supplements. However, as interest in herbal remedies grows, so does the need for responsible sourcing, rigorous quality control, and informed usage guidelines to ensure both efficacy and safety. As we navigate the complexities of modern healthcare, herbal medicine continues to offer a compelling avenue for exploring the symbiotic relationship between humans and the plant kingdom.
Herbal Medicine Market Insights
In 2023, North America led the herbal medicine market, primarily due to factors such as heightened health awareness, improved living standards, and a surge in disposable incomes. These, along with the presence of key industry players and increased product development activities, indicate a promising outlook for the herbal medicine sector in the region.
In the United States specifically, expenditure on herbal medicines has been rising steadily, influenced by various factors including cultural disparities, dissatisfaction with the conventional healthcare system, and a preference for herbal remedies perceived as safer alternatives. Additionally, there's a growing discontent with the impersonal approach of many modern healthcare practitioners.
Government initiatives aimed at promoting awareness of herbal products, such as the HerbList mobile app launched by the National Institutes of Health, further contribute to the growth of the herbal medicine market. This app provides users with access to information on popular herbs and supplements, enhancing consumer knowledge and confidence. Given these factors, the herbal medicine market in North America is anticipated to experience significant growth from 2024 to 2030.
To know more about why North America is leading the market growth in the herbal medicine market, get a snapshot of the Herbal Medicine Market Outlook
Herbal Medicine Market Dynamics
Natural therapies are experiencing a significant surge in popularity and public interest globally, spanning both developed and emerging nations. The use of herbal remedies and related products is on the rise worldwide, with a growing number of individuals turning to them for various health concerns. These natural remedies are not only prevalent in pharmacies but also increasingly stocked in grocery stores and supermarkets.
Research indicates that approximately 4 billion people, constituting 80% of the world's population in underdeveloped nations, primarily rely on herbal medicines and traditional healing practices for their healthcare needs. This reliance is partly driven by the escalating costs of conventional healthcare services, particularly in countries like the United States and Germany.
For instance, in 2021, healthcare expenditure in the US averaged USD 12,318 per person, the highest globally, while in Germany, it amounted to USD 7,383 per person, the second highest. The soaring healthcare expenses render essential medical services, including diagnosis and treatment, less accessible and affordable to many individuals, prompting a shift towards herbal remedies for managing less severe health conditions like digestive issues and immune disorders.
However, the adoption of herbal medications may face obstacles due to insufficient data on human subjects or animal toxicity, hindering the safety evaluation for clinical trials. Additionally, small companies may lack the expertise needed to navigate the technical challenges associated with handling complex natural materials, potentially limiting the growth of the herbal medicine market overall.
Get a sneak peek at the herbal medicine market dynamics @ Herbal Medicine Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2021–2030 |
| Key Herbal Medicine Companies | Vasu Healthcare Pvt Ltd., Bio-Botanica, Prorganiq, Kunnath Pharmaceuticals, Beovita, Hishimo Pharmaceuticals Pvt. Ltd., Cadila Pharmaceuticals, ZeinPharma Germany GmbH, Himalaya Global Holdings Ltd., Dr. Willmar Schwabe India Pvt. Ltd., Integria, Dabur, Otsuka Holdings Co., Ltd., Patanjali Ayurved Limited, Innovision Healthcare, Bio Veda Action Research Co., among others |
Herbal Medicine Market Assessment
- Herbal Medicine Market Segmentation
- Herbal Medicine Market Segmentation By Category: Herbal Pharmaceuticals, Herbal Functional Food, Herbal Beauty Products, and Herbal Dietary Supplements
- Herbal Medicine Market Segmentation By Source: Leaves, Roots And Barks, Fruits, Whole Plants, and Others
- Herbal Medicine Market Segmentation By Form: Capsules and Tablets, Powders, Extracts, Syrups, and Others
- Herbal Medicine Market Segmentation By Distribution Channel: Hospital and Retail Pharmacies, E-commerce, and Others
- Herbal Medicine Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Which MedTech key players in the herbal medicine market are set to emerge as the trendsetter explore @ Herbal Medicine Companies
Table of Contents
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | Herbal Medicine Market Layout |
| 7 | Global Company Share Analysis – Key 3-5 Companies |
| 8 | Herbal Medicine Market Company and Product Profiles |
| 9 | Project Approach |
| 10 | About DelveInsight |
Interested in knowing the herbal medicine market by 2030? Click to get a snapshot of the Herbal Medicine Market Trends
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About DelveInsight
DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance.
