Increasing preference for cost-effective treatment options to drive herbal medicine market

Industry Insights

The global herbal medicine market is expected to reach USD 117.02 billion by 2024, driven by rising popularity of herbal therapeutics compared to conventional drugs. The market for herbal medicines and remedies is anticipated to record profitable growth due to their cost-effectiveness as compared to allopathic ones.

In 2016, Europe was the largest market for traditional medicines, contributing to 40.8% of the share and is expected to retain its leadership during the forecast period due to shifting from conventional drugs to herbal products. Fewer side effects and low toxicity compared to allopathy products are expected to provide a competitive advantage over other medicines in the market. Additionally, ready acceptance of herbal products owing to its benefits is the key factor for market growth and is expected to play a significant role in future.

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Increased preference of complementary and alternative medicine (CAM) among others has resulted in the growth of herbal medicines in Asia Pacific. Asia Pacific is expected to record the fastest CAGR of 6.8% over the forecast period. Furthermore, Europe is anticipated to generate maximum revenue over the forecast period due to increasing awareness created by various associations such as Association for Natural Medicine in Europe (AIME).

The rigorous focus on developing better extraction and purification techniques by herbal medicine manufacturers is expected to fuel the market. Furthermore, respective governments are also introducing several strategies to promote the uptake of herbal medicine market. For instance, in July 2017, the Chinese Ministry of Science and Technology invested USD 12.5 million for development of herbal treatments for the treatment of cancer and HIV/AIDS

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Hexa Research has segmented the global herbal medicine market based on Product, Indication, and region:

Segmentation by Product, 2014 - 2024 (USD Billion)

• Tablets & Capsules
• Powders
• Extracts
• Others

Segmentation by Indication, 2014 - 2024 (USD Billion)

• Digestive Disorders
• Respiratory Disorders
• Blood Disorders
• Others

Segmentation by Region, 2014 - 2024 (USD Billion)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East and Africa

Key Players Analyzed

• TSUMURA & CO.
• Dr. Willmar Schwabe India Pvt. Ltd.
• Blackmores
• NATURE'S ANSWER
• Arkopharma