Herbal Medicine - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Herbal Medicine - Global Market Insights, Competitive Landscape, and Market Forecast - 2028

Herbal Medicine Market By Category (Herbal Pharmaceuticals, Herbal Functional Food, Herbal Beauty Products, And Herbal Dietary Supplements), Source (Leaves, Roots And Barks, Fruits, Whole Plants, And Others), Form (Capsules And Tablets, Powders, Extracts, Syrups, And Others), Distribution Channel (Hospital And Retail Pharmacies, E-Commerce, And Others), and geography is expected to grow at a steady CAGR forecast till 2028 owing to growing preference for natural products and increasing healthcare costs

The global herbal medicine market was valued at USD XX million in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX million by 2028. The demand for herbal medicine is primarily being boosted by growing public belief that herbal remedies are superior to synthetic pharmaceutical drugs, rising healthcare costs combined with a more supportive regulatory environment for herbal remedies, the inability of most herbal remedies to be produced generically once their patents expire, a long history of successfully and safely using herbal remedies to treat a wide range of illnesses, the allure of the possibility that sales of one herbal remedy approval could result in sales in several indications or disease applications, potentially less expensive development of numerous herbal remedies, and government initiatives aimed at expanding the number of herbal remedies on the market among others are going to contribute to the overall growth of the herbal medicine market during the forecast period from 2023-2028.

Herbal Medicine Market Dynamics:

Natural therapies have had a huge spike in popularity and public interest in both developed and emerging nations.

Herbal medications and associated items are becoming increasingly popular worldwide and are being used at an exponential rate. These items are currently being used by a large number of individuals worldwide in various national healthcare settings to treat a variety of health issues. These days, herbal remedies can be found not only in drugstores but also in food shops and supermarkets. According to research surveys, up to four billion people (or 80% of the world's population) who live in underdeveloped nations mostly receive their healthcare from herbal medicinal goods and traditional medical practices.

Further, the rising expense of healthcare which causes out-of-pocket costs for healthcare services is a major concern. The countries like United States and Germany are found to have high healthcare costs. For instance, as per the World Economic Forum 2023, on average, healthcare costs in the US amounted to USD 12,318 per person in 2021 which is higher than anywhere else in the world. As per the same source in Germany, the healthcare cost stood at USD 7,383 per person in 2021, the second highest after the US.

The high healthcare cost makes diagnosis, treatment, and other medical services less affordable and inaccessible to the people. The life-saving drugs also become inaccessible to the people. This continued rise in healthcare costs is causing a shift towards the adoption of herbal medications for the cure of non-threatening health conditions such as gut issues, immune problems, and others that they often face to avoid paying huge amounts of money for treatment in later stages.

However, inadequate human subjects or existing animal toxicity data to support the safety of a clinical trial and lack of overall expertise in small companies, particularly regarding the technical difficulties of handling complex natural materials may restrict the growth of the overall herbal medicine market.

Herbal Medicine Market Segment Analysis:

Herbal Medicine Market by Category (Herbal Pharmaceuticals, Herbal Functional Food, Herbal Beauty Products, and Herbal Dietary Supplements), Source (Leaves, Roots and Barks, Fruits, Whole Plants, and Others), Form (Capsules and Tablets, Powders, Extracts, Syrups, and Others), Distribution Channel (Hospital and Retail Pharmacies, E-Commerce, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the form segment of the herbal medicine market, the capsules and tablets category is expected to amass a significant revenue share in the year 2022. This can be ascribed to the various advantages associated with tablets and capsules form of herbal medications.

Herbal medicines in tablets and capsule form are easy to carry around and can be taken easily by any individual.

They remain stable for a prolonged period and are not affected by atmospheric conditions like light, air, and others due to their sealed covering.

One does not need to measure dose unlike in powdered, liquid, or other forms.

The chances of unpleasant odors are minimal in the case of tablets and capsule-based herbal products. The outer film coatings over tablets and capsules can help prevent any kind of unwanted smell so that a person doesn’t hesitate while taking the medication.

The herbal medications in tablets and capsule form are suitable for long-term storage if kept properly. The chances of spillage of supplements just like in the case of liquid or powdered form are not there with tablets and capsules.

Even a very small amount of substance can be incorporated adequately and appropriately in tablets and capsules.

These can be prepared without the addition of unwanted additives.

Therefore, owing to the above-mentioned factors, the capsules and tablet category is expected to register significant growth, thereby driving the growth of the overall herbal medicine market during the forecast period.

North America is expected to dominate the overall Herbal Medicine Market:

Among all the regions, North America is estimated to account for the largest share of the Herbal Medicine market in the year 2022. Owing to the significance of key growth factors such as higher health awareness, rising living standards, health consciousness, increasing disposable incomes, presence of key players, increasing product development activities, and others, the market for herbal medicine is expected to witness prosperity in the region during the forecast period.

In the United States, the amount of money spent on herbal medicines has increased over the years. This phenomenon is linked to several factors, including cultural differences, disillusionment with the US healthcare system, a sense of helplessness when faced with chronic or terminal illnesses, the unavailability or high cost of traditional healthcare, and the belief that herbal or ""natural"" remedies are safer than prescription ones.

The people in the US are not satisfied with many modern practitioners' impersonal approaches.

Coupled with the factors mentioned above, the actions taken by the government organizations to boost knowledge about herbal products in the region are also going to assist in the regional market growth of herbal medications For example, HerbList, a mobile app on herbal products launched by National Institutes of Health helps consumers navigate information about popular herbs and herbal supplements. Consumers, patients, healthcare providers, and other users can quickly get access to information about the science of popular herbs and herbal supplements including kava, acai, ginkgo, turmeric, and more than 50 others marketed for health purposes.

Thus, the above-mentioned factors are likely to propel the growth of the herbal medicine market in the region during the forecast period from 2023-2028.

Herbal Medicine Market Key Players:

Some of the key market players operating in the herbal medicine market include 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 Others.

Recent Developmental Activities 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.

Key Takeaways from the Herbal Medicine Market Report Study

Market size analysis for current herbal medicine market size (2022), and market forecast for 5 years (2023-2028)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global herbal medicine market.

Various opportunities available for the other competitors in the herbal medicine market space.

What are the top-performing segments in 2022? How these segments will perform in 2028?

Which are the top-performing regions and countries in the current herbal medicine market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for herbal medicine market growth in the coming future?

Target Audience who can be benefited from this Herbal Medicine Market Report Study

Herbal medicine product providers

Research organizations and consulting companies

Herbal Medicine -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Herbal Medicine

Various End-users who want to know more about the Herbal Medicine market and the latest developments in the Herbal Medicine market.

Frequently Asked Questions for the Herbal Medicine Market:

1. What are herbal medicines?

Herbal Medicine is those with active ingredients made from plant parts, such as leaves, roots, or flowers

2. What is the market for global herbal medicine?

The global herbal medicine market was valued at USD XX million in 2022, growing at a CAGR of XX% during the forecast period from 2023 to 2028 to reach USD XX million by 2028.

3. What are the drivers for the global herbal medicine market?

The demand for herbal medicine is primarily being boosted by growing public belief that herbal remedies are superior to synthetic pharmaceutical drugs, rising healthcare costs combined with a more supportive regulatory environment for herbal remedies, the inability of most herbal remedies to be produced generically once their patents expire, a long history of successfully and safely using herbal remedies to treat a wide range of illnesses, and rising product development activities among others are going to contribute to the overall growth of the herbal medicine market during the forecast period from 2023-2028.

4. Who are the key players operating in the global herbal medicine market?

Some of the key market players operating in the herbal medicine market include 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 Others.

5. Which region has the highest share in the herbal medicine market?

North America is expected to dominate the overall Herbal Medicine market during the forecast period from 2023-2028. Owing to factors such as higher health awareness, rising living standards, health consciousness, increasing disposable incomes, the presence of key players, increasing product development activities, and others, the North American herbal medicine market is expected to grow in the coming years.

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