Pune, India -- (SBWIRE) -- 12/07/2017 -- Market Overview:
Herbal medicinal products are medicinal formulations, which comprises of plant extracts such as polysaccharides, alkaloids, phenols, glycosides, terpenoids, and resins. These plant constituents are used in the preparation of herbal medicines owing to its medicinal importance. They serve as an alternative source of medication for various body ailments such as hypertension, gut & digestive problems, and other general illness. Commonly available herbal medicinal products in the market comes in the form of capsules, tablets, powder, oils/ointments, and others.
Herbal medicinal products are serving as a better alternative over the conventional allopathic medicines owing to lesser ill-effects associated with the consumption. Furthermore, increasing popularity towards ayurvedic and unani medicines is expected to elevate the growth of the market owing to non-toxic effects. Additionally, the demand from the pharmaceuticals industry for green label products has intensified the application of herbal medicinal preparations.
Increasing health awareness among the consumers is adding fuel to the growth of the global herbal medicinal products market. Additionally, increasing demand for economical cure for medical illnesses such as flu, digestive problems, and renal disorders is likely to improve the global herbal medicinal products market during the review period. However, un-clear laws for the use of herbal ingredient for the medicinal preparation may hinder the herbal medicinal products market. However, all these factors are projected to contribute to the estimated CAGR of 8.0% of herbal medicinal products market during the forecast period 2017-2023.
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Major Key Player:
The major players in Herbal Medicinal Products Market,
- Nature's Answer, Inc. (U.S.)
- ARKOPHARMA Laboratories, Company Ltd. (France)
- TSUMURA & CO. (Japan)
- Bio-Botanica Inc. (U.S.)
- Sanofi-Aventis Healthcare Pty Ltd. (Australia)
- Young Living Essential Oils LC (U.S.)
- Ricola AG (Switzerland)
Herbal medicinal products are segmented on the basis of types, which includes traditional Chinese medicines, homeopathic medicines, aromatherapy medicines, ayurvedic medicines, and others. The ayurvedic medicines are dominating the global market owing approval of ayurvedic formulations in medicines by the regulatory authorities such as food and drug administration (FDA).
On the basis of the medicine function, the herbal medicinal products market is segmented into general wellness, cardiovascular health, gut & digestive health, cognitive health, and others. In this segment, gut and digestive health is dominating the market. Increasing the consumption of herbal medicines for illnesses like indigestion is majorly driving the growth of this segment.
On the basis of form, the herbal medicinal products market is segmented into powder, syrups, ointments, oils, capsules, tablets, and others. Among all the forms, tablets is dominating in the global market owing to dose accuracy. Also, tablets are handy, which is an added benefit over other formulations.
The global herbal medicinal products market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Europe is dominating the in the global herbal medicinal products market followed by Asia Pacific. Europe has been accounted for a higher consumption of herbal medicinal products owing to increasing awareness about the benefits of consuming herbal remedies.
Furthermore, increasing consumer awareness and growing demand for herbal medicinal products such as dietary supplements, drugs, and skin care products in countries like India and China are likely to boost the growth of the herbal medicinal products market over the forecast period. Furthermore, ongoing R&D activities in the herbal medicines is likely to uplift the growth of the herbal medicinal products market.
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Herbal medicinal products market is segmented on the basis of type, function, form, and region.
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