The Global Herbal Medicine Market has achieved dramatic advancements in the past decade. The expansion being experienced by this market can be attributed to the increased demand for herbalism amongst the people.
This market is witnessing an all-time high demand for its products at present. This is why Market Research Future decided to publish a research report titled ‘Herbal Medicine Market’. The report distributed conveys that this market has a bright future ahead and also that it will expand enormously during the forecast period of 2017-2023.
Herbal medicine is also recognized as phytomedicine, it is basically a medicinal procedure that utilizes plant or animal matter like bark, flowers, seeds, roots, and leaves for treating various conditions. Statistics provided by World Health Organization (WHO) states that approximately 80% of the African and Asian countries depend on this form for medicine for primary health care.
The major growth propellers for this market can be distinguished and listed as supplier innovations in terms of products, higher ratio of geriatric population when compared to earlier times, rising awareness amongst the end-users, minimal to no side-effect and the launch of Current Good Manufacturing Practices (CGMP) for dietary supplements by the FDA. Additional factors that further add to the expansion of the market are fluctuating prices of the conventional drugs and reduced health expenditure margin.
The market may however, come across certain restraints like standardization of herbal medicines and lack of proper research activities. Efforts are being taken in this direction and very soon a solution will emerge.
Market Segmentation
The research report by Market Research Future titled ‘Herbal Medicine Market’ offers an extensive and comprehensive analysis of all the segments of this market. Here are some of the most important points from that section of the report.
By source – Animal and vegetable. The animal segment is further sub-segmented into bones and oils. Whereas the vegetable comprises of sub-divisions like roots, bark, leaves & fruits and seeds.
By system – Ayurveda, Western and Chinese.
By application – Personal care and pharmaceutical.
Comprehensive Regional Analysis
The herbal medicine market has spread its business across various verticals of the world. Some of the major areas where its prominence can be clearly observed are North America, Europe, Asia Pacific, Middle East & Africa and Rest of the World.
The research report by Market Research Future states that amongst all of the aforementioned regions Asia Pacific governs the market and accounts for the largest share. It is because of the presence of countries like China and India where the usage of herbal medicine is widespread.
Europe establishes itself as the second largest market share older owing to the increased annual incomes of the people of this region. France and Germany will be at the forefront of growth for the European Market. Middle East & Africa are also anticipated to observe significant growth.