Herbal Medicine Market Size to Reach USD 117.02 Billion by 2024: Hexa Research

Wednesday, November 7, 2018 Alternative Medicine News
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FELTON, California, November 7, 2018 /PRNewswire/ --

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.

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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.

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).

Concerning product segment, tablets & capsules are expected to witness the fastest growth owing to increasing acceptance of tablets over extracts and powders. Furthermore, properties such as high dose accuracy essential for optimum therapeutic effect will, in turn, promote the herbalism market growth. The extracts segment is expected to grow at a lucrative rate as they show an immediate therapeutic effect on administration.

Browse full research report with TOC on "Herbal Medicine Market Size and Forecast, By Product (Tablets & Capsules, Powders, Extracts), By Indication (Digestive Disorders, Respiratory Disorders, Blood Disorders), And Trend Analysis, 2014 - 2024" at: https://www.hexaresearch.com/research-report/global-herbal-medicine-market

For instance, in geriatric patients, extracts and other liquid dosage forms are preferred for administration as tablets show delayed therapeutic effect. Furthermore, extracts provide high potency as they possess only the active ingredients and no fillers which are present in tablets & capsules.

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.

Browse related reports by Hexa Research: 

  • Doxorubicin Market - Doxorubicin is an anti-cancer chemotherapy drug. It is an intravenous injection through a central or peripheral venous line. No pill form of this drug is available in the market. Doxorubicin market is expected to witness a significant growth in the developed regions due to the multiple incidences of cancer occurrence in these regions.
  • Antidiabetic Drug Market - The global antidiabetic drug market is expected to witness substantial growth over the forecast period on account of increasing occurrence of diabetes; both type I and type II and increasing obesity among people across the globe.
  • Dyslipidemia Therapeutics Market - Dyslipidemia is an interminable metabolic disorder, described by improper level of low thickness lipoprotein, high thickness lipoprotein, and triglycerides. The expanding demand and solutions of these medicines is offering lucrative growth opportunities for the dyslipidemia market.
  • Medical Morphine Market - The global medical morphine market size was valued at USD 10.75 billion in 2016. Increasing use of the drug to relieve pain in cancer, arthritis and postoperative surgeries is expected to drive market growth over the forecast period.

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

    • U.S.

 • Europe

    • Germany

 • Asia Pacific

    • China

    • India

 • Central & South America

 • Middle East and Africa

- Key Players Analyzed 

 • TSUMURA & CO.

 • Dr. Willmar Schwabe India Pvt. Ltd.

 • Blackmores

 • NATURE'S ANSWER

 • Arkopharma

 • Arizona Natural Products

 • Herbal Africa

 • Bio Botanica, Inc.

 • Sidomuncul

 • Nature Herbs

About Hexa Research 

Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

Contact: Michelle T. Corporate Sales Specialist Hexa Research Phone: +1-415-349-0058 Toll Free: 1-800-489-3075 Email: sales@hexaresearch.com

Web: https://www.hexaresearch.com/

SOURCE Hexa Research



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