DUBLIN, Nov. 14, 2023 /PRNewswire/ — The “Global Herbal Medicine Market” report has been added to ResearchAndMarkets.com’s offering.
The global market for herbal medicine has consistently expanded over the years, with rising demand particularly evident in developing nations. This phenomenon can be attributed to several factors, including population growth, the recognized health advantages of herbal products, and the perception of these products as safer and more economically viable alternatives to pharmaceutical drugs. The increasing significance of herbal medicinal products globally is driven primarily by their positive impact on health and well-being.
Large segments of the population in developing countries heavily rely on traditional practitioners and herbal medicines as their primary healthcare option. In Africa and India, up to 90% and 70% of the population, respectively, turn to traditional medicine for their health needs. Notably, traditional medicine contributes to approximately 40% of healthcare in China, with most general hospitals having dedicated traditional medicine units. In the U.S., about 38% of adults and 12% of children have embraced some form of traditional medicine.
The World Health Organization (WHO) plays a pivotal role in shaping the herbal medicine landscape, and this active involvement is expected to influence market demand significantly. Several key facts underscore the importance of the WHO’s contribution to the herbal medicine sector. Almost 90% of WHO member states globally have developed policies, laws, regulations, programs, and offices for traditional and complementary medicine (T&CM) that are aligned with the WHO’s Global Traditional and Complementary Medicine Strategy 2014-2023. The WHO has made efforts to raise public awareness about the benefits and potential risks of herbal medicine among consumers and healthcare providers. This informed approach promotes responsible usage and further fuels market demand.
The shift in public perception also drives the demand for herbal medicines, which offer distinct advantages over synthetic pharmaceutical drugs. The characteristic of lower toxicity and enhancements in national traditional and complementary medicine governance and infrastructure will further drive the market growth.
The global market for herbal medicines was valued at $153.5 billion in 2022 and is forecast to grow at a CAGR of 10.6% to reach a value of $279.8 billion by the end of 2028. The major players in the market are Bayer AG, Herbalife Nutrition Ltd., Dabur India Ltd., Patanjali Ayurved Ltd., and Blackmores Group.
The scope of the herbal medicine market is extensive and continues to expand as more people seek alternative and natural remedies for various health conditions. The herbal medicine market has experienced significant growth in recent years, and this growth is projected to continue. Factors such as increasing awareness of herbal remedies, rising health consciousness, and a preference for plant-based products contribute to this growth.
The report analyzes each market and its applications, the regulatory environments, the technologies involved, and market projections and shares. Technologies covered include the latest trends and developments. The report informs all market players, potential entrants, government agencies, and other interested parties. As the report covers geographic regions in detail, companies interested in expanding their geographic reach will also find this study helpful. This report also covers merger and acquisition strategies and collaborations,as well as emerging technologies.
The Report Includes
- 34 data tables and 40 additional tables
- An overview of the current and future global markets for herbal medicines
- Analyses of the global market trends, with historical market revenue data (sales figures) for 2021-2022, estimates for 2023, forecasts for 2024, and projections of compound annual growth rates (CAGRs) through 2028
- Estimates of the market size. and a revenue forecast for the global market in USD millions, and a corresponding market share analysis based on the product type, dosage form, application area, distribution/sales channel and region
- In-depth information (facts and figures) concerning the market drivers, opportunities and challenges, prospects, technologies, regulatory scenarios, and impact of macroeconomic variables
- Evaluation of scientific evidence supporting the efficacy and safety of herbal medicines for various health conditions
- A discussion of ESG developments, with emphasis on the importance of ESG, consumer attitudes, assessment of risks and opportunities, and ESG practices of the leading companies
- A look at the major vendors in the global market, and an analysis of the industry structure, including recent M&A activity and venture funding
- Patent analysis
- Company profiles of major players within the industry, including:
- 21st Century Healthcare
- Beijing Tong Ren Tang
- Blackmores Group
- Boiron USA
- Gaia Herbs
- Herbalife Nutrition
- Himalaya Wellness
- Native Circle
- Nature’s Answer
- Nutraceutical International
- Patanjali Ayurved
- Schwabe Group
- Zandu Realty
- ZeinPharma Germany
For more information about this report visit https://www.researchandmarkets.com/r/rqfrmn
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Originally published at https://www.prnewswire.com/news-releases/global-herbal-medicine-market-report-2023-featuring-profiles-of-key-players-bayer-herbalife-nutrition-dabur-india-patanjali-ayurved-and-blackmores-group-301988077.html
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