Herbal Medicinal Products Market Overview
Polysaccharides, phenols, alkaloids, glycosides, resins, and terpenoids are some plant components with tremendous medicinal values. The rise in importance of herbal medicinal products can bolster the expansion of its market in the assessment period, reveals Market Research Future (MRFR) assessment. As per MRFR findings, the herbal medicinal products market can rise at 8.0% CAGR in the study period 2017-2023.
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The availability of equipment for the preparation of herbal medicines, coupled with rise in the deployment of technically advanced machinery can add value to the market. Herbal medicines are widely used as an alternative source of medication to treat hypertension, gut and digestive problems, and other general ailments. The easy availability of herbal medicinal products to rise in populace of chronic disorders can promote the expansion of the market through the review period. Herbal medicine are also available in different dosage form, such as capsules, powder, tablets, oils or ointments among others that improve patient convenience. This can work in favor of the herbal medicinal products market through the analysis period. However, issues with regulatory affairs can intervene the formulation, production, marketing, and sales of herbal medicines that can hinder the herbal medicinal products market expansion in the years ahead. The report mentions about COVID 19 impact assessment on the herbal medicinal market.
Herbal Medicinal Products Market Segment Analysis
The segment assessment of the herbal medicinal products market is done by function, type, and form.
The type based segment of the herbal medicinal products market are homeopathic medicines, traditional Chinese medicines, Ayurveda medicines, and aromatherapy medicines among others. The Ayurveda medicines segment can dominate the market as approval for ayurvedic formulations from regulatory authorities, such as FDA, can support the expansion of the market across the analysis period.
The medicine function based segment of the herbal medicinal products market are cardiovascular health, general wellness, cognitive health, and gut & digestive health among others. The gut and digestive health segment can led the herbal medicinal products market. The rise in the consumption of herbal medicines to treat indigestion malaise can cause the expansion of the segment.
The form based segment of the herbal medicinal products market are syrups, powder, oils, capsules, ointments, and tablets among others. The tablets segment can dominate the market as tablets are highly preferred due to their dose accuracy.
Herbal Medicinal Products Market Regional Analysis
Regional forces and trends are studied for the herbal medicinal products market across North America, EU, APAC, and the rest of the world (RoW). In Europe, the herbal medicinal products market can expand exponentially. The increase in consumption of herbal medicinal products in the region can promote the market expansion. The rise in awareness about broad spectrum benefits herbal remedies can impel EU herbal medicine products market in the approaching years. In APAC, the predominant ayurvedic treatment among people can promote the bolster the market expansion. The rise in the awareness about pluralistic benefits of herbal medicinal products market can support the regional market expansion in the assessment period. The increase in the application of herbal medicines as dietary supplements and skin care products can impact the growth of the regional market. The ongoing R&D activities for new formulation of herbal medicines can promote the herbal medicinal products market across the assessment period.
Herbal Medicinal Products Market Key Players
TSUMURA & CO. (Japan), Sanofi-Aventis Healthcare Pty Ltd. (Australia), ARKOPHARMA Laboratories, Company Ltd. (France), Bio-Botanica Inc. (U.S.), Nature’s Answer, Inc. (U.S.), Young Living Essential Oils LC (U.S.), and Ricola AG (Switzerland) are some reputed players in the herbal medicinal products market that are listed by MRFR.
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