DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Botanical & Plant Derived Drug Market Insights, Opportunity Analysis, Market Shares and Forecast, 2017 - 2023" report to their offering.
The growth of botanical and plant derived drug market growth from $25,400 million in 2016 to $41,722 million by 2023. The market is anticipated to grow at CAGR 6.2% during period 2016-2023.
Some of the other factors driving market include, technological advancement in drug production procedure, increasing use of plant derived drugs, and low price compared to other forms of drugs. Stringent laws and regulations, low acceptance rate for infectious diseases, lack of awareness about botanical drugs, and availability of alternative substitute are the factors impact the market growth for the forecast period 2016-2023.
Increasing awareness about botanical drugs, presence of companies manufacturing drugs from plants, sound regulatory environment and increasing prevalence rate of NCD's are the prime factors aiding market growth in North America and Europe. Asia Pacific is the fastest growing market for the forecasted period. Japan, India and China are leading market growth in Asia Pacific.
Increasing healthcare expenditure, aging population, increasing prevalence of chronic diseases are the factors driving growth of botanical and plant derived drug market in Asia Pacific.
Abbott Laboratories Ltd., Bayer Healthcare Ltd., Bionova Inc., Bristol Meyers Ltd., Eli Lilly Ltd., and GSK Ltd., are amongst the pioneers in botanical and plant derived drug market. Collaborations with regional institutions, and M&A are amongst the strategies adopted by companies to grow their market share.
- Increasing Prevalence of Chronic Diseases
- Technological Advancement in Production Procedure
- Comparatively Low Price
- Increase in Use of Plant Derived Drugs
- Stringent Government Laws & Regulations
- Low Acceptance Rate for Lethal Diseases
- Enhanced Applications
- Increasing Approval By FDA
- Lack of Awareness About Botanical Drugs
- Availability of Alternative Substitutes
- Abbott Laboratories
- Bayer Healthcare
- Bristol Meyers
- Eli Lilly
- Glenmark Pharmaceuticals Ltd
- GSK Ltd
- Johnson & Johnson
- Lupin Ltd
- Novartis International
- Piramal Phytocare Ltd
- Ranbaxy Labs
- Tasly Pharmaceuticals Inc
For more information about this report visit http://www.researchandmarkets.com/research/qb6kjg/global_botanical