SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global herbal medicinal products (Herbal Supplements) market was valued at US$ 75,807.0 million in 2018, and is expected to exhibit a CAGR of 5.5% over the forecast period (2019 – 2027).
Key Trends and Analysis of the Herbal medicinal products Market:
Key trends in market are rising demand for natural medicinal products, rising adoption of Traditional Chinese Medicine (TCM), increasing launches and approvals of herbal medicinal products, and adoption of inorganic growth strategies such as acquisition and collaboration by the market players.
Players are focused on product launches and approvals of herbal products for offering better offerings in the potential market. For instance, in June 2018, Boiron India, a subsidiary of Boiron France, launched pre-medicated standardized homeopathic medicines in India. These medicines offers superior quality and convenience compared to traditional homeopathy products.
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Players are focusing on facilities expansion for expanding their research and development capabilities, in order to offer advanced products in the market. For instance, in May 2019, Himalaya Drug Company announced to start a global research center at Dubai Science Park, UAE. The company is expected to inaugurate the center by 2021, which is expected to enhance its research and development capabilities and offer advanced products in the GCC region.
Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in the potential markets. For instance, in 2018, Integria Healthcare became part of an Australian partnership for development of effective therapies from traditional medicinal plants in Australia. The partnership between Integria Healthcare, Menzies School of Health Research, Traditional Homeland Enterprises, and the University of Queensland, received US$ 363,363 fund by the Cooperative Research Centre for Developing Northern Australia (CRCNA). Moreover, in July 2019, Young Living Essential Oils entered into a partnership with Ningxia Wolfberry Farm and Distillery in Ningxia, China, to provide the company with wolfberries, wolfberry puree, and wolfberry seed oil, which is used in manufacturing its popular line of products under the brand name ‘NingXia Red’.
However, limited usage of herbal medicinal products in emergencies such as trauma, accidents, and others is expected to hamper growth of herbal medicinal products market over the forecast period. Herbal products require more time to show its efficacy compared to allopathic or conventional medicines and this is expected to restrain the market growth.
Key Market Takeaways:
- The herbal supplements market is expected to exhibit a CAGR of 5.5% during the forecast period (2019 – 2027), attributed to increasing prevalence of bone disorders, cough and cold, digestive disease, and others, rising demand for natural medicinal products, rising adoption of Traditional Chinese Medicine (TCM), increasing launch and approval of herbal medicinal products, and adoption of inorganic growth strategies such as acquisition and collaboration by the market players. For instance, according to a study published in BMC Gastroenterology Journal in 2017, around 11% of the U.S. population suffered from a chronic digestive disease with a prevalence rate as high as 35% for those in the age group of 65 years and above.
- Key players in the market are focused on acquisition and collaboration strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance in May 2016, Blackmores acquired Global Therapeutics, a China-based herbal medicine firm. The acquisition enhanced Blackmores’ presence in China.
Key players operating in the global herbal medicinal products market include --
Sanofi S.A, Himalaya Global Holdings Ltd., Arkopharma Laboratories, Integria Healthcare, Young Living Essential Oils, Boiron, Blackmores Ltd., and Soho Flordis International (SFI).
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Global Herbal Medicinal Products Market, By Product Type:
- Ayurvedic Medicines
- Homeopathic Medicines
- Chinese Medicines
Global Herbal Medicinal Products Market, By Dosage Form:
- In Hospital End Use
- Other End Use
- Tablets and Capsules
Global Herbal Medicinal Products Market, By Disease Indication:
- Cough and Cold
- Bone Health
- Digestive Disease
- Thyroid Disorders
Global Herbal Medicinal Products Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Stores
- Specialty Clinics and Stores
Global Herbal Medicinal Products Market, By Region:
- North America
- Latin America
- Asia Pacific
- Middle East