Herbal Medicine Market size is set to grow by USD 44.75 billion from 2024-2028, boosts immune system to boost the market growth, Technavio

NEW YORK, July 8, 2024 /PRNewswire/ -- The global herbal medicine market  size is estimated to grow by USD 44.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period.  Boosts immune system is driving market growth, with a trend towards inclination toward herbal and natural products. However, inadequate knowledge  poses a challenge. Key market players include Arizona Natural Products, Arkopharma Laboratories, Beijing Tongrentang Co Ltd., Bio Botanica Inc., Blackmores Ltd., Charak Pharma Pvt. Ltd., Dabur India Ltd., Dasherb Corp., Dr. Willmar Schwabe GmbH and Co. KG, Emami Ltd, Hamdard Laboratories, Himalaya Global Holdings Ltd., Hishimo Pharmaceuticals Pvt. Ltd., Imperial Ginseng Products Ltd., Ricola Group AG, Schaper and Brummer GmbH and Co. KG, Sido Muncul, Tsumura and Co., Weleda Group, and ZeinPharma Germany GmbH.

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Key Market Trends Fueling Growth

The herbal medicine market is experiencing significant growth due to increasing consumer preference towards natural health solutions. With an aging population seeking to maintain their health and activity levels, and younger generations focusing on preventative care, the demand for herbal medicines and health supplements is on the rise. The COVID-19 pandemic has further fueled this trend, as people look for ways to boost their immunity. As of December 6, 2021, there have been over 266 million confirmed COVID-19 cases and 5.71 million related deaths worldwide. With restrictions on gym and sports club visits, vendors have turned to online sales and discounts on prominent herbal medicines to meet consumer demand. These factors are expected to continue driving the growth of the global herbal medicine market. 

The herbal medicine market is experiencing significant growth due to increasing consumer demand for natural remedies for various health conditions. Key trends include the use of herbal treatments for chronic diseases such as diabetes, asthma, cancer, and end-stage kidney disorders. Herbal medicines are also popular for treating common ailments like fever, cough, cold, headache, lower-degree burns, and digestive issues. Product forms include liquids & gels, tablets & capsules, and powders. Herbal pharmaceuticals and nutraceuticals are gaining popularity over chemically produced medicines. Marrubium Vulgare, Vaccinium Macrocarpon, Echinacea, Curcuma Longa, Camellia Sinensis, Actaea Racemose, Aloe Vera, and Zingiber Officinale are popular herbs used in herbal medicines. E-commerce platforms are driving sales in the herbal medicine market, making organic medicines easily accessible for self-medication. Herbal treatments offer immunity boosting benefits and are a viable alternative to allopathic medications for many. The market for herbal treatments is expected to continue growing as consumers seek natural solutions for medicinal issues and addiction recovery. 

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Market Challenges

• The herbal medicine market has experienced substantial growth over the last three decades, with over 80% of the global population relying on herbal remedies for some aspect of their healthcare. While many herbal medications have shown promising results, with proven efficacy for various health conditions, a significant number remain untested. This lack of regulation and understanding poses safety concerns, as potential adverse reactions, contraindications, and interactions with conventional medications and functional foods are not well-documented. To ensure public health and safety, regulatory bodies must implement stringent measures, including rigorous testing and quality control, to encourage safe and responsible use of herbal treatments. This increased focus on safety and regulation will drive the growth of the herbal medicine market.
• The herbal medicine market is experiencing significant growth due to increasing consumer awareness about natural healing and the challenges posed by chronic diseases. Allopathic medications and chemically produced medicines have limitations, particularly for managing chronic conditions and boosting immunity. Herbal treatments offer a viable alternative, with Marrubium Vulgare, Vaccinium Macrocarpon, Echinacea, Curcuma Longa, Camellia Sinensis, Actaea Racemose, Aloe Vera, Zingiber Officinale, Cocos Nucifera, Cinnamomum Spp, Allium Sativum, and various leaves, roots & barks, fruits, plants, and herbs, providing healing capabilities for medical conditions like Psoriasis, Burns, Osteoarthritis, and more. Herbal pharmaceuticals in oral forms address issues such as constipation, gastritis, and offer cholesterol-controlling power through flax seed and Omega-3 fatty acids. Botanicals like Chamomile, Peppermint oil, and ginger help with digestive purposes, addressing stomach problems, indigestion, and nausea. The market faces challenges due to self-medication and the need for standardization, but the potential for herbal medicines in managing chronic illnesses is immense.

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Segment Overview 

This herbal medicine market report extensively covers market segmentation by

1. Product 
• 1.1 Capsules and tablets
• 1.2 Powders
• 1.3 Extracts
• 1.4 Syrups
• 1.5 Others
2. Distribution Channel
• 2.1 Hospitals and retail pharmacies
• 2.2 E-commerce
3. Geography 
• 3.1 Asia
• 3.2 North America
• 3.3 Europe
• 3.4 Rest of World (ROW)

1.1 Capsules and tablets-  The herbal medicine market primarily consists of tablets and capsules. Tablets, which are the most common type, are created by compressing powdered herbs into a hard, smooth-coated pill that dissolves in the digestive tract. Tablets come in various shapes and sizes, including round, oblong, and disc, with some featuring scored lines for easy division. Caplets, an oblong type of pill, offer easier swallowing. Capsules, on the other hand, protect the herbal content in an outer shell that breaks down in the digestive tract, releasing the active components for absorption. Both tablet and capsule production involves adding binders and other additives to ensure the medication's stability and improve taste, texture, and appearance. The market for herbal medicines in the form of tablets and capsules is expected to expand due to their convenience, affordability, and effectiveness.

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Research Analysis

The herbal medicine market is experiencing significant growth due to the increasing awareness and preference for natural remedies, particularly for chronic diseases. Herbal treatments offer an alternative to chemically produced medicines, providing relief for various health issues. Marrubium Vulgare (Coughwort), Vaccinium Macrocarpon (Cranberries), Echinacea, Curcuma Longa (Turmeric), Camellia Sinensis (Green Tea), Actaea Racemose (Black Cohosh), Aloe Vera, Zingiber Officinale (Ginger), Cocos Nucifera (Coconut), and Cinnamomum Spp (Cinnamon) are popular herbs used for self-medication. Herbal pharmaceuticals derived from leaves, roots, and whole plants are effective for digestive purposes, including stomach problems, indigestion, and nausea. Herbal treatments are also used for chronic illnesses such as diabetes, asthma, cancer, and end-stage kidney disorders. Herbal medicines offer a natural and holistic approach to healthcare, providing immunity support and overall wellness.

Market Research Overview

The herbal medicine market encompasses a wide range of natural remedies derived from plants and herbs, offering effective solutions for various medical conditions and diseases. Unlike Allopathic Medications, herbal treatments are chemically produced, instead relying on the healing capabilities of Marrubium Vulgare, Vaccinium Macrocarpon, Echinacea, Curcuma Longa, Camellia Sinensis, Actaea Racemose, Aloe Vera, Zingiber Officinale, Cocos Nucifera, Cinnamomum Spp, Allium Sativum, and numerous other plants and herbs. These natural remedies are used for self-medication to boost immunity, manage chronic diseases, and promote healthy living. Herbal Pharmaceuticals offer treatments for medical conditions such as Psoriasis, Burns, Osteoarthritis, Constipation, Gastritis, and various diseases including Diabetes, Asthma, Cancer, End-stage kidney disorders, and more. Herbal treatments come in various forms, including leaves, roots & barks, whole plants, fruits, and extracts. They are available as oral forms like liquid & gel, tablets & capsules, and powder. Herbal medicines are also available in pharmaceutical and nutraceutical forms, catering to medicinal issues like Fever, Cough, Cold, Headache, and digestive issues. Some popular herbs include Chamomile, Flax seed, and Peppermint oil, known for their cholesterol-controlling power, Omega-3 fatty acids, and digestive purposes, respectively. With the rise of e-commerce platforms, organic medicines are increasingly accessible, making herbal treatments an affordable and convenient alternative for many.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Capsules And Tablets
• Powders
• Extracts
• Syrups
• Others
• Distribution Channel
• Hospitals And Retail Pharmacies
• E-commerce
• Geography
• Asia
• North America
• Europe
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio