Herbal Medicine Market Size to grow by USD 44.75 billion between 2024-2028
According to a research report “ Herbal Medicine Market” by 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))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 44.75 billion, at a CAGR of 6.78% during the forecast period. In the realm of herbal medicine, a vast array of plants possesses the unique ability to inhibit the growth of pathogens, including viruses, bacteria, parasitic worms, and insects. These herbs are esteemed for their immune-boosting properties, as acknowledged by experts in traditional Chinese medicine. Western medical professionals also advocate for their inclusion in a balanced diet. Revered as "Gifted Gods," these medicinal plants offer curative, supportive, and rehabilitative benefits. Although empirical evidence is still being amassed, ongoing research investigates their potential in enhancing the immune system and combating the ongoing viral pandemic.
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By Product, the Capsules and tablets segment is projected to dominate the market size in 2024
In the realm of herbal medicine, hospital pharmacies represent a significant market segment. These establishments serve as essential intermediaries between pharmaceutical companies and healthcare providers, procuring and dispensing therapeutic and critical care medications for outpatients and inpatients. Hospital pharmacies stock a diverse range of drugs, catering to various medical specialties such as cardiology, neurology, urology, and pathogenic infections. The primary objective of these pharmacies is to efficiently manage medication procurement, storage, and sales within hospital settings. During the hospitalization period, patients receive these pharmaceuticals as part of their treatment regimen. With a substantial market share in 2024 and continued dominance forecasted, hospital pharmacies have emerged as the preferred distribution channel for compounded drugs.
By Distribution Channel, Hospitals and retail pharmacies segment is expected to hold the largest market size for the year 2024
In the herbal medicine market, tablets and capsules are the most common forms of oral medication. Tablets, which are typically round, oblong, or disc-shaped, are created by compressing powdered herbal extracts and additives into a hard, solid form. These additives enhance the tablet's taste, texture, appearance, and ensure its structural integrity. Tablets can be scored for easy division and are generally more cost-effective than capsules. In contrast, capsules consist of an outer shell that encases the herbal extract. Upon reaching the digestive tract, the shell dissolves, releasing the active components for absorption into the bloodstream. Both forms offer effective and safe delivery methods for herbal medicines.
Asia is forecasted to hold the largest market size by region in 2024
The herbal medicine market represents a significant business opportunity, with growing consumer interest in natural health solutions. Key players in this sector are investing in research and development to produce effective, standardized herbal medicines. Regulatory compliance and quality control are paramount to ensure consumer safety and trust. Market expansion is driven by increasing demand from developing economies and aging populations seeking holistic healthcare solutions. Strategic partnerships and collaborations are crucial for companies to stay competitive and innovate in this dynamic industry.
The Herbal Medicine Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The herbal medicine market has witnessed significant growth in recent years due to the increasing prevalence of chronic illnesses such as end-stage kidney disorders, cancer, asthma, and diabetes. Herbal remedies are gaining popularity as an alternative to chemically produced medicines for various health issues, including nausea, indigestion, and stomach problems. Whole plants, roots, barks, leaves, and herbal pharmaceuticals derived from Allium Sativum, Cinnamomum Spp, Cocos Nucifera, Zingiber Officinale, Aloe Vera, Actaea Racemose, Camellia Sinensis, Curcuma Longa, Echinacea, Vaccinium Macrocarpon, and Marrubium Vulgare are commonly used for digestive purposes. Herbal treatments offer immunity boosting properties and are effective in managing chronic diseases. However, self-medication with herbal remedies should be done under the guidance of a healthcare professional to avoid any adverse effects. Herbal medicines should not replace allopathic medications entirely, especially for serious health conditions.
Market Research Overview
The herbal medicine market encompasses a wide range of nutraceutical and herbal products, including powders, tablets and capsules, liquids and gels, made from various plants and herbs. These natural remedies offer solutions for various medical conditions such as digestive issues, lower-degree burns, headache, cold, cough, fever, and medicinal issues like addiction, end-stage kidney disorders, cancer, asthma, diabetes, chronic illnesses, nausea, indigestion, and stomach problems. Organic medicines derived from botanicals, fruits, whole plants, root & barks, leaves, and essential oils like Peppermint oil, Omega-3 fatty acids from Flax seed, and Cholesterol-controlling power of Allium Sativum, Cinnamomum Spp, Cocos Nucifera, Zingiber Officinale, and Aloe Vera are increasingly popular. Herbal treatments for specific conditions include Gastritis (Actaea Racemose), Osteoarthritis (Curcuma Longa), Burns (Aloe Vera), Psoriasis (Camellia Sinensis), and Healing capabilities (Echinacea, Vaccinium Macrocarpon, Marrubium Vulgare). Herbal Pharmaceuticals and Herbal Treatments offer an alternative to chemically produced medicines for self-medication, focusing on immunity enhancement and disease management. Plants and herbs like Chamomile, Chamomile, and various fruits have been used for centuries to address ailments and promote healthy living. The herbal medicine market continues to grow as more people seek natural solutions for their health concerns.
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