The herbal medicinal products market by Product Type (Ayurvedic Medicines, Homeopathic Medicines, Chinese Medicines, and Aromatherapy), by Dosage Form (Capsules/Tablets, Syrups, Powders, Ointment, and Others), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 119.37 billion in 2016 and is projected to expand at a CAGR of 6.9% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Increasing preference of consumers towards traditional medicines (Ayurvedic, Chinese and Homeopathic medicines), which has fewer side effects and do not cause overdose toxicity is fueling growth of the market. Government is substantially investing in research and development, owing to advantages offered by herbal medicinal products, which in turn is supporting growth of the herbal medicinal products market growth over the forecast period.
In October 2017, Tamil Nadu (India) government distributed a traditional siddha herbal concoction free of cost to cure dengue. An epidemic of dengue reported around 10,032 cases in the Tamil Nadu, to treat this epidemic, the ministry of AYUSH decided to distribute herbal concoction – nilavembu kudineer free cost across the Tamil Nadu state. This herbal medicine aims to treat and prevent dengue. Moreover, in November 2017, the Departments of Council of Scientific & Industrial Research (CSIR), Ayush Ministry and Health Ministry decided to promote herbal medicines by creating awareness to control the diseases. The CSIR, Ayush and Health ministry would launched a campaign to encourage diabetic patients to use ayurvedic drugs. Furthermore, in August, 2017, the Central Council for Research in Ayurvedic Sciences (CCRAS), announced ayurvedic based drugs, AYUSH 82 for type II diabetes and AYUSH SG for rheumatoid arthritis in India.
Browse 35 Market Data Tables and 41 Figures spread through 210 Pages and in-depth TOC on herbal medicinal products market by product type (Ayurvedic medicines, Homeopathic medicines, Chinese medicines and Aromatherapy), by dosage form (capsules/tablets, syrups, powders, ointment, others), by distribution channel (hospital pharmacies, retail pharmacies, online pharmacies, and others) and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2025
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Central Council for Research in Siddha (CCRS), India, 2017, filed a patent on D5 Choornam, which is indicated for Diabetes Mellitus. Furthermore, in August 2017, the Central Council for Research in Homeopathy developed various drugs and filed a patent, including Coleus forskohlii, Azathioprium, Catharanthus roseus and Cyclosporinum for filariasis, hepatitis, ulcer, vitiligo and malaria. Furthermore, the CSIR increased its research and developmental activity for herbal drugs and formulation and has already developed BGR-34 for diabetes, Risorine for tuberculosis and anti-arthritis formulation for osteoarthritis. Therefore, the government initiation to promote herbal medicines and research & development of homeopathic medicines to treat diseases with long term efficacy, is expected to fuel growth of herbal medicinal products market during the forecast period.
Key Takeaways of the Herbal Medicinal Products Market:
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