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OTC Herbal and Traditional Medicines Market

OTC Herbal and Traditional Medicines Market to Rake in Revenue Worth US$ 200 Bn by 2031: Fact.MR Study

Published : 27 Oct 2021 Industry: Healthcare

This updated analysis on OTC herbal and traditional medicines predicts the market expansion at 4% CAGR over the decade. This analysis has been performed by skilled analysts at Fact.MR, a market research and competitive intelligence provider. Analysts placed the market at a net worth of around US$ 160 Bn in 2020, and have predicted it to increase 1.5X by the end of 2031.

Prevalence of diseases has increased substantially over the past decade, and subsequently, so has demand for preventive healthcare to combat these diseases before they infect at an advanced stage. Focus on healthcare and medicine has never been this prominent as it is today, and hence, demand for treatment drugs is also significant.

However, in the past few years, the disadvantages and side effects of synthetic drugs on the human body in the long term have been realized. This has led to consumer awareness and a shift in consumer behavior as they become more inclined towards natural and natural ingredient-based drugs and medicines. This is majorly demand for OTC herbal and traditional medicines.

However, herbal and traditional medicines also come with their limitations; they cannot be consumed unless they are evaluated for contamination and quality of ingredients used. This also creates a necessity for a prescription from a medical professional to obtain these drugs, which could prove to be an obstacle in market growth.

APAC is expected to be the dominant market throughout the forecast period. North America is expected to follow and be the second-largest market for OTC herbal and traditional medicines. However, Japan is anticipated to be the least lucrative market for OTC herbal and traditional medicines.

Key Takeaways from Market Study

  • In 2020, the OTC herbal and traditional medicines market was worth US$ 160 Bn.
  • Demand for OTC herbal and traditional medicines is expected to rise at a steady CAGR of 4% through 2031.
  • Japan is expected to be the least lucrative market for OTC herbal and traditional medicines.
  • APAC is anticipated to be the most dominant market in terms of demand and revenue as well.
  • Increasing awareness among consumers, rising popularity of herbal and traditional medicines, and growing focus on preventive healthcare are some of the major factors driving demand for OTC herbal and traditional medicines.

“Consumer awareness and transforming healthcare standards across the globe are expected to majorly influence demand for OTC herbal and traditional medicines,” says a Fact.MR analyst.

Competitive Landscape

Some of the key manufacturers of OTC herbal and traditional medicines, such as Amway Corporation, Herbalife International, The Himalayan Drug Company, Naturex SA, Blackmores Limited, Nutraceutical International Corporation, The Nature's Bounty Co., Bio-Botanica Inc., The Bioforce Group, and Ricola AG., have been profiled in this market study.

  • In November 2020, Yiling Pharmaceutical launched its Lianhua Qingwen Capsules in the Philippines market. These capsules are of a traditional Chinese medicine produced by Yiling Pharmaceutical. The medicine is supposed to be helpful in curing respiratory diseases, including cold and flu.
  • Clonmel Healthcare, a pharmaceutical company from Ireland, recently announced the launch of its new Medithyme Cough Syrup. It is a medicinal herb product comprising of thyme liquid extract. Since the product is organic, it is suitable for vegans as well as gluten-intolerant people.

More Valuable Insights Available

This global OTC herbal and traditional medicine survey provides a detailed assessment while providing with the data for historic period (2016-2020) and also predictive insights for the forecast period of 2021-2031.

The report defines the OTC herbal and traditional medicines market in terms of segments to make it comprehensive and effective. The segmentation is on the basis of  function (immune health, digestive health, heart health, nutrition, bone & joint health, general well-being, weight loss, other functions), OTC channel (pharmacy, drug store, modern trade, online, other OTC format), dosage (liquid, capsule, tablet, powder) and across six major regions of the world (North America, Latin America, Europe, Japan, APEJ, and MEA).

Fact.MR’s Domain Knowledge in Healthcare

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed healthcare industry  across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Shambhu Nath Jha

Fact.MR

Sr. Consultant – Healthcare

E-mail: shambhu@factmr.com

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OTC Herbal and Traditional Medicines Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031