10 Key Prospects of OTC Herbal and Traditional Medicines Market
Published : 28 Jul 2017 Industry: Healthcare
Fact.MR, in its new report, estimates the global OTC herbal and traditional medicines market to register a moderate 4.8% CAGR over the forecast period 2017 to 2022. The report anticipates revenues from the global OTC herbal and traditional medicines market to surpass US$ 30,000 Mn by 2022-end.
A number of reputed research organisations, such as AYUSH, and the Dabur Research & Development Center, are concentrating on research & development activities associated with the herbal and traditional medicines. Although, herbal and traditional systems of medicines have valuable elements, they comprise of ingredients which may be harmful for human health, and could result into side-effects. Two aspects are considered for safety evaluation, which are determining right quality of ingredients, and preventing contamination/adulteration of ingredients used for these medicines. This has further necessitated prescription from physicians prior to consumption of herbal and traditional medicines. The transforming environment of healthcare sector across the globe generates the requirement for comprehensive policy review regarding traditional and herbal systems of medicines.
A rising trend of consumer inclination towards Yoga, Unani, and Ayurveda is being witnessed across the globe, according to Ministry of AYUSH. Consumer concerns associated with health effects of synthetic drugs has made them in shifting their preferences towards herbal and traditional medicines, which in turn has paved huge opportunities for manufacturers. Continuous transformations have been witnessed in the consumer health sector, with the introduction and rediscovery of traditional medicines. These factors are estimated to drive growth of the market over the forecast period.
10 Predictions for the Global OTC Herbal and Traditional Medicines Market
- Asia-Pacific excluding Japan (APEJ) will be dominant in the global OTC herbal and traditional medicines market in 2017, and is expected to retain its dominance and exhibit a steady expansion through 2022.
- By 2022-end, North America will continue to be the second most lucrative market for OTC herbal and traditional medicines.
- Japan is anticipated to remain the least lucrative market for OTC herbal and traditional medicines.
- Based on function, Revenues from OTC herbal and traditional medicine sales for maintenance of the people’s digestive health are estimated to account for largest revenues by 2022-end.
- OTC herbal and traditional medicine sales for bone & joint health, and nutrition are estimated to register parallel expansion at a similar CAGR. However, revenues from nutrition segment is expected to remain comparatively higher than bone & joint health.
- Modern trade OTC channel is expected to remain preferred among consumers for buying of OTC herbal traditional medicines.
- OTC herbal and traditional medicine sales in online OTC channel is expected to register the fastest expansion over the forecast period.
- Pharmacy OTC channel are expected to account for larger market revenue share, however sales are estimated to register a sluggish expansion throughout the forecast period.
- Based on dosage, powdered form of OTC herbal and traditional medicines are expected to remain preferred among consumers. Revenues from this segment is estimated to exceed US$ 10,000 Mn by 2022-end.
- Between liquid and tablet form of OTC herbal and traditional medicines, sales of tablet dosage are expected to account for larger revenues, while sales of liquid OTC herbal and traditional medicines are expected to exhibit a comparatively faster expansion through 2022.
The report has also profiled leading players in the global market for OTC herbal and traditional medicines, which include Amway Corporation, Phytomed Herbal Solutions, Herbalife International, Biovontrade SARL, The Himalayan Drug Company, Nutra Green Biotechnology Co., Ltd., Naturex SA, Bio-Botanica, Inc., Nutraceutical International Corporation, The Nature's Bounty Co., Medico Herbs, The Bioforce Group, Jiaherb Inc., Ricola AG, Dabur India Ltd., Bionorica SE, Blackmores Limited,and Integria Healthcare Pty Ltd.