Herbal medicines are naturally derived medicines for the treatment of various ailments. These generally represent medicines sourced from medicinal herbs, or, plants.
Traditional medicines are a sum of practices, skills, and knowledge based on experiences, beliefs, and theories indigenous to various cultures, used for the prevention, and maintenance of health. Various types of herbal and traditional medicines include Chinese/oriental medicines, naturopathy, homeopathy, and Ayurveda.
According to recent research by Fact.MR, the global OTC herbal and traditional medicines market is estimated to exhibit a moderate expansion at a CAGR of 4.8% during the forecast period 2017 to 2022.
The global market for OTC herbal and traditional medicines will account for revenues over US$ 20,000 Mn in 2017. Revenues from the market are further estimated to exceed US$ 30,000 Mn by 2022-end.
Increasing Concerns among Consumers about Integrity of Synthetic Drugs will Drive Demand for OTC Herbal and Traditional Medicines
Traditional and herbal systems of medicines have always played a crucial role in meeting the requirements of global health care. According to the Ministry of AYUSH, India, a rising trend towards Ayurveda, Yoga, and Unani is being witnessed across the globe.
Increasing concerns of consumers pertaining to the integrity of synthetic drugs have led them towards the adoption of traditional and herbal medicines, creating huge opportunities for manufacturers.
The consumer health sector has been witnessing transformations, where principles of traditional medicines are being rediscovered and introduced to cater to the rising consumer demand for natural prevention and treatment options.
This in turn is expected to pave a new opportunity for manufacturers, who are facing problems pertaining to the safety of synthetic OTC drugs. The aforementioned factors are projected to augment the growth of the global OTC herbal and traditional medicines market.
Although traditional and herbal systems of medicines comprise valuable elements, they also contain ingredients that are harmful and result in side effects. Two aspects for their safety evaluation considered are no adulteration/contamination, and the right quality of ingredients.
This necessitates a doctor’s prescription before the use of traditional and herbal medicines, which may hinder the growth of the market. A slew of well-maintained research centers such as India’s AYUSH, and Dabur Research & Development Center are focusing on R&D related to traditional and herbal medicines, especially Ayurvedic medicines.
The transforming healthcare environment worldwide is in dire need of a comprehensive policy review of herbal and traditional systems of medicine.
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APEJ to Remain Dominant in the Global OTC Herbal and Traditional Medicines Market
Asia Pacific excluding Japan (APEJ) is anticipated to be dominant in the market in 2017, and the trend is expected to witness steady growth through 2022. North America is estimated to be the second-largest market for OTC herbal and traditional medicines by 2022-end. Japan will continue to be the least lucrative region in the global OTC herbal and traditional medicines market.
Based on function, sales of OTC herbal and traditional medicines in maintaining the digestive health of people are expected to account for the largest revenues by 2022-end.
Sales of OTC herbal and traditional medicines for nutrition, and bone & joint health are expected to exhibit a parallel expansion at similar CAGRs, however, revenues from sales for nutrition will remain comparatively higher than that from bone & joint health.
Modern Trade OTC Channel to Remain Sought-After among Consumers in the Global Market
Modern trade OTC channel will remain sought-after among consumers for purchasing OTC herbal and traditional medicines, with sales expected to register a steady expansion through 2022.
In addition, sales of OTC herbal and traditional medicines through the online OTC channel will register the highest CAGR over the forecast period. Although the pharmacy OTC channel will account for a larger revenue share of the market, sales are anticipated to exhibit a sluggish expansion through 2022.
Powder dosage of OTC herbal and traditional medicines will continue to be preferred among consumers, with sales poised to surpass US$ 10,000 Mn by 2022-end.
Between tablet and liquid dosage of OTC herbal and traditional medicines, tablet dosage will account for a larger revenue share, while sales of liquid dosage will exhibit a higher CAGR through 2022.
According to the report, the companies that will remain active in expansion of global OTC herbal and traditional medicine market include
- 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
- Ricola AG
- Bionorica SE
- Integria Healthcare Pty Ltd.
- Jiaherb Inc.
- Nutra Green Biotechnology Co. Ltd.
- Biovontrade SARL
- Dabur India Ltd.
- Phytomed Herbal Solutions
- Medico Herbs.
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Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Traditional and herbal medicines have played an indispensable role in fulfilling the requirements of global healthcare. The consumer healthcare has been undergoing transformations, with principles of herbal and traditional medicines being rediscovered and introduced in the market.
Growing consumer concerns related to health effects of synthetic drugs is expected fuel adoption of herbal and traditional medicines. A recent report by Fact.MR provides an in-depth analysis about the global OTC herbal and traditional medicines market for the forecast period 2017 to 2022.
The report commences by providing an executive summary, market dynamics and market taxonomy, underlining the factors which influence growth of the global OTC herbal and traditional medicines market.
This executive summary offers the foundation on which the report is based, providing users with scope of the report. The executive summary contains key statistics and facts impacting the global OTC herbal and traditional medicines market.
The scope of Fact.MR’s report is to analyze the global OTC herbal and traditional medicines market for the forecast period 2017-2022 and provide readers an unbiased and accurate analysis.
Medicine manufacturers, stakeholders, and suppliers in the global healthcare sector can benefit from the analysis offered in this report. This report offers a comprehensive analysis, which can be of interest to leading trade magazines and journals pertaining to OTC herbal and traditional medicines.
The report begins with an overview of the global OTC herbal and traditional medicines market in terms of various product functions across the globe. It offers market value statistics, key drivers, trends and restraints on the basis of demand and supply perspectives.
To arrive at the market size, the report considers the value of the global OTC herbal and traditional medicines market across targeted geographies. The forecast offered here assesses total revenues from the global leading companies in OTC herbal and traditional medicines.
Provided with the market characteristics, our analysts have triangulated several outcomes based on market dynamics, demand side, and supply side, including the government guidelines and regulations on the global market for OTC herbal and traditional medicines.
By considering the scope of global OTC herbal and traditional medicines market, and provide an in-depth analysis, Fact.MR’s report provides segment-wise analysis and forecast.
The OTC herbal and traditional medicines market is categorized on the basis of function, dosage, OTC channel, and region. Segmentation analysis offered is comprehensive, along with the detailed country-wise forecast offered on all parameters.
The report’s last section emphasizes the competitive landscape of the global OTC herbal and traditional medicines market, providing readers with the dashboard of company analysis as well as the market players.
Competitive intelligence provided by the report is based on providers’ categories in the value chain, and their presence in the global OTC herbal and traditional medicines market.
Fact.MR is committed to offering unbiased and independent market research solutions to its clients. Each market report of Fact.MR is compiled after months of exhaustive research.
We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,
- Primary research
- Secondary research
- Trade research
- Focused interviews
- Social media analysis
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