Herbal Medicinal Products Market Scope
Herbal Medicinal Products uses parts of plants such as roots, stems, leaves, flowers, or seeds of plants to improve health, prevent disease, and treat illness. The dosage forms of herbal medications include tablets, extracts, dried botanicals, and others. The major use of herbal medicines is for health promotion and therapy for chronic, as opposed to life-threatening, conditions. It is cost effective, easily accessible, and has fewer side effects. Owing to growing inclination of population towards natural medications coupled with rising healthcare expenditure, the market for herbal medicinal products is anticipated to witness lucrative growth over the forecast period.
|Unit||Value (USD Million)|
|Key Companies Profiled||Dermapharm Holding SE (Germany), Hishimo Pharmaceuticals Pvt. Ltd. (India), Schaper & Brümmer (Germany), ZeinPharma GmbH (Germany), Venus Pharma GmbH (Germany), Dasherb Corp. (China), Arizona Natural Products (United States), Bayer AG (Germany), BEOVITA (Netherlands) and Himalaya Global Holdings Ltd (India)|
Several large and small industry players participate extensively in environmentally sustainable tactics in order to manufacture variety of herbal medicines and enhance their manufacturing capabilities by leveraging modern agriculture technology. Numerous collaboration and partnerships with the government pertaining to herbal medicine production also aids in strengthening the market competencies of the key players. This offers them a competitive edge to sustain their market position. Research Analyst at AMA estimates that European Vendors will contribute to the maximum growth of Global Herbal Medicinal Products market throughout the predicted period.
Dermapharm Holding SE (Germany), Hishimo Pharmaceuticals Pvt. Ltd. (India), Schaper & Brümmer (Germany), ZeinPharma GmbH (Germany), Venus Pharma GmbH (Germany), Dasherb Corp. (China), Arizona Natural Products (United States), Bayer AG (Germany), BEOVITA (Netherlands) and Himalaya Global Holdings Ltd (India) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Herbal Medicinal Products market by Type and Region with country level break-up.
On the basis of geography, the market of Herbal Medicinal Products has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesOn 31st January 2022, Dermapharm Holding acquired a Neumarkt based company, C³ Cannabinoid Compound Company GmbH, from Canopy Growth Germany GmbH. This acquisition complemented the company’s Herbal Extracts segment. Through this, the company gained access to Dronabinol, a cannabinoids and covers a broad spectrum of chronic and severe diseases including pain, palliative medicine, oncology and neurology.
European Medicines Agency’s Committee on Herbal Medicinal Products (HMPC) is the government body that caters to herbal substances and preparations that provide information on recommended uses and safe conditions. This provides a reference for companies and national competent authorities regarding application assessment for market authorization or registration of herbal medicinal products in European Union (EU) Member States.
Influencing Trend:Emerging Applications of Herbal Medicines to Meet New Requirements
Market Growth Drivers:Increasing Prevalence of Cardiovascular Disorders, Growing Awareness Regarding Use of Herbal Medicines and Favourable Government Initiatives and Increased R&D Expenditure in the Healthcare Sector
Challenges:Dearth of Experienced Healthcare Professionals
Restraints:Stringent Regulatory Standards and Regulatory Framework for Herbal Medicinal Products
Opportunities:Increasing Popularity of Herbal Medicine among Geriatric Population
Key Target AudienceHerbal Medicine Manufacturers, Suppliers, and Distributors, Government Agencies, Regulatory Bodies, Potential Investors, Market Research Consultants, Research and Development Institutes, End Users and Others