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NEW YORK, Aug. 17, 2022 /PRNewswire/ — As per Zion Market Research study, The global herbal medicine market size was worth around USD 166 billion in 2021 and is predicted to grow to around USD 348 billion by 2028 with a compound annual growth rate (CAGR) of roughly 11.2% between 2022 and 2028.
Herbal Medicine Market: Overview
Herbal medicines are healthcare-related products made from plants or botanicals used in the treatment of medical conditions, diseases, or to maintain healthy living. They have been in existence for centuries and are known for their healing capabilities. Some of the most common forms of herbal medicines include products like aloe vera which is widely used to treat psoriasis, burns, and osteoarthritis. They can be used in oral forms to treat constipation or gastritis. Another common herbal product is flax seed known for its cholesterol-controlling power and is a rich source of omega-3 fatty acids. Peppermint oil is globally used for digestive purposes like stomach problems, indigestion, nausea, and other bowel conditions. In the USAthe October 1994 Dietary Supplement Health Education Act does not mandate herbal medicine manufacturers to submit safety proof for the herbal products before being made available to the general public, however, the US Food & Drugs Administration department is required to monitor safety-related concerns once the product is available for selling purposes. As per the World Health Organization, more than 80% of the Asian population uses herbal medicines for their primary health. The use of these medicines is witnessed at a larger scale in patients suffering from chronic illnesses like diabetes, asthma, cancer , end-stage kidney disorders, and other medicinal issues. Herbal remedy use has a greater association with other external factors like age, ethnicity, gender, social, and education class. A lot of regions have their own regulatory bodies to administer if using herbal medicines can effectively provide better health. As per Cancer Research UK, there is no confirming evidence proving that herbal medicines can prevent, treat, or cure cancer. In many countries there are formal education and training institutes providing knowledge on understanding herbal medicines however, they lack uniformity within the country itself.
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Key Industry Insights & Findings of the Herbal Medicine Market Reports:
- As per the analysis shared by our research analyst, the Herbal Medicine Market is expected to grow annually at a CAGR of around 11.2% (2022-2028).
- Through the primary research, it was established that the Herbal Medicine Market was valued at approximately USD 166 billion in 2021 and is projected to reach roughly USD 348 billion by 2028.
- There is a significantly large and growing section of the population that is against the use of chemically manufactured medicines owing to the various side effects they bring along.
- The global market growth is projected to be augmented by the vast amount of data present on the internet related to herbal medicines coupled with increased availability of the same via online methods like e-commerce and social websites.
- Many manufacturers may mention the name of the organic herb which is the main component of the medicine however, in reality, either the herb is not present at all or only a negligent percentage of the herb can be traced in the medicine.
- Since herbal medicines are gaining favorable reactions from the general population, the global economy is witnessing a rising trend of higher interest from pharmaceutical giants making their way in the herbal medicine market by either strategically collaborating with domestically available producers.
- The regional growth may also be driven by the rising research & development activities aided by the increased investments from government and private institutes in the herbal medicinal and other products segment.
- North America is projected to be led by the USA in regional growth because of the increasing inclination of patients requiring medical help toward organic or herb-based medicines.
- Asia-Pacific is expected to grow at the highest CAGR during the forecast period because of the growing demand for clean beauty propelling beauty brand companies toward creating herbal or organic beauty products.
Zion Market Research published the latest report titled “Global Herbal Medicine Market By Form (Liquid & Gel, Tablets & Capsules, and Powder), By Application (Personal Care & Baby Products, Food & Beverages, Pharmaceutical, and Nutraceutical) – and By Region – Global and Regional Industry Overview, Market Intelligence , Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.“ into their research database.
Industry Dynamics:
Herbal Medicine Market: Growth Drivers
- Rising trend toward self-medication to propel market growth.
The global herbal medicine market is expected to benefit from the growing trend of self-medication amongst the general population. There is a significantly large and growing section of the population that is against the use of chemically manufactured medicines owing to the various side effects they bring along. Since herbal medicines have been in existence for many decades without possible unwanted implications, the global market is witnessing growing awareness about the benefits of the medicines and hence more people are inclined towards adopting herbal medicines …
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