DR. S.K.MITRA, M.B.B.S, MD
MATXIN LABS PVT LTD, BANGALORE, INDIA.DR. S.K.MITRA, M.B.B.S, MD
MATXIN LABS PVT LTD, BANGALORE, INDIA.
The global herbal medicine market size was valued at USD 71.19 billion in 2016 and is expected to exhibit profitable growth over the forecast period. The increase is attributed to the increasing preference of consumers towards traditional medicines (Ayurveda, Unani and Traditional Chinese Medicine) which do not cause overdose toxicity and have fewer side effects. In addition, increasing substantial research investments and funding will support the market growth in near future.
The global plant-derived products market is expected to gain momentum over the projected period due to the low cost of herbal medicines compared to allopathy. These drugs are witnessing significant consideration at a global level. For instance, in China, this form was used to treat severe acute respiratory syndrome (SARS). Increasing preference for cost-effective treatment options for various medical conditions such as cold & cough, kidney disorders, digestive problems and chest congestion is anticipated to enhance the further acceptance of these medicine forms worldwide. (Scope for Imunomet, Renomet and Gastrone)
The herbal plants with several medicinal properties are used to treat a variety of disease conditions. Furthermore, a single plant may contain many chemical constituents such as phenols, glycosides, polysaccharides, alkaloids, resins, and terpenoids which demonstrate therapeutic activities in more than one medical condition.(Huge advantage over modern medicine)
For instance, various polyphenolic compounds such as tannins, curcumin, flavonoids, and gallacatechins are considered to possess anti-cancer properties and are expected to gain popularity owing to increasing prevalence of cancer (Role of turmeric, Ashwagandha are immense). Furthermore, high treatment cost of cancer coupled with pipeline programs revealing anti-cancer activities of plants is anticipated to increase the use of these in various therapies.
In 2016, Europe dominated the global herbal medicine market and is expected to retain the share during the forecast period as well. Associations such as British Herbal Medicine Association and European Herbal & Traditional Medicine Practitioners Association (EHTPA) promote the use of these alternative medicines in European region by organizing various seminars and increase the awareness regarding benefits of using herbal remedies. Furthermore, high flexibility regarding the launch of these products in the European Union is a major contributing factor for the market growth in this region.
Asia Pacific is expected to show the fastest growth over the projected period due to increasing awareness of these products which include drugs, dietary supplements, and skin care products. India and China being the major markets for herbal medicinal products in the region, these countries have a strong background.
The Ayurveda system from India has been providing treatment options for various disorders related to the respiratory system and digestive system since ages. Furthermore, the ongoing trend of traditional medication usage is expected to help the growth of the market.