Herbal Medicinal Products Market Trends Estimates High Demand by 2024
The herbal medicines product are the first choice among people to avoid adverse health effects. According to the Council for Scientific and industrial Research (CSIR), 2017, traditional medicines are mostly preferred for treating health problems as compared to allopathic medicines. Moreover, allopathy cannot be effectively remedied at around 70% due to which traditional medicines have an important role to play in meeting with equitable healthcare delivery goals. According to the World Health Organization (WHO), 2017, Ayurvedic medicine is the sum of the knowledge, skills, and practices which are mainly based on the theories, beliefs and experience to different cultures used to maintain health in terms of prevention, diagnosis, and treatment of physical, and mental illness. Increasing adoption of herbal medicinal product over conventional allopathy with fewer side effects is expected to boost growth of the herbal medicinal products market during the forecast period.
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The medicinal value of herbal product provides tremendous opportunity in India, which could play a leading role in growth of the global herbal medicinal products market over the forecast period.
The key players operating in herbal medicinal products market include Sanofi-Aventis Healthcare PTY Ltd., Arkopharma Laboratories, Himalaya Global Holdings Ltd., Integria Healthcare, Young Living Essential Oils, MOUNTAIN ROSE HERBS, Boiron USA, Nutraceutical Corporation, TSUMURA & CO. and Blackmores.
The global herbal medicinal products market was valued at US$ 119.37 Billion in 2016 and is expected to exhibit a CAGR of 6.98% over the forecast period (2017 – 2025).
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