Herbal medicines are naturally derived medicines for treatment of various ailments. These generally represent medicines sourced from medicinal herbs, or, plants. Traditional medicines are sum of practices, skills, and knowledge based on experiences, beliefs, and theories indigenous to various cultures, used for prevention, and maintenance of health. Various types of herbal and traditional medicines include Chinese/oriental medicines, naturopathy, homeopathy, and Ayurveda.
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According to a 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.
Traditional and herbal systems of medicines have always played a crucial role in meeting the requirements of the 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 has led them towards 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 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 safety of synthetic OTC drugs. The aforementioned factors are projected to augment growth of the global OTC herbal and traditional medicines market.
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Although traditional and herbal systems of medicines comprise of valuable elements, they also contain ingredients that are harmful and result into side-effects. Two aspects for their safety evaluation considered are no adulteration/contamination, and right quality of ingredients. This necessitates doctor’s prescription before use of traditional and herbal medicines, which may hinder growth of the market. A slew of well-maintained research centres 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 for the comprehensive policy review of herbal and traditional systems of medicine.
Asia Pacific excluding Japan (APEJ) is anticipated to be dominant in the market in 2017, and the trend is expected to witness a 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 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.
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