OTC Herbal and Traditional Medicines Market Highlighting Regional Revenue Share Dominance During 2017 – 2022
Fact.MR, in its new report, estimates the global OTC herbal and traditional medicines market to register a moderate 4.8% CAGR over the forecast period 2017 to 2022. The report anticipates revenues from the global OTC herbal and traditional medicines market to surpass US$ 30,000 Mn by 2022-end.
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A number of reputed research organisations, such as AYUSH, and the Dabur Research & Development Center, are concentrating on research & development activities associated with the herbal and traditional medicines. Although, herbal and traditional systems of medicines have valuable elements, they comprise of ingredients which may be harmful for human health, and could result into side-effects. Two aspects are considered for safety evaluation, which are determining right quality of ingredients, and preventing contamination/adulteration of ingredients used for these medicines. This has further necessitated prescription from physicians prior to consumption of herbal and traditional medicines. The transforming environment of healthcare sector across the globe generates the requirement for comprehensive policy review regarding traditional and herbal systems of medicines.
A rising trend of consumer inclination towards Yoga, Unani, and Ayurveda is being witnessed across the globe, according to Ministry of AYUSH. Consumer concerns associated with health effects of synthetic drugs has made them in shifting their preferences towards herbal and traditional medicines, which in turn has paved huge opportunities for manufacturers. Continuous transformations have been witnessed in the consumer health sector, with the introduction and rediscovery of traditional medicines.
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Modern Trade OTC Channel to Remain Sought-After among Consumers in the Global Market
Modern trade OTC channel will remain sought-after among consumers for purchasing of OTC herbal and traditional medicines, with sales expected to register a steady expansion through 2022. In addition, sales of OTC herbal and traditional medicines through online OTC channel will register the highest CAGR over the forecast period. Although, pharmacy OTC channel will account for a larger revenue share of the market, sales are anticipated to exhibit a sluggish expansion through 2022.
Powder dosage of OTC herbal and traditional medicines will continue to be preferred among consumers, with sales poised to surpass US$ 10,000 Mn by 2022-end. Between tablet and liquid dosage of OTC herbal and traditional medicines, tablet dosage will account for a larger revenue share, while sales of liquid dosage will exhibit a higher CAGR through 2022.
According to the report, the companies that will remain active in expansion of global OTC herbal and traditional medicine market include Amway Corporation, Herbalife International, The Himalayan Drug Company, Naturex SA, Blackmores Limited, Nutraceutical International Corporation, The Nature’s Bounty Co., Bio-Botanica, Inc., The Bioforce Group, Ricola AG, Bionorica SE, Integria Healthcare Pty Ltd., Jiaherb Inc., Nutra Green Biotechnology Co., Ltd., Biovontrade SARL, Dabur India Ltd., Phytomed Herbal Solutions, and Medico Herbs.