OTC Herbal And Traditional Medicines Market Report

Market Insights

The Global OTC herbal and traditional medicines Market is expected to grow from USD 161.3 billion in 2020 to USD 204.5 billion by 2026 at a CAGR of over 4.1% during the forecast period.

Figure: Global OTC Herbal and Traditional Medicines Market Size, 2020-2026 (USD Billion)

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What are Herbal and traditional medicines?

Herbal medicines are defined as medicine made using plants to treat disease and improve the health & wellbeing of the consumers. Some of the herbal medications include powerful ingredients and thus, should be taken with care similar to pharmaceuticals. Herbal medicines are known to return to the body a state of natural balance within. Traditional medicines are based on the experience and beliefs indigenous to different cultures and are being widely used for in prevention or treatment of various ailments.

Key Players

Key players operating in the global OTC Herbal and Traditional Medicines Market are-

• TSUMURA & CO (Japan),
• Weleda (Switzerland),
• Arizona Natural (The U.S),
• Dr. Willmar Schwabe GmbH & Co. KG (Germany),
• Rottapharm | Madaus GmbH (Germany),
• Sido Muncul (Indonesia),
• Herbal Africa (South Africa),
• ARKOPHARMA Laboratories, Company Limited (France),
• Blackmores Limited (Australia),
• Dabur India Ltd (India),
• Nature Herbs (India), and
• Tong Ren Tang (China).

Market Dynamics

The growth of the global OTC herbal and traditional medicines market is primarily driven by the growing preference for traditional and herbal medicines over synthetic drugs due to rising concern over integrity.

These medicines have been widely used across geographies for various ailments. Additionally, intake of herbal and traditional medicines does not have many side effects as compared to synthetic drugs. An increase in the number of players entering the market is likely to propel market growth substantially.

Segment Analysis

Application Trends

Based on application, the market has been segmented into detoxification medicine, antipyretic medicine, digestive medicine, and blood circulation medicine.

The detoxification medicine segment accounted for the largest market share in 2020. This market growth can be attributed to growing emphasis on maintain good health and wellbeing.

Regional Trends

Geographically, the market in Asia-Pacific accounted for the largest market share of more than 30% in 2020.

The market growth can be attributed to presence of various market players coupled with increasing spending on healthcare.

The market in developed regions is expected to increase at a healthy CAGR during the review period on account of increasing preference for herbal medicines.

COVID-19 Impact on Global OTC Herbal and Traditional Medicines Market

Covid-19 outbreak impacted the growth of the OTC herbal and traditional medicines market positively as the consumption of herbal medicines increased to boost immunity, improve the general wellbeing of consumer, and personalize the therapeutic approaches.   

Critical Questions Answered in the Report

• What are the key trends in the global OTC herbal and traditional medicines market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on global OTC herbal and traditional medicines market?
• What are the key strategies adopted by the major vendors to lead in the global OTC herbal and traditional medicines market?
• What is the market share of the top vendors?

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Target Audience

The following is a list of the customers that the Global OTC Herbal and Traditional medicine market aims to convert the most:

• OTC herbal and traditional medicines manufacturers
• OTC herbal and traditional medicines suppliers
• OTC herbal and traditional medicines distributors
• Organizations
• Government bodies

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