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OTC Herbal And Traditional Medicines Market Report
The Global OTC Herbal and Traditional Medicines Market are segmented by Product (OTC Herbal, Traditional Medicine), Application (Detoxification Medicine, Antipyretic Medicine, Digestive Medicine, Blood Circulation Medicine), and Region.
Impact of COVID-19 on OTC Herbal And Traditional Medicines Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
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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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 operating in the global OTC Herbal and Traditional Medicines Market are-
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.
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.
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 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.
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The following is a list of the customers that the Global OTC Herbal and Traditional medicine market aims to convert the most:
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The growing preference for traditional and herbal medicines over synthetic drugs due to rising concern over integrity, increase in the number of players entering the market are the factors driving the growth of OTC herbal and traditional medicines market.
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) are among the key players in the OTC herbal and traditional medicines market.
The OTC herbal and traditional medicines market is expected to reach USD 204.5 billion in the coming years.
The OTC herbal and traditional medicines market is expected to witness an impressive growth of 4.1% CAGR in the foreseeable future.
Asia-pacific is expected to account for the largest share of OTC herbal and traditional medicines market in 2020.
The detoxification medicine segment accounted for the largest share of the OTC herbal and traditional medicines market in 2020.
OTC herbal and traditional medicines manufacturers, OTC herbal and traditional medicines suppliers, OTC herbal and traditional medicines distributors, Organizations, Government bodies are the target audience in the OTC herbal and traditional medicines market.
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