About OTC Herbal and Traditional Medicine
Herbal medicine involves the medicinal use of plants to treat disease and enhance general health and well-being. Products made from botanicals or plants that are used to treat diseases or to maintain health are called herbal products, botanical products, or phyto medicines. Herbal medicine come in all forms such as dried, chopped, powdered, capsule, or liquid. Plants and herbs extract vary in the solvent used for extraction, temperature, and extraction time, and include alcoholic extracts (Tinctures), vinegar (acetic acid extracts), hot water extract(tines), long-term boiled extract, usually roots or bark(decoctions) and cold infusions of plants(macerates). In Herbal medicines, there is no standardization, and components of an herbal extract. Traditional medicines are that is a more affordable factor that is driving the market regulation of the production and marketing of herbal supplements and medicines that require attention.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for herbal medicines and traditional medicine. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global OTC Herbal and Traditional Medicine market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Gaia Herbs (United States), Weleda (Switzerland), iHerb, LLC(United States), TSUMURA & CO (Japan), Zoic Pharmaceuticals (India), Dr. Willmar Schwabe GmbH & Co. KG (Germany), Arizona Natural (United States), Nature’s Bounty (United States), Rottapharm | Madaus GmbH (Germany), NUTRAMARKS, INC. (United States) and Herbal Africa (South Africa) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Blackmores Limited (Australia), Sido Muncul (Indonesia), Krewel Meuselbach GmbH (Germany), ARKOPHARMA Laboratories, Company Limited (France), Phytoneering Extract Solutions (Germany), Dabur India Ltd (India), Tong Ren Tang (China) and Nature Herbs (India).
Segmentation Overview
AMA Research has segmented the market of Global OTC Herbal and Traditional Medicine market by Type (OTC Herbal and Traditional Medicine), Application (Pharmacy, Drug Store, Modern Trade, Online and Other OTC Format) and Region.
On the basis of geography, the market of OTC Herbal and Traditional Medicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Manufacturers will boost the OTC Herbal and Traditional Medicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Form, the sub-segment i.e. Liquid will boost the OTC Herbal and Traditional Medicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing demand for herbal medicinal products and supplements across the globe
Market Growth Drivers:
Traditional medicines are that is more affordable
Challenges:
Herbal medicine has side effects
Restraints:
Herbal medicine is not tightly regulated
Opportunities:
Increase the popularity of herbal medicine and its traditional way of preparation
Market Leaders and their expansionary development strategies
In April 2023, Pfizer partnered with a leading Traditional Chinese Medicine (TCM) company to explore the development of new natural product-based medicines. This collaboration signifies the growing interest of major pharmaceutical companies in integrating traditional medicine knowledge into their research and development efforts.
In October 2023, Pfizer announced a partnership with Tasly Pharmaceuticals, a leading Traditional Chinese Medicine (TCM) company, to develop and commercialize supplements containing Radix Paeoniae Alba extract, a TCM herb used for centuries to support women's health.
Key Target Audience
Pharma Manufacturers, Suppliers, Governments regulatory, Industry Experts, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.