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.
Fact.MR’s OTC herbal and traditional medicines sales outlook offers category and segment level analysis that provides insights on lucrative and nascent product types. Market players can use this information to identify sales potential and set sales targets at the local, country, and regional level. 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.
Key Market Players Mentioned in Fact.MR’s report on the Global OTC Herbal and Traditional Medicines Market
Phytomed Herbal Solutions
The Himalayan Drug Company
Nutra Green Biotechnology Co.Ltd.
Nutraceutical International Corporation
The Nature’s Bounty Co.
10 Predictions for the Global OTC Herbal and Traditional Medicines Market
Asia-Pacific excluding Japan (APEJ) will be dominant in the global OTC herbal and traditional medicines market in 2017, and is expected to retain its dominance and exhibit a steady expansion through 2022.
By 2022-end, North America will continue to be the second most lucrative market for OTC herbal and traditional medicines.
Japan is anticipated to remain the least lucrative market for OTC herbal and traditional medicines.
Based on function, Revenues from OTC herbal and traditional medicine sales for maintenance of the people’s digestive health are estimated to account for largest revenues by 2022-end.
OTC herbal and traditional medicine sales for bone & joint health, and nutrition are estimated to register parallel expansion at a similar CAGR. However, revenues from nutrition segment is expected to remain comparatively higher than bone & joint health.
Modern trade OTC channel is expected to remain preferred among consumers for buying of OTC herbal traditional medicines.
OTC herbal and traditional medicine sales in online OTC channel is expected to register the fastest expansion over the forecast period.
Pharmacy OTC channel are expected to account for larger market revenue share, however sales are estimated to register a sluggish expansion throughout the forecast period.
Based on dosage, powdered form of OTC herbal and traditional medicines are expected to remain preferred among consumers. Revenues from this segment is estimated to exceed US$ 10,000 Mn by 2022-end.
Between liquid and tablet form of OTC herbal and traditional medicines, sales of tablet dosage are expected to account for larger revenues, while sales of liquid OTC herbal and traditional medicines are expected to exhibit a comparatively faster expansion through 2022.
OTC Herbal and Traditional Medicines Market – Assessment of Key Segments
Bone & Joint Health
General Well being
Other OTC Format
In addition, sales of OTC herbal and traditional medicines through the online OTC channel will register the highest CAGR over the forecast period. Although the 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.
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in the US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have in our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583