BOTANICAL AND PLANT DERIVED DRUGS MARKET ANALYSIS

Botanical And Plant Derived Drugs MarketSize and Trends

Botanical and Plant Derived Drugs Market - Global Industry Insights

The botanical and plant derived drugs are obtained from medicinal plants, which contain algae, microscopic fungi or any vegetable material. They are used for treatment of various health conditions such as cardiovascular diseases, respiratory disease, central nervous system disorders, and infectious diseases. The major classes of botanical and plant derived drugs are Tarpenes and Steroids, Glycosides, Morphine Alkaloids, Ergot Alkaloids, and Vinca Alkaloids. High risk of side effects caused due to consumption of synthetic drugs such as allergic reaction and gastrointestinal upsets, drugs recalls, and high cost of specialty drugs are propelling the adoption of the botanical and plant derived drugs. Furthermore, increasing prevalence of chronic disease and low cost of botanical drugs are expected to foster the growth of botanical and plant derived drugs market.

Fig: Botanical and Plant Derived Drugs Market Value (US$ Bn): 2016 - 2026

Source: Coherent Market Insights 2018

Increasing demand for effective treatment of chronic disorders coupled with launch of new products are expected to foster growth of the botanical and plant derived drugs market 

Favorable government policies and supportive initiatives by various organizations also aid in growth of the botanical and plant derived drugs market

Government is taking initiatives for the development of new plant-based drugs with herbal medicine gaining significant traction from the global healthcare systems. China utilizes herbal medicines for treatment of diseases such as acute respiratory syndrome. World Health Organization (WHO) along with economies such as India, China, the US, and Nigeria are majorly investing in research and development for herbal drugs.