HERBAL MEDICINAL PRODUCTS MARKET ANALYSIS

Market Challenges And Opportunities

• Issues with quality and consistency: Regulatory frameworks for homeopathic products can vary across different regions. Manufacturers and distributors of homeopathic dilutions need to navigate complex and evolving regulatory landscapes, including compliance with labeling requirements, quality control standards, and safety regulations. These challenges can create barriers to market entry and expansion. For instance, in December 2022, according to an article published by Current Trends in Toxicity Assessment of Herbal Medicines’ the toxicity of medicinal plants and herbal medicinal products is closely related to the presence of bioactive compounds in the plant material and their toxic potential. The issue is even more complicated when it comes to heterogenous, complex mixtures of herbs which can cause unpredictable effects. In the case of phytometabolites with proven toxic potential, the regulatory authorities responsible for the quality and safety of herbal medicines have imposed concentration limits.
• Counterbalance: However, there are many researches ongoing to inspect the safety and efficacy of herbal medicinal products and guideline given by herbal medicine research from national medical research.

Global Herbal Medicinal Product Market Drivers:

• Increasing interest in holistic and natural therapies: There is a growing interest among consumers in holistic and natural approaches to healthcare. Consumers seeking alternative therapies and those looking to complement conventional medicine with natural remedies are driving the demand for homeopathic dilutions. For instance, in January 2022, according to an article published by Bio Med Central (BMC), a part of springer nature journal research article ‘Acceptance and use of complementary and alternative medicine among medical specialists’, aimed to identify relevant studies and synthesize survey data on the acceptance and use of complementary and alternative medicine (CAM) among medical specialists. The overall use of CAM was 45%, highest use of CAM was by the obstetrics and gynecology, followed by family medicine, psychiatry and neurology, pediatrics, otolaryngology, anesthesiology, internal medicine, physical medicine and rehabilitation, and surgery.
• Rising awareness about benefits of herbal and traditional medicines: Awareness and acceptance of herbal have been increasing in various regions. As more people become familiar with the principles and benefits of herbal medicines. Greater acceptance from healthcare professionals, increased availability of herbal medicinal products, and positive word-of-mouth experiences contribute to the growing awareness and acceptance of herbal medicinal products. In December 2022, according to an article by The Lancet Regional Health – Southeast Asia, ‘India and its pluralistic health system – a new philosophy for Universal Health Coverage’, there is growing awareness on traditional knowledge systems which can definitely contribute to higher acceptability and coverage among the population rather than relying solely on one system. According to the World Health Organization (WHO), 88% of all countries are estimated to use traditional medicine and about 40% of existing pharmaceutical formulations are based on natural products.

Global Herbal Medicinal Product Market Opportunities: 

• Untapped growth potential in emerging markets: Untapped growth potential in emerging markets could provide significant opportunities for expansion in the global herbal medicinal product market. Many developing countries have traditionally relied heavily on herbal medicines as part of their healthcare systems and culture. However, limited research and development as well as lack of standardization had prevented these markets from realizing their full commercial potential. For instance, according to 2022 data from the World Health Organization (WHO), India has set up over 200 institutes dedicated to teaching and research in Ayurveda, yoga, and naturopathy. Thailand's ministry of public health has approved over 1,500 traditional Thai formulae and China's government encourages exports of patented Chinese herbal medicines.
• Education and awareness campaigns: There is an opportunity to invest in educational initiatives and awareness campaigns to enhance understanding and acceptance of herbal medicinal products. Educating healthcare professionals, consumers, and the general public about the principles, efficacy, and appropriate use can foster greater acceptance and drive market growth. For instance, on August 10, 2023, World Health Organization (WHO) hosted first high-level global summit on traditional medicine to explore evidence base and opportunities to accelerate health. The next global survey on traditional medicine is designed to monitor the progress in the performance of traditional and complementary systems, to better understand their role, function and impact in countries’ health systems and to align with WHO and global monitoring frameworks.

Global Herbal Medicinal Product Market Restraints:

• Issues with quality and consistency: Regulatory frameworks for homeopathic products can vary across different regions. Manufacturers and distributors of homeopathic dilutions need to navigate complex and evolving regulatory landscapes, including compliance with labeling requirements, quality control standards, and safety regulations. These challenges can create barriers to market entry and expansion. For instance, in December 2022, according to an article published by Current Trends in Toxicity Assessment of Herbal Medicines’ the toxicity of medicinal plants and herbal medicinal products is closely related to the presence of bioactive compounds in the plant material and their toxic potential. The issue is even more complicated when it comes to heterogenous, complex mixtures of herbs which can cause unpredictable effects. In the case of phytometabolites with proven toxic potential, the regulatory authorities responsible for the quality and safety of herbal medicines have imposed concentration limits.
• Counterbalance: However, there are many researches ongoing to inspect the safety and efficacy of herbal medicinal products and guideline given by herbal medicine research from national medical research.