A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global OTC herbal and traditional medicines market. Presenting exclusive insights into the market from 2017 to 2022, the report projects that the market will witness notable growth during the forecast period. Herbal medicines are produced from seeds, berries, roots, leaves, and flowers that possess health benefits. Over the years, herbal and traditional medicines have been gaining traction among consumers, backed by improvements in analysis and advancements in clinical research. The growth of the market is primarily attributed to shifting consumer preference from synthetic drugs to herbal drugs. Moreover, the increasing emphasis on traditional medicines in the consumer health sector, coupled with rising consumer demand for natural treatment options is anticipated to complement the market growth during the forecast period.
Shifting Consumer Preferences Towards Herbal and Traditional Medicines Shape Growth Trajectory
Owing to increasing concerns among consumers regarding the side-effects of allopathic medicines, the OTC herbal and traditional medicines have been gaining momentum in the health sector over the years. According to the Ministry of AYUSH, India - a wing dedicated to developing alternative medicines - Yoga, Ayurveda, and herbal medicines are gaining adoption worldwide as consumers focus on wellness. The increasing preference towards OTC herbal and traditional medicines is bestowing lucrative revenue opportunities to players in the market and asserting them to develop effective and affordable medicines. OTC herbal medicines for nutrition, bones, and joint health are finding significant adoption, thereby complementing the growth of the overall market. While the pharmacies will remain the leading distribution channel, the emergence of e-commerce is also boosting the revenue opportunities. On the other hand, although the possibility of side-effects is lesser than allopathic medicines, there is a likelihood of side-effects in case of misproportions. This is expected to pose a challenge to the healthy growth of the market.
Asia Pacific Except Japan to Remain Center of Global Market
Asia Pacific excluding Japan (APEJ) is poised to remain the leading regional market for OTC herbal and traditional medicines, owing to high awareness among consumers. The region’s dominance is also attributed to the high number of research and development activities. The strong presence of major research centers, such as AYUSH and Dabur Research & Development Center, which focus on developing effective traditional and herbal medicines, is also a factor bestowing revenue opportunities to the market players.