Global Botanical Drugs Market Size is Estimated to Reach USD 3,431.32 million in 2031, Growing at a CAGR of 39%: Straits Research
Europe’s booming botanical drug market is expected to reach a whopping USD 1.1 billion by 2031, driven by high cancer rates and a surge in research on plant-based cancer treatments. Fueled by a quarter of the world’s cancer cases and 3.7 million new diagnoses annually, Europe is fertile ground for the development and adoption of innovative botanical therapies. This exciting trend is sure to revolutionize healthcare and offer new hope for millions battling chronic diseases.
New York, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) — Botanical or natural drugs are products made and composed out of natural substances, which have constituents with health-improving or therapeutic activities. Botanical drugs are used to diagnose, cure, treat or prevent any disease in humans. These drug products are widely used by the population with the confidence that such products won’t harm the consumer’s body.
The global botanical drugs market is segmented based on type, form, application, and region. The market for botanical drugs is snowballing, accounting for the growing customer trust in the product. Continuous research and development are encouraged by the government, and different companies invest large sums in the development of the products.
This will enhance the quality and performance of the drug products and mitigate the chances of defects in the product. Compared to the other drug products found in the market, botanical products are more pure, organic and authentic, with a minimal number of contaminants such as heavy metals and other toxic substances. This builds confidence among the product users, promoting growth in the market.
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Growing Population and Rising Prevalence of Lifestyle and Chronic Diseases to Drive the Demand for Botanical Drugs
According to Straits Research, “The global botanical drug market revenue was valued at USD 163.32 million in 2022 and is valued at USD 178.23 million in 2023. It is expected to be valued at USD 3,431.32 million in 2031. The market is expected to grow at a CAGR of 39.2% during the forecast period (2022–2030).” The life expectancy of the population across the globe has increased significantly in the past years. According to the WHO report, the population aged 60 years and above will cross the mark of 2 billion by 2050. China alone will have 120 million people over 80 years, and the global geriatric population will surpass 434 million. Majority of this population belongs to the lower- and middle-income generating economies.
The increased life expectancy will mean an increase in the prevalence of chronic diseases such as cancer, diabetes, etc. The presence of chronic diseases can also be witnessed in the younger age group, which is also expected to rise by huge numbers. This will, in fact, lead to more demand for botanical drugs and medicines, owing to their effectiveness and accuracy.
Impact of Covid-19
Coronavirus brought a severe threat to society and the economy across the globe. Every sector of the economy had to witness downfall and disturbance due to the lockdowns and restrictions. Strict lockdowns were declared by the government to slow down the rapid spread of the disease, productions were ceased, all work environments closed, public interactions were restricted, and temporary suspension of manufacturing and trading activities across the globe. The implementation of the lockdown and prohibited public interaction caused interruption and the cutting down of the market operations of various segments. Such government regulations caused the botanical drug to witness bottlenecks as the supply of raw materials couldn’t be made. This resulted in the manufacturers sourcing the raw materials from local suppliers, adding more to their expense.
But at the same time, the situation also created a demand for the botanical drug produced in the market. Keeping into consideration all the risks and symptoms of the disease, the government increased the process of research and development of the botanical drug, gaining attention worldwide.
In a research article published in September 2020, it was stated that herbal medicines could be risk-free for assessing respiratory diseases and can be used as a treatment means for Covid-19. The Office of State Administration of Traditional Chinese Medicine and the General Office of the National Health office also increased the pace of exploring the traditional Chinese medicines, promoting the growth of the global botanical drug market.
The global botanical drug market is bifurcated into different regions such as Asia Pacific, North America, Europe, and Middle East and Africa.
Among the various regions, Europe and North America dominate the market with the largest share. Europe is expected to expand at a CAGR of 38% and mark a value of USD 1033 million, whereas North American botanical drug industry share is expected to perform at a CAGR of 39% and grow to USD 914 million.
The European region is focused on the research procedure related to the botanical drug in cancer therapy. Europe is the region where almost 3.7 million cancer cases occur annually; the World Health Organization also stated that Europe accounts for a quarter of the cancer cases across the globe. This increases the demand for botanica drugs to find a potential cure for such chronic diseases. Europe spends hugely on the research and development of the treatment and therapy of chronic diseases.
- The leaf segment is expected to have the highest growth in revenue generation at a CAGR of 38% by 2030.
- The stem and bark segment is expected to grow at a CAGR of 39% by 2030.
- The oral solution segment is expected to grow at a CAGR of 38% by 2030.
- Tablets are anticipated to generate revenue of USD 813 at a CAGR of 39% by 2030.
- Based on application, the pharmaceutical segment will generate USD 2188 million at a CAGR of 39% by 2030.
- The dermatology segment is revenue share of USD 663 million with a CAGR of 39% by 2030.
- Europe will hold the largest market share of USD 1033 million at a CAGR of 38% by 2030.
- North America will hold a share of USD 914 million at a CAGR of 38% by 2030.
Competitive Players in the Market
- Jaguar Health, Inc.
- GW Pharmaceuticals plc
- Medigene AG
- Ahn-Gook Pharmaceutical Co., Ltd.
- In 2022, Jaguar Health, Inc. completed its final regulatory filing for conditional new animal drug approval of Canalevia to treat exercise-induced diarrhoea in dogs.
- 2021, Jazz Pharmaceutical acquired GW Pharmaceuticals plc, creating a high growth-innovative global biopharma leader.
- BioNTech and Medigene AG announced their collaboration to advance T cell receptor immunotherapies against cancer.
- Jaguar Health Inc. announced receipt by Napo Therapeutics of Small and Medium Enterprise designation from the European medicines agency in 2022.
Global Botanical Drugs Market: Segmentation
- Stem/Bark Sap
- Oral Solution
- North America
- Middle East and Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/botanical-drugs-market/segmentation
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