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Botanical drugs are extracted from plant materials that have medicinal or therapeutical constituents. Mainly, botanical drugs are composed of the plant substances such as microscopic fungi, algae or viruses, and vegetable materials. It is exerted to diagnose, cure, prevent or reduce the risk of ailment in humans, for instance, infectious diseases, cardiovascular diseases, and respiratory diseases along with others. However, botanical drugs do not include plant based purified chemicals; paclitaxel or artemisinin, Industrial fermentation product, and highly purified chemicals such as biopharmaceuticals. Botanical drugs are also known as Herbal Medicine.
The botanical drug market is gaining traction globally in the plant-derived drug industry. In the past few years, the demand for botanical drugs has increased also it is projected to escalate the market growth due to its low budget investment, moderate technology, government validation, and so on. The persistently ascending popularity and awareness of the benefits of herbal medicine are witnessing market augmentation. Herbal medicine is segmented based on products such as herbal dietary supplements; herbal dermatological, and digestive remedies will enhance the market demand.
The COVID-19 pandemic fueled the demand for herbal medicines owing to their utmost benefits, no side effects, and effectual outcomes in chronic diseases or disorders such as diabetes, cancer, skin disorder, and mental disorder. During the pandemic, patients shifted to herbal medicine in order to cure or prevent respiratory diseases. Therefore, the adoption of herbal medicine by the elderly population augments the demand and supply of botanical drugs. Further, the availability of the botanical drug in the form of tablets, injections, and syrup is anticipated to sustain the market growth in the future.
According to Business Research Insights, the market for botanical drugs was valued at USD 3.268 billion in 2021 and is projected to reach a valuation of USD 4.315 billion by 2028 with a CAGR of 4.0%. The market has leading players China TMC, Tsumura, Schwabe, Tong Ren Tang, Pharmaceutical, Jumpcan Pharmaceutical, Guangzhou Baiyunshan Pharmaceutical, Bionorica Se, Huarun 999, Taiji, GW Pharmaceuticals, Tasly Holding Group, Weleda, Yunan Baiyao ,
Apart from the eminent industry players, various companies are emerging and retaining market competition with advanced technology, manufacturing devices, partnership, the latest products, equipment, supply chain, mergers, acquisitions, expansions, approvals, and the highest revenue major factors to influence the market share.
Business Research Insights States Top 5 Botanical Drug Companies
1. Tsumura
Tsumura is a pharmaceutical company which is known for its Kampo medicines. Kampo medicines are herbal/botanical drugs extracted from plant, animal, and mineral ingredients. The company offers prescription Kampo products, Kampo formulations, crude drug pieces, and raw materials for crude drugs. The company products are helpful to cure bloating, diseases specific to women, cramps, acne, muscle spasms, and so on. The headquarter of the company is in Japan. It is also present in U.S. and China. The company leads in Kampo Medicines and it will endeavor to gain sustainable growth for the industry and increase corporate value in the botanical drug market.
2. Baiyunshan Pharmaceutical
Guangzhou Baiyunshan Pharmaceutical performs in the sector of research and development, manufacture and sale of proprietary Chinese medicines, import and export business, medical care, health management, health industry investment, herbal medicine, chemical raw material medicine, and preparation, biological medicine, and health products. Guangzhou Baiyunshan Pharmaceutical supplies chemical active pharmaceutical ingredients (API), biological medicine, and chemical API intermediates. The headquarter of Guangzhou Baiyunshan pharmaceutical is in China. the previous year’s revenue of the company was $10.7 billion.
3. Yunan Baiyao
The Yunan Baiyao company was founded in June 1971, and its headquarters of it is in Kunming, China. The company carries out the research, development, production, and sales of modern medicine, Pharmaceuticals, Health Products, Traditional Chinese Medicine Resources, Pharmaceutical Commerce, medicinal materials operations, plant extraction, import and export along with retail pharmacies. Additionally, the company emphasis the products of hemostasis, analgesia, swelling, and stasis. Yunan Baiyau is escorting in herbal medicine market share & growth globally. Its sales tactics policies, and advanced infrastructure leads the industry throughout the forecast year.
4. Schwabe
A number of companies related to the pharmaceutical and health industry are part of the Schwabe Group which emphasizes plant based medicine and health product development. The company business is present all over the globe. Dr. Willmar Schwabe GmbH & Co. KG is the parent company of Schwabe group which is one of the oldest pharmaceutical companies in Europe. The company is headquartered in Germany. After Europe, U.S and China are the highest business market regions of the company. The company provides solutions with high-quality pharmaceutical products for very different conditions such as mental health, cough & cold, stomach & digestive health as well as general health.
5. Tong Ren Tang
Tong Ren Tang is one of the eminent herbals/traditional Chinese medicine companies. It was established in the year 1669 and is headquartered in Beijing, China. the company is segmented into three; the Hongkong segment, mainland China, and the overseas segment. All three segment emphasis on medicine production, distribution, manufacturing, and retail sales of raw materials of Chinese medicines. The Company is also engaged in the production, processing, and acquisition of Chinese herbal medicines, drug sales, medical services, and advertising. The Company primarily distributes its products in the domestic market and overseas markets.
Growing inclination and Demand for Botanical Drugs to accelerate market growth Opportunity
The herbal medicine market witnessing exponential market growth during the forecast period. Increasing awareness of herbal medicine, its benefits, and rising popularity hike the botanical herbal drug industry shares. Leading companies’ shares, profit, demand, supply, revenue, and industry expansion are projected to boost the market size and growth.