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Key Emerging Trends in the Herbal Medicine Market
The use of herbal medicines has been a tradition since ancient times to address various health conditions. In today's world, herbal medicine stands as the oldest and most widely used form of medical treatment. People all over the globe rely on various types of herbal medicines and supplements. In fact, the World Health Organization reported that a significant 70% to 80% of people globally depend on herbal sources for their healthcare, emphasizing the widespread use of herbal remedies.
According to information from the American Botanical Council in September 2017, the demand for herbal supplements is on the rise. In 2016 alone, the sale of herbal supplements in the United States increased by 7.7%. This surge in popularity resulted in consumers spending a substantial USD 7.452 billion on herbal supplements. This upward trend in demand for herbal products for healthcare purposes is expected to continue and contribute to the growth of the herbal medicine market in the foreseeable future.
One of the driving factors behind the increasing demand for herbal medicines is the rising interest in chemical-free remedies with minimal side effects. Many plants possess medicinal properties that make them valuable in the field of herbal medicine. Recognizing the need for alternative treatments, various government organizations, such as the National Institutes of Health (NIH), have significantly boosted their funding for research and development in the herbal medicine sector.
The NIH, as an example, has allocated substantial funds towards investigating the medicinal applications of various plants. This research is particularly focused on finding treatments for chronic diseases like cancer, arthritis, and more. In 2015, the NIH spent a noteworthy USD 111,275,219 on all cannabinoid research, indicating a commitment to exploring the potential of herbal remedies. The increasing acceptance of herbal medicines on a global scale, coupled with the growing financial support for their development, is expected to play a crucial role in driving the growth of the herbal medicine market. This support not only enhances the credibility of herbal remedies but also encourages further exploration and development in this field.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Multiple Applications Of Herbal Medicines |
| Market Dynamics | Increasing Demand For Natural MedicinesIncreasing Research Funding For Herbal Medicines |
Herbal Medicine Market Highlights:
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