The popularity of herbal medicine is growing by leaps and bounds in the global market. However in spite of the fact that India has been enjoying long association with herbal medicines, the country lags far behind where market share is concerned.
The news published on Chinapost on May 2, 2007 reported the staff of the Development Center for Biotechnology (DCB) stating that the expectations for the herbal medicines’ global market value is set to exceed US$ 26 Billion by 2011, in comparison to the 2006 total of US$ 19 Billion.
It was also estimated by the center that despite drugs for respiratory diseases being the current leading category in botanical medicine with a 24 percent share, it will be cancer drugs that will take over as the largest category by 2011, thanks to an estimated share of 25 percent.
An increasing number of companies are making forays into the herbal market segment. An example is Ranbaxy, which launched herbal medicines in India. According to the company the global market size for herbals is estimated at US$ 20 Billion with a growth rate of 10-15 percent per year. The growth rate for the Indian market is pegged at 12 percent per annum.
Figures from the World Health Organization suggest that 4 billion people, which make nearly 70 percent of the world’s population, are users of herbal medicine for some purpose of primary health care. Medicinal herbs have always been in usage in some form or the other in indigenous systems of medicines including Ayurveda, Sidha and Unani in India.
The herbal medicines used in the developed countries mainly involve preparations of Allium satiyum, Aloe barbedensis and Panaxsp, which are now available in India. Almost 700 firms manufacture traditional medicines irrespective of whether they are standardized or not.
As sophisticated research and development makes progress, a greater number of plants are being included in India for the production of herbal medicines for larger volumes.
At RNCOS, a research analyst attributes the increasing popularity of herbal products in the world market to the side effects associated with synthetic products. Even with a long history of practical knowledge in herbal medicine and the availability of numerous medicinal plants, India fares poor in terms of its share in the global market. Due to its traditional background, it is imperative for India to expand its share in the global market.
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Global Pharmaceutical Market Forecast to 2012
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