Rising Demand for Herbal Medicines Driving Rhizoma Gastrodiae Tablets Market: Fact.MR
Increasing adoption of rhizoma gastrodiae tablets for treating liver diseases will spur the market growth
Fact.MR – A Market Research and Competitive Intelligence Provider: As per a study by Fact.MR, the global rhizoma gastrodiae tablets market is exhibiting a rapid growth and is anticipated to surge at a robust CAGR of more than 10% during the forecast period 2021 to 2031.
Growing at a rate of 8%, the sale of herbal products had surpassed a valuation of over US$ 9 billion by 2019, according to the American Botanical Council. This growing inclination towards traditional herbal medicines is estimated to propel the market growth for rhizoma gastrodiae tablets.
According to a report published by National Center for Biotechnology Information, around 2 million fatalities are reported every year due to liver diseases across the globe, out of which, half of the deaths are because of the complications arising from cirrhosis. Liver cirrhosis accounts for nearly 1.8% of all deaths in Europe, says World Health Organization (WHO) in a report.
As rhizoma gastrodiae tablets are proven effective for treating liver diseases, the use of these tables have become indispensable, propelling the demand for rhizoma gastrodiae tablets.
Asia Pacific accounts for the largest market share owing to the rising prevalence of liver disorders and the presence of leading rhizoma gastrodiae tablet manufacturers in countries such as China and India.
“Leading manufacturers are heavily investing in research and development (R&D) initiatives for introducing plant-based medicines to address the increasing demand for reducing inflammation in coronavirus patients,” says the Fact.MR analyst.
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Key Takeaways
- Due to shifting consumer preference from conventional medicines to herbal ones, the market in the U.S. is likely to surge at a CAGR of 5% CAGR by 2031.
- China, being the epicenter, is dominating the rhizoma gastrodiae tablets market with more than 50% of revenue share across the globe.
- The market in India is estimated to expand at a robust 9% CAGR owing to the high presence of registered traditional medicine practitioners, around 700,000.
- Increasing adoption of traditional herbal medicines for treating respiratory diseases like SARS is expected to create growth opportunities for the market in Africa.
- Based on type, the gastrodia elata f. glauca rhizoma gastrodiae tablets are expected to dominate the segment with an impressive growth rate at a CAGR of 10%.
Key Drivers
- Growing adoption of traditional plant-based medicines will bolster the growth of the market
- Rising prevalence of liver disorders will propel the demand for rhizoma gastrodiae tablets.
- Increasing use of herbal medicines for reducing inflammation in coronavirus patients is expected drive the market.
Key Restraints
- Lack of adequate manufacturers is hampering the growth of rhizoma gastrodiae tablets market.
- Stringent regulatory approvals for tables are restraining the market growth.
- Limited availability of plant-based literature is negatively affecting the growth of the market.
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Competitive Landscape
Key players operating in the rhizoma gastrodiae tablets market profiled by Fact.MR includes Zhaotong Huacheng Pharmaceuticals, Guangdong Luofu Shan National Pharmaceutical Co. Ltd., Beijing Tong Ren Tang, Guizhou Bailing Group, Guangxi Changzhou Natural Pharmaceutical Co. Ltd., Lanzhou Foci Pharmaceutical, Shaanxi Tianyang Pharmaceutical, Taiji Group Sichuan Mianyang Pharmaceutical, Tsumura & Co. and others. Some notable developments in the market include:
- Beijing Tong Ren Tang Europe Holding B.V announced a strategic co-operation agreement with the Republic of Kazakhstan in June 2017 for establishing a Chinese Medical Center.
- Tsumura & Co. concluded its Letter of Intent associated with Tianjin China Medico Technology Co. Ltd. In November 2019. It aimed to form a capital alliance to expand its business in Traditional Chinese Medicine and maintain a sturdy supply of crude drugs.
More Insights on the Rhizoma Gastrodiae Tablets Market
Fact.MR offers unbiased analysis of the rhizoma gastrodiae tablets market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of type (gastrodia elata f. glauca rhizoma gastrodiae tablets, g. elata bl. f. elta rhizoma gastrodiae tablets, and other rhizoma gastrodiae tablets), distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR