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The global botanical and plant-derived drugs market size is estimated to grow by USD 22.61 billion at a CAGR of 9.23% between 2022 and 2027.
The increasing government initiatives are expected to fuel the development of new plant-based drugs. Global healthcare systems are increasingly exploring the scope and applicability of herbal medicines. For example, in China, herbal medicines are vital for containing and treating severe acute respiratory syndrome. The governments of numerous developing and underdeveloped countries like China, India, and Nigeria, and developed countries like the US, as well as the World Health Organization (WHO), are spending significant amounts of R&D related to herbal medicines. Moreover, governments are providing incentives by awarding contracts to industry players that are investing in R&D activities of plant-based drugs.
For instance, PlantForm is working under a Government of Canada contract to develop a plant-based antibody. It is currently being evaluated by Defence Research and Development Canada (DRDC) as an antidote to ricin exposure. Additionally, the College of Pharmacy (Chicago, Rockford, US) has received multiple grants from the National Institutes of Health (NIH). It focuses on research about the safety and efficacy of botanical dietary supplements for women's health. Hence such factors will have a positive impact on the market during the forecast period.
Technavio has segmented the market into Product, Application, and Geography.
It also includes an in-depth analysis of drivers, trends, and challenges.
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Plant-derived drugs
The market share growth by the plant-derived drugs segment will be significant during the forecast period. These drugs are a combination of plant extracts and traditional drugs and are used for the treatment of cancer, diabetes, opioid-induced constipation, pain, and actinic keratosis. Some of the most commonly used plant-based drugs for cancer treatment include Taxol/paclitaxel, vinblastine, vincristine, topotecan, irinotecan, etoposide, and teniposide. The increasing prevalence of cancer, diabetes, and other chronic diseases and the ineffectiveness of conventional drugs are increasing demand for this segment.
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The plant-derived drugs segment was valued at USD 26.75 billion in 2017. One of the most commonly used plant-derived drugs for the treatment of type 1 Gaucher disease is Pfizer Eleyso. Demand is also increasing due to the increasing prevalence of neurological disorders such as epilepsy, autism spectrum disorders, glioma, Duchenne muscular dystrophy, ovarian and pancreatic cancers, and schizophrenia. Hence such factors will boost the growth of this segment during the forecast period.
Infectious diseases
The infectious diseases segment is the largest segment as per type in the global botanical and plant-derived drugs market during the forecast period. The increasing prevalence of infectious diseases like hepatitis, influenza, and human immunodeficiency virus (HIV) will increase demand for this segment. Infectious diseases or communicable diseases spread from person to person through indirect or direct contact and are caused by pathogens such as bacteria, viruses, fungi, and parasites. For treatment, patients must consume drugs that are anti-infective in nature. Hence such factors will propel the market growth of this segment during the forecast period.
Central nervous system
The central nervous system segment is expected to grow significantly in the global botanical and plant-derived drugs market during the forecast period. The central nervous system consists of the brain and spinal cord and helps in the proper functioning of all body parts. However, autoimmune and inflammatory diseases, neurodegenerative diseases, cancers, genetic disorders, etc., affect the structure and function of the brain or spinal cord. Plant-derived drugs are considered the best means of treatment for such illnesses, which will cause further segment growth during the forecast period
Regional Analysis
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Asia is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The APAC region is the largest regional market due to the availability of a wide range of plant species with India having around 45,000 plant species. A few of them have medicinal properties such as antihistaminic, antiasthmatic, and antiallergic activities. Moreover, eight fungal glycan-based drugs have been approved by the China Food and Drug Administration (CFDA). This furthers Chinese national cultural heritage as plant-derived remedies were extensively used for the treatment of various diseases.
Moreover, in China, the government, consumers, and healthcare professionals consider traditional Chinese medicine to be at par with Western medical science. Additionally, in India, various factors such as greater awareness of herbal drugs and medicinal plants and increased research expenditure are driving the market growth of the plant-based drugs market. Hence vendors are launching new products that are more affordable. Therefore such factors will propel the market growth during the forecast period.
The COVID-19 outbreak in 2020 has impacted all industries including the botanical and plant-derived drugs market. Due to lockdown restrictions and supply chain disruptions, the operations of several production units were challenged or even stopped entirely. However, in the region, the governments of counties like India, China, Taiwan, and Nepal have supported the potential of their traditional plants and derived drugs to boost immunity to fight against COVID-19. Moreover, the availability of a diverse range of plant species in the region will also contribute to further regional market growth during the forecast period.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 17 market companies, including:
Bausch Health Co. Inc. - The company offers botanical and plant-derived drugs through its subsidiary Salix Pharmaceuticals
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The limitations associated with conventional drugs are driving the market growth. Traditional drugs generally cost more than plant-derived drugs and other alternatives due to the higher cost of development and manufacturing. Moreover, there is minimal technical expertise required unlike traditional drugs, and require low capital investments. For example, ELELYSO, a plant-derived product by Protalix and Pfizer has reduced production costs by 25% compared to its conventional competitor Cerezyme. This is due to the elimination of expensive protein remodeling used in Cerezyme production.
Moreover, cost reduction is not the only benefit as developers can also reduce the risk of cells carrying mammalian viruses. Moreover, they have a greater scope of applications in developing economies. This is due to the opinion of the transportation of seeds easily to local production facilities without using the cold chain facility. Hence such factors will boost market growth during the forecast period.
The transformation of the regulatory landscape in the US is a key trend in the market. The increasing development of botanical drugs is resulting in market growth. For example, the US FDA created a pathway for vendors to get their botanical drugs approved in 2004 that received 400 IND applications. One was approved in 2012 while the second, Fulyzaq by Salix Pharmaceuticals, was approved for diarrhea treatment in HIV/AIDS patients who are undergoing antiretroviral therapy.
Moreover, this side effect of antiretroviral therapy has resulted in many discontinuing it and there is also no alternative US FDA-approved treatment for it. In August 2015, the US FDA revised its 2004 guidance for botanical drug development giving emphasis to the European Medicines Agency Good Agriculture and Collection Practices (EMA GACPs) and the WHO GACPs for medicinal plants. Hence a dynamic regulatory and compliance landscape is expected to propel market growth during the forecast period.
The low acceptance among physicians is challenging market growth. Despite further advances in the development of plant-derived drugs, end users, especially physicians are resisting the use of such drugs due to efficacy concerns. They raise safety concerns regarding some plant-derived drugs. For example, in April 2016, an article published in the Lancet - Diabetes and Endocrinology created a controversy related to alternative medicine therapy for diabetes treatment.
Additionally, it questioned the safety of Ayurvedic drugs due to concerns such as increasing metal toxicity in such drugs. Nearly one-fifth of Ayurvedic drugs manufactured in India, and the US exceed the daily intake of mercury, lead, or arsenic compounds according to one of the studies it cites. Moreover, such drugs are not regulated and are easy to obtain resulting in several physicians warning against the usage of herbal medicines for diabetes treatment. Hence such factors will hamper market growth during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Botanical and Plant-Derived Drugs Market Customer Landscape
The botanical and plant-derived drugs market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Botanical and Plant-Derived Drugs Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.23% |
Market growth 2023-2027 |
USD 22.61 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.95 |
Regional analysis |
Asia, Europe, North America, and the Rest of the World (ROW) |
Performing market contribution |
Asia at 44% |
Key countries |
US, UK, Germany, Japan, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bausch Health Co. Inc., Bayer AG, Devonian Health Group Inc., Dr. Willmar Schwabe GmbH and Co. KG, F. Hoffmann La Roche Ltd., Hetero Labs Ltd., Jaguar Health Inc., Jazz Pharmaceuticals Plc, Johnson and Johnson Services Inc., Medigene AG, Merck KGaA, Mitsubishi Chemical Group Corp., Novartis AG, Pierre Fabre SA, Protalix Biotherapeutics Inc., Sanofi, and Sun Pharmaceutical Industries Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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