Botanical Plant Derived Drugs Market Size Industry Insights, Top Trends, Drivers, Growth and Forecast to 2020
Botanical drugs are those drugs which are derived from medicinal plants. Plant derived drugs are combination of botanical as well as other approved drugs that contains plant materials, synthetic and semi synthetic substances. Botanical drugs consist of vegetable material, algae and macroscopic fungi. They are used in treatment of various diseases, such as central nervous system disorders, cardiovascular diseases, infectious diseases and respiratory diseases.
Botanical drugs are available in various forms, such as pills, tablets, capsules and injections. Botanical drugs, such as aescin, adoniside, atropine and berberine, are derived from plants. These drugs are used as an important component of traditional medicine and therapies, such as homeopathy and ayurvedic medicines. Some of the major classes of plant drugs are terpenes, steroids, glycosides and phenols.
North America and Europe dominates the botanical and plant derived drugs market, due to rising awareness towards botanical and plant derived drugs and increasing prevalence of diseases. Moreover, technological advancement in production procedure of botanical is also supporting the growth of botanical and plant derived drugs in these regions. China and India are expected to show high growth rate due to increasing population, rising awareness towards botanical and plant derived drugs and increasing prevalence of chronic diseases.
Globally, increased usage of botanical drugs as an alternative to synthetic medicine and increasing prevalence of various chronic diseases are some of the major drivers for growth of botanical and plant derived drugs. In addition, low cost of botanical drugs and technological advancement in production procedure of botanical drugs are also supporting in growth of botanical and plant derived drugs market. However, stringent laws and regulations for approval of botanical drugs is a key restraint for botanical and plant derived drugs market.
More increasing number of mergers and acquisitions by manufacturing companies is a key trend for botanical and plant derived drugs market.
Some of the major players operating in botanical and plant derived drugs market are Abbott Laboratories, Eli Lilly, Medigene, Pfizer, Lupin Ltd., Johnson & Johnson, Ranbaxy Laboratories Ltd., Novartis International AG, Glaxosmithkline and Leo Pharma.