Global Market Analysis of Herbal Drug Formulations
Joshi Nirali B and M. B. Shankar
Journal Title:International Journal of Ayurveda and Pharmaceutical Chemistry
As per the WHO reports, about three-quarters of the world’s population currently use herbs and other forms of traditional medicines to treat disease. Even though marvelous advancement occurred in Allopathic system of medicines, there are many areas in which allopathic medicines have failed to prove its efficiency. Nowadays, people have more faith towards traditional medicines then modern medicines due to occurrence of many side effects of modern medicines. The prime most reasons for acceptance of traditional medicines are accessibility, associability and affordability in developing countries. As per WHO national policy on Traditional medicine and guideline of herbal medications report, business of herbal medicines have increased from US$ 707 million in 1999 to US$ 1,006 million in 2001 in 9 countries (Republic of Islamic, Bhutan, Czech, Republic of Iran, Canada, Madagascar, Pakistan, Sweden, Sudan and Malaysia). According to Global Industry Analysis, it is estimated that global herbal market will reach to $107 billion by end of 2017. This shows that Ayurveda is one of the most noticeable expressions of substitute medication practiced throughout the world.