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2019-06-18
310
Global
Botanical & plant derived drugs market is witnessing growth in the pharmaceutical industry due to high side effects caused by the consumption of synthetic drugs. But the stringent law & regulations in the use & approval of botanical & plant based drugs is restricting the growth prospects. On the other hand, the huge growth prospects & anticipated rise in demand of plant based drugs in near future, multiple pharmaceutical companies are leading towards mergers & acquisitions which is thus driving the market. As per Goldstein Research, the global botanical & plant based drugs market is anticipated to reach a market size of USD 53.0 billion by 2025, growing at a CAGR of 6.50% during the forecast period 2017-2025.
Further, rising prevalence of chronic diseases coupled with low cost of plant based drugs is propelling the adoption of botanical & plant derived drugs. The unavailability of drugs to cure chronic pains has led the physicians to follow pharmacologic treatment to lower the sufferings from chronic pain. Such as it is difficult to cure intractable chronic pain but the use of botanical & plant derived drugs can help.
Our Global Botanical & Plant Derived Drugs Market can be segmented on the following basis:
Based on Source
Based on Formulation
Based on Therapeutic Application
Based on Geography
Worldwide there is increasing trend of producing & consuming botanical & plant derived drugs. In Korea, due to the government-led projects it drew the attention of manufacturing botanical drugs that has been invigorating domestic botanical drug industry. Although sales of these drugs vary from country to country pharmaceutical approval norms.
Some of the major players included in the botanical & plant derived drugs market report are: Abbott Laboratories, Pfizer, Lupin Ltd., Eli Lilly, Medigene, Johnson & Johnson, Novartis International AG, Glaxosmithkline, Ranbaxy Laboratories Ltd., and Leo Pharma.
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