Commercializing Asian and Australasian Herbal Medicines: Market Potential and Strategies
Amina Razzaq 1*, Huma Ameen 1, Rida Aziz 2
Australian Herbal Insight 6(1) 1-11 https://doi.org/10.25163/ahi.6121071
Submitted: 05 January 2023 Revised: 21 February 2023 Published: 02 March 2023
Abstract
This review explores the market potential for herbal medicines from Asia and Australasia and develops strategies for their effective commercialization in the biopharmaceutical and healthcare sectors. We have discussed the complex terrain of these products. Given that Asia and Australasia account for a substantial 60% of the global market share for herbal medicines, it is imperative to comprehend the subtleties of this region. The market analysis includes an in-depth investigation of the varied vegetation in these areas, where more than 50,000 plant species have been found to have therapeutic qualities. Over the past five years, the market for herbal medicines from these regions has grown at a consistent 7% annual rate thanks to the biodiversity of the region and growing consumer interest in natural cures. The paper emphasizes the need for standardized production processes while proactively addressing issues by suggesting quality control solutions. It is noteworthy since it emphasizes the sustainable procurement of herbal compounds, noting a 15% rise in consumer desire for goods, including ingredients that are supplied ethically and environmentally. As the review navigates integration into well-established industries, it becomes clear that herbal treatments are becoming more and more accepted. This is demonstrated by a 20% rise in partnerships between traditional practitioners and contemporary healthcare providers. This cooperative strategy creates new business opportunities while enhancing the legitimacy of herbal products. To sum up, this review not only clarifies the state of the industry but also offers crucial data information to interested parties. This review serves as a strategic guide, highlighting the significance of quality, sustainability, and collaboration for unlocking the full commercial potential of herbal medicinal products from Asia and Australasia, which are expected to have a $15 billion market value by 2025. The global healthcare landscape is constantly changing.
Keywords: Herbal Medicinal Products, Asia,. Australasia, Market Analysis, Commercialization Strategies
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