“The global botanical and plant derived drug market is anticipated to grow at CAGR 6.4% during period 2016-2023. The market is projected to reach $41,722 million by 2023 from $25,400 million in 2016. Increasing prevalence of chronic diseases, low price of drugs, technological advancement in treatment procedure and increasing use of plant derived drugs are the key factors driving the market for the forecasted period. Botanical and plant derived drugs market is dominated by North America in terms of revenue followed by Europe. Increasing awareness about botanical drugs, presence of drug manufacturing companies, sound regulatory environment, and rising prevalence of chronic diseases are the key factors driving the market in North America and Europe for the forecasted period. US, UK, Germany, and France are amongst the leading markets in Europe and North America. Asia Pacific is anticipated to growth with highest numbers for the forecasted period. Increasing healthcare expenditure, increasing prevalence of chronic diseases and government regulatory reforms are aiding botanical and plant derived drug market growth in the region. India, China and Japan are leading market in Asia Pacific.
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Increasing prevalence of non-communicable chronic disease (NCDs)
World Health Organization estimates over 60 million deaths (60% of total mortality) occur annually due to NCDs in 2016. Nearly 80% of all deaths in developing countries are due to NCD’s. The global burden of NCD’s is projected to reach 57% by 2020 from 50% in 2016. Diabetes, cancer, obesity and cardiovascular diseases have the highest NCD’s prevalence rate in the world. In 2016, incidences of NCD’s among adults aged 55 years and above were higher compared to other age groups. However, the rate of incidence amongst younger population (aged 30-45 years) has increased significantly (by 15% in 2015). Over 235 million people by 2020 will be affected with diabetes increasing from 186 million by 2015. Over 49% of the total US population in 2015 had some form of heart disease or stroke. The total burden brought by cardiovascular diseases and stroke in US in 2015 was over $320 billion. National Cancer Institute estimated that the number of people living with cancer is anticipated to grow from 15 million in 2015 to 19 million by 2024. Bronchus cancer, stomach cancer, breast cancer and lung cancer are common forms of cancer found in North American population.
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NCD’s was responsible for more than 86% of deaths in Europe in 2015. Prevalence of diabetes, cancer and cardiovascular amongst Western Europe and Southern Europe is high. Germany, France, and Greece have an average 18% of their population aged above 65 years. With increasing aging population, risk of NCD’s will also increase. Prevalence rate of obesity in regions like Asia Pacific, Latin America and Africa is projected to increase by 3% per annum. Asia Pacific Journal of Cancer Prevention estimates that the total number of people living with cancer in Asia Pacific is estimated to reach over 15 million by 2019. The most common forms of cancer in Asia Pacific are lung cancer, thyroid cancer, prostate cancer, and breast cancer.
Drug manufacturing companies are looking forward for natural resources like botanical plants for new breakthrough in treatment. Overall more than 12,000 species of botanical plants are there in the world, of these only 2000 have been researched for drugs. Botanical plants have been used in their crude form or in combination with other molecular compounds. Suffice to say there is enough room for drug companies to invest in botanical plant derived drugs for the forecasted period.
Contact: Ms. Shyamal Moghe