Technavio analysts forecast the global botanical and plant-derived drugs marketto grow at a CAGR of almost 8% during the forecast period, according to their latest report.
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Technavio has published a new report on the global botanical and plant-derived drugs market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global botanical and plant-derived drugs market for 2017-2021. The market is segmented by product (plant-derived drugs and botanical drugs) and geography (APAC, EMEA, and the Americas).
The global botanical and plant-derived drugs market is expected to benefit from the increasing limitations associated with the development of traditional drugs. Also, the complex manufacturing process involved in the development of conventional drugs has fueled the demand for plant-based drugs. Moreover, the plant-derived drugs offer many advantages such as low capital investments and less technical expertise.
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Technavio healthcare and life sciencesresearchanalysts highlight the following three factors that are contributing to the growth of the global botanical and plant-derived drugs market:
Increase in government initiatives
Government have taken up many initiatives for the development of new plant-based drugs. Much attention is being provided to herbal medicines by the global healthcare systems. Countries like China makes use of herbal medicines for treating diseases like acute respiratory syndrome. WHO along with countries like India, China, the US, Nigeria are making significant investments for research in herbal medicines.
According to Barath Palada, a lead cardiovascular and metabolic disordersresearch analyst from Technavio "For aiding the R&D activities of plant-based drugs, governments have started awarding contracts to industry players. In the year 2016, PlantForm received a Government of Canada contract for the plant-based production of an antibody being evaluated by Defence Research and Development Canada as an antidote to ricin exposure."
Limitations associated with traditional drugs
With the increasing cost of developing and manufacturing traditional drugs, vendors have now started looking forward to achieving an alternative solution, such as plant-derived drugs that cost less than conventional drugs. Other aspects that are driving the growth of the plant-derived drugs are the involvement of less technical experts and low capital investment during manufacture.
"Cost is not the only factor that is driving the demand of plant-based drugs. For instance, the developers can reduce the risk of cells carrying mammalian viruses. Also, there are clear advantages for developing economies. In addition, if the seeds could be transported easily to local production facilities without using the cold chain, the technology could boost underdeveloped economies. Such advantages will drive the market growth," adds Barath.
Growing demand for effective treatment of chronic disorders coupled with launch of new products
The growing demand for the effective treatment of chronic disorders such as epilepsy will drive the market growth. For instance, cancer, pain disorder, actinic keratosis, and type 2 diabetes are some of the chronic disorders that are associated with high unmet medical needs in the market. For instance, according to the Centers for Disease Control and Prevention (CDC) 2014 statistics, breast cancer is leading cancer worldwide, followed by prostate cancer and lung cancer.
Top vendors:
- Bayer HealthCare
- GlaxoSmithKline
- Johnson Johnson
- Pfizer
- Sanofi
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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