Market Analysis - Traditional Medicine 2017
Traditional Medicine Strategy 2014 to 2023: The WHO Traditional Medicine Strategy 2014–2023 was developed and launched in response to the WH Assembly resolution on traditional medicine. The strategy aims to support Members States in developing proactive policies and implementing action plans that will strengthen the role traditional medicines plays in keeping populations healthy.
Addressing the challenges, responding to the needs identified by Member States & building on the work done under the World Health Organization traditional medicine strategy: 2002 to 2005, the updated strategy for the period 2014 to 2023 devotes more attention than its predecessor to prioritizing health services and systems, including traditional & complementary medicine products, practices and practitioners.
Importance & Scope: Currently the total global market of Herbal Products & Medicinal Plants is US$ 60 billion with a double digit growth. The diversified use of plant obtained products and its acceptance worldwide made the sector very promising one. As per the World Bank Report 1998, world trade in medicinal plants and related products is expected to be US$ 5 trillion by 2050.
Funding: As attention & public funding for international traditional and herbal medicine research collaborations grows, more detailed analysis of ethical matters in this research is warranted. Scant literature has addressed selected issues such as informed consent & independent review associated to traditional and herbal medicine research.6,7 Here we apply a practical, comprehensive & widely accepted ethical framework to international traditional and herbal medicine research. We examine in detail difficult questions related to social value, scientific validity and favourable risk benefit ratio. We conclude with implications for upcoming research in this field, focusing on the importance of collaborative partnership.
National Center for Complementary and Alternative Medicine
Budget Mechanism $127,930 (Dollars in Thousands)
Major countries of Herbal Market: The largest global markets for medicinal and aromatic plants are Netherlands, China, Italy, Spain, Japan, France, Germany, UK and the USA.
It is estimated that Europe alone annually imports about 400,000 tonnes of medicinal plants with an average market value of US$ 1 billion from Africa and Asia.
Japan: has the highest per capita consumption of botanical medicine in the world. Botanical medicine market in Japan in 1996 was estimated at US $ 2.4 billion and sales have grown rapidly in recent years.
China: china's total output of medicinal plants from both cultivated and wild harvested sources is 1.6 million tones. The total value of the finished TCM in 1996 was US$ 3.7 billion. This estimate excludes domestic consumption, the inclusion of which would result in a far higher figure. Overall sale of botanical medicine products in China in 1995 was estimated at US$ 5 billion.
Studies suggest that approximately 20% of people in the United States use herbal supplements, and the amount of money spent on these products exceed $4.2 billion per year.
UK: The UK imports up to 90% of its medicinal herb requirement. The current total market is 139 million euro.
India: is a major exporter of raw medicinal and aromatic plants and processed plant-based drugs. Exports of crude drugs & essential oil from India in 1994-95 were valued at US$ 66,469 million. Important crude drugs included Plantogo ovata (psyllium), Panax spp. (ginseng), Cassia spp. (senna) and Catheranthus rosesus (rosy periwinkle). Essential oils included santalum album (sandlewood), Mentha arvensis (peppermint) and Cymbopogon flexuosus (lemongrass). Seventy percent of total exports from India are sent to six countries. France, Germany, Japan, Switzerland, the UK, and the US. Other major importers are Bangladesh, Pakistan and Spain.
Why Amsterdam, Netherlands: Herbal/traditional products are quite popular in the Netherlands due to their longstanding presence in the marketplace. Herbal/traditional products are mainly present in cough, cold and allergy (hay fever) remedies. Strong brands such as Anta Flu and Dampo have boosted the popularity of herbal/traditional products in this category. Consumers are tending to seek more natural and established solutions for their health problems. Most herbal/traditional products are based on very old recipes that have been handed down through the generations. Herbal/traditional products tend to be easily accessible and cheaper alternatives to standard pharmaceutical products.
· Herbal Medicine
· Traditional Chinese Medicine
· Traditional Medicine Today: Clinical and Research Issues
· Alternative Medicine & Treatment Methods
· Arabic & Unani Medicine
· Challenges and Future Directions of Traditional Medicine
· Naturopathic Medicine
Major Traditional Medicine Associations and societies around the Globe:
Australian Traditional Medicine Association ATMS
Bringing science and development together through original news and analysis
European Herbal & Traditional Medicine Practitioners Association National Association
American Medical Association
Society the Individual and Medicine
Dimensions of Culture
Native American Legends
Australian Natural Therapists Association ANTA
World Association of Traditional Chinese Veterinary Medicine
Future Projection: Although approximately 80 percent of people today depend upon herbal medication as a component of their primary healthcare according to the World Health Organization, there is still great concern about the safety and efficacy of herbal use . While herbal medicine can potentially contribute to the advancement of healthcare, many major challenges must be overcome prior to the successful integration of herbal remedies into mainstream medicine. One of the major barriers is the current lack of accurate translations and interpretations of Chinese herbal texts and research by Western scientists. Indeed, for the incorporation of safe and effective herbs into the medical system to become a reality, more researchers and doctors need to be trained in both modern medicine and herbal compendium that has been accumulated since ancient times. Additionally, to establish credibility for herbal use in the modern settings, experience-based claims from Chinese herbal medical doctors must be transformed into evidence-based claims. Finally, the question of how to address the need for both individualizing (the basis of TCM) and standardizing (the basis of modern pharmacology) treatment with herbs must be settled. Once these issues are resolved, the prospect exists for widespread use of herbal medicine as a safe, effective, and affordable form of healthcare .
The number of patients seeking alternate and herbal therapy is growing exponentially. Herbal medicines are the synthesis of therapeutic experiences of generations of practicing physicians of indigenous systems of medicine for over hundreds of years. Herbal medicines are now in great demand in the developing world for primary health care not because they are inexpensive but also for better cultural acceptability, better compatibility with the human body and minimal side effects. However, recent findings indicate that all herbal medicines may not be safe as severe consequences are reported for some herbal drugs. Most herbal products on the market today have not been subjected to drug approval process to demonstrate their safety and effectiveness. Thousand years of traditional use can provide us with valuable guidelines to the selection, preparation and application of herbal formulation. To be accepted as viable alternative to modern medicine, the same vigorous method of scientific and clinical validation must be applied to prove the safety and effectiveness of a therapeutical product. In the present review we attempted to describe the present scenario and project the future of herbal medicine.
For more details contact Senior Event Manager
E: email@example.com; firstname.lastname@example.org
T: 650-268-9744 | M: 702-508-5202
The 7th International Conference and Exhibition on Traditional & Alternative Medicine during October 03-06 2017, Dubai, UAE. Traditional Medicine 2017 aims to gather leading educational scientists, researchers and research students to exchange & share their experiences and research results about all aspects of Traditional and Alternative medicine.
Traditional medicine 2017 main slogan is to address the challenges in making a safer, sustainable and affordable system for medication, and health through consolidating the underpinning Traditional Medicine research platforms. Traditional & Alternative Medicine 2017 conference prepares a ground for seeding new concepts and nurturing knowledge through discussions and analysis on Traditional and Alternative Medicine developments.