WELLESLEY, Mass., Dec. 05, 2017 (GLOBE NEWSWIRE) — There has been rising interest in botanical drugs, with many players investigating the commercial potential. The global market for plant-derived and botanical drugs is expected to reach $39.6 billion by 2022. In a new report, BCC Research analyzes this market by therapeutic indications and geographic areas.
Excluding botanicals, growth in the plant-derived drug market is in line with the overall pharmaceutical industry, given the presence of generics (including biosimilars). Many botanical drug products are in development, with a few in late-stage clinical trials. Over the next decade, it is likely that some of the broadest investment in botanical drugs will occur outside of the United States. From $57 million in 2017 sales, the botanical drug segment is poised for tremendous growth at a compound annual growth rate of 49.5%, according to the report Botanical and Plant-Derived Drugs: Global Markets.
Botanical products, as a subgroup of all plant-derived medications that are sold as prescription drugs, are expected to experience growth at higher levels relative to the entire pharmaceutical sector.
- Patent expirations will necessitate medicinal compounds other than single chemical entities.
- Growth in the U.S. market for plant-derived drugs will reflect new cannabinoids and their overall expanded uses, as well as eventual brand line extensions.
- Through 2022, growth in the botanical drug market will mainly come from the dermatology and gastrointestinal therapeutic areas. However, a new cardiovascular entrant is forecast to hold the biggest share of revenues.
“Unmet need for new drugs targeting certain indications is boosting the botanical drug market. Public and private investment is continuing,” said Kim Lawson, BCC Research analyst and author of the report. “Many companies are realizing that a botanical drug may not only be more effective, but could be the preferred option compared with a chemical-based counterpart.”
Market Growth: Next 10 Years
FDA-approved botanicals will make their mark in the United States. However, non-FDA regulatory approvals that will support non-U.S. sales are also noteworthy. Much of the development of botanical drugs occurs outside of the United States due to the sheer knowledge and intellectual property surrounding traditional Chinese medicine. The Asia-Pacific market is expected to grow faster than Europe or Latin America.
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About BCC Research
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