The hypericum perforatum market was valued at USD427.5Mn by 2019. According to the latest research citings provided by the World Health Organization (WHO), in 2018, approximately 9.6 million people throughout the globe died due to cancer. Rising public health awareness pertaining to the beneficial use of herbal drugs in the treatment of cancer and increasing research and development activities in drug development of hypericum perforatum further accentuates its market growth.
It is understood that the genus Hypericum consists of more than 500 species but the most popular is St. John’s wort also known as hypericum perforatum. It is very widely used as a medicinal agent and is vividly studied in the clinical trials for its therapeutic efficacy in the treatment of cancer, depression, viral infection, etc.
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The supermarket is spearheading the distribution channel segment for hypericum perforatum market. The major attributes which are responsible for its market dominance are the availability of different formulation of hypericum perforatum herbal drug as a crude extract, refined powder or oil, etc. at affordable prices. E-commerce is set to showcase magnificent market growth in the near future on account of the constant rise in the number of consumers using digital platforms via smartphones for the purchase of herbal and allopathic medicines. Capacity to reach a large customer base awarding attractive coupons and gift vouchers for the purchase of medicinal items will further propel its market growth.
North America is currently dominating the geography segment for hypericum perforatum market. The major contributing factor that increases the demand for hypericum perforatum as a medicinal agent is the rising prevalence of chronic diseases such as cancer, skin, and mental disorders in the region. As per the latest statistics provided by the Center for Disease Control and Prevention (CDC) approximately 133 million Americans are suffering from chronic disease. Furthermore increasing demand for herbal medicines owing to its fewer side effects further accentuates the hypericum perforatum market growth in the region. Europe is in the 2nd place in the regional segment for hypericum perforatum market. The strategic collaboration between pharmaceutical companies and academic research institutes to develop drug formulation containing hypericum perforatum as an active pharmaceutical ingredient. Additionally increasing demand for photodynamic therapy for the treatment of skin cancer further increases the demand for hypericum perforatum as a medicinal drug in the region. Asia Pacific is set to register sturdy market growth in the region on account of the presence of a well-established herbal drugs market in the region. The constant rise in the use of hypericum perforatum is an antidepressant to treat mental disorders.
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This post was originally published on Commerce Gazette