Global Market For Botanical And Plant-Derived Drugs Worth $32.9 Billion In 2013
February 17, 2009
Wellesley, Mass—According to a new technical market research report, BOTANICAL AND PLANT-DERIVED DRUGS: GLOBAL MARKETS (BIO022E) from BCC Research (www.bccresearch.com), the global market for botanical and plant-derived drugs was worth $19.5 billion in 2008. This is expected to reach $32.9 billion in 2013, for a compound annual growth rate (CAGR) of 11.0%.
The market is broken down into botanical drugs and all other plant-derived drugs. Of these, plant-derived drugs have the largest share of the market, generating $19.5 billion in 2008. This is expected to increase to $30.5 billion in 2013, for a CAGR of 9.4%.
Botanical drugs were worth $127,000.00 in 2008, but this segment is expected to grow at a CAGR of 651.7% to reach $2.4 billion in 2013. Another way of thinking about this increase is to consider that one botanical product will translate into 12 approved drugs by 2013.
Some of these products may be approved for multiple indications during this time period. BCC projects the approved indications to reach a total of 14 by 2013 with oncology being the most prominent, followed by hormone and metabolism as a secondary therapeutic category.
GLOBAL FORECAST FOR BOTANICAL* AND PLANT-DERIVED DRUGS, THROUGH 2013
Source: BCC Research
The merits of plants and their extracts have been well known since ancient times. Evidence of plant-derived compounds taking on a more significant role in the pharmaceutical market today is the U.S. Food and Drug Administration’s carving out of a new drug approval pathway for botanical drugs in 2004, and approving the first botanical based on these guidelines in 2006.
Much more opportunity exists within the industry of plant-derived drugs. Consider that the number of higher plant species on earth is estimated around 350,000, with just 10%
Botanical and Plant-Derived Drugs: Global Markets( BIO022E )
Publish Date: February 2009
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