TEHRAN – The traditional medicine sciences and technology development headquarters at the science and technology vice presidency has provided a strategic development document for herbal medicine in each province, ISNA reported on Wednesday.

Each province has a special capacity in the field of herbal medicine and the headquarters supports their activities, the headquarters’ secretary Mohammad Hassan Assareh said.

Having innovative plans for development of herbal medicine is a necessity and the knowledge-based companies in this field in all regions are great potentials, he added.

Herbal medicine can be used in perfumery, natural flavor, natural colors and cosmetics industries, he explained.

He said that the herbal medicine industry has the potential to generate a large revenue.

The ecological characteristics of region has a great role in the selection of the type of herbal medicine for investment, he said.

The local types of herbal medicine can pave the way for international marketing, he added.

According to Market Research Future, the global herbal medicine market is expected to reach $129689.3 million by 2023.

The global herbal medicine market, by source, is segmented into leaves, fruit, roots, and barks whole plant, and others (combinations of various plant parts). On the basis of source, the leaves segment is expected to lead the global herbal medicine market. The leaves segment held a share of $51,495.2 million in 2017.

The increasing demand for natural medicines, increasing research funding for herbal medicines, and multiple applications of herbal medicines have led to the growth of the global herbal medicine market in recent years. However, side-effects and allergic reactions and poor standardization are likely to restrain market growth over the forecast period.

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