The term ‘botanical drug’ is used in the United States to denote natural products or drugs manufactured with plant substances, including algae and microfungi. Europe uses the term herbal medicinal product (HMP) to refer to all drugs that include one or more herbal substances in their composition. Traditional Chinese Medicine (TCM) is the term that broadly covers the materials prescribed in the historical context of their traditional herbal medical practices.
The raw materials for all of these form part of the pharmaceutical agriculture market that also includes plant based medical supplies, supplements, and functional foods for health, etc. This total global pharmaceutical agriculture market is currently one trillion ($1,000,000,000,000) dollars annually and is growing at an eight to ten percent cumulative annual growth rate (CAGR). This market has no overlap with the crop agriculture market and represents entirely different market drivers.