Material Medica was an initial name of Pharmacognosy which is a complete and detailed study of physical, chemical and biological properties of substances that are derived from natural sources like plants and other living things. The substances that are derived from natural sources are known as Crude Drugs. This study acts as an important link between pharmacology and medicinal chemistry which also plays a vital role between ayurvedic and allopathic systems of medicines.
The global market for botanical and plant-derived drugs was valued at $23.2 billion in 2013 and $24.4 billion in 2014. This entire market is expected to reach $25.6 billion in 2015 and nearly $35.4 billion by 2020, with a compound annual growth rate (CAGR) of 6.6% from 2015 to 2020.