The traditional Chinese medicine market is expected to witness a staggering CAGR in the coming years. The future belongs to pay-for-value models. Key stakeholders are involved in delivering high-quality, cost-effective care through these models. Thus, e-governance computer programs are being deployed almost everywhere. In total, the e-market would be the trend of the coming period.
Traditional Chinese Medicine is one of the oldest health and wellness systems used in China for thousands of years. Other medications focus primarily on treating an illness. But traditional Chinese medicines aim to increase immune power and aim for overall well-being. The most common type of traditional Chinese medicine includes herbal products, acupuncture, and Tai Chi, among others.
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According to a latest report published by PMR, the global traditional Chinese medicine market is expected to experience a CAGR over 5% over the forecast period (2020-2030).
- Zhongxin Pharmaceuticals
- Tianjin Tasly Group
- Yuannan Baiyao
- Solstice Medicine Company, Inc.
- Shanghai Sundise Traditional Chinese Medicine Co.,Ltd
- China Chinese Medicine Holding Co., Ltd.
- Hunan goldliloo pharmaceutical Co.,Ltd
- Wanbang Pharma Group Corp.
- Chengdu Qiankun Veterinary Pharmaceuticals Co., Ltd.
- Pfizer Inc.
- Eli Lilly and company
- Novartis AG
- GlaxoSmithKline PLC
- Mallinckrodt Pharmaceuticals
- Hisamitsu Pharmaceutical Co., Inc.
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Key Findings from Traditional Chinese Medicine Market Research
- Non-traditional Chinese medicines are the leading segment by product in the global traditional Chinese medicine market. The Autism Spectrum Disorder (ASD) segment has grown in popularity in recent years and is expected to grow at a rate of 6.7% during the forecast period.
- North America is the leading region in the traditional Chinese medicine market, followed by Europe.
- East and South Asia, including China, South Korea, Japan, India and ASEAN countries, is the fastest growing region in the medicine market Chinese tradition, due to improved medical infrastructure.
- Tong Ren Tang, Pfizer, and Novartis AG are some of the major players in the global traditional Chinese medicine market. These companies invest most of their revenue in R&D and focus on strengthening their distribution channels to maintain a leading position in the traditional Chinese medicine market.
- 100+ Health systems are partnering with retail chains, providing physician oversight and increasing patient traffic to retail clinics, and extending health system networks to new patient populations.
- the COVID-19[female[feminineThe pandemic is a cause for concern, which has deprioritized non-essential medical treatment. This will hurt the growth of the global traditional Chinese medicine market in the short term.
“Increased Incidence of ADHD to Drive Growth of Global Traditional Chinese Medicine Market”, explains a PMR analyst.
The growing prevalence of ADHD is a major factor contributing to the growth of Traditional Chinese Medicine market revenue across the globe. The exact cause of ADHD is still unclear, although a genetic influence is seen in most cases.
According to data published by the Centers for Disease Control and Prevention (CDC), about 6.1 million (9.4%) – 388,000 old children 2–5 years, 4 million older children 6–11 years and 3 million children aged 12–17 years – have been diagnosed with ADHD in the United States. In Spain, combined prevalence of ADHD in a population of 361,580 representing children and adolescents was estimated at 6.8% of the last decade.
The prevalence of ADHD is increasing at an alarming rate, which is expected to fuel revenue growth for ADHD therapies such as traditional Chinese medicines, as there is no specific treatment for this disorder.
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Product Innovation – Key Strategy of Traditional Chinese Medicine Market Players
Major players in the global traditional Chinese medicine market are introducing innovative products to retain their market share. A patented technology called Oral Osmotic Controlled Release System (OROS) is used in Concerta, manufactured by Johnson & Johnson. It releases an initial dose of methylphenidate within the first two hours of ingestion, and as the pill passes through the stomach and gastrointestinal tract, water is absorbed, causing internal pressure, which releases small amounts of medicine when the pill passes through the intestine. This technology has been implemented to maintain the consistency of cognitive performance enhancement throughout the day.
What does the report cover?
Persistence Market Research offers a unique perspective and actionable insights into the Traditional Chinese Medicine market in its latest study, presenting a historical assessment of the demand for 2015 – 2019 and screenings for 2020 – 2030based on product (traditional Chinese medicines (TCM) and non-traditional Chinese medicines (non-TCM)) and indication (autism spectrum disorder (ASD) and attention deficit hyperactivity disorder (ADHD)), in seven key regions.
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