Traditional Chinese Medicine Market – Global Share, Trends, Analysis and Forecasts, 2023-2032 | insightSLICE
The Traditional Chinese Medicine accounts for 40% of China’s pharmaceutical market in 2019.
Due to a growth in local drug manufacturing sector sales, experts in the medical field have observed a surge in the demand for traditional Chinese medicines that are more affordable over the past few years in several rising economies in the Asia Pacific and East Asian areas.
The 3,000 currently operating companies involved in the production of traditional Chinese medicine are anticipated to increase their manufacturing capacity as a result of the various infrastructure projects, including the Belt and Road Initiative and the foreign Traditional Chinese Medicine clinics.
There is currently evidence of a trend in the developed economies that suggests the demand for formulations of traditional Chinese medicine that are affordable is rising, albeit more slowly than in the emerging nations.
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The government has taken steps in such regions, including those in India, China, Brazil, and some African nations, are bringing in money from the production of traditional Chinese medicine, non-traditional Chinese drugs, and related healthcare services. This is helping to expand the market for traditional Chinese medicine.
Most people from all around the world are now gravitating toward using traditional Chinese medicines in recent years. As a result, there are some significant prospects for the market for traditional Chinese medicine to grow.
Traditional Chinese remedies have been discovered to be effective in preserving a person’s strength and flexibility while also safeguarding their cognitive health.
They are becoming more well-known among people all around the world as a result. The market for traditional Chinese medicine will expand as a result of these factors throughout the forecasting period.
The key players of the Global Traditional Chinese Medicine Market are:
Apicare Pain Clinic, Beijing Hua Kang Hospital, Beijing Chinese Medicine Hospital, Dongzhimen Hospital, Mayo Clinic, Tongrentang Hospital, WOTCM, and YinOvaCenter are some of the major players in the market for traditional Chinese medicine.
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The demand for traditional Chinese medicine is significantly increasing as a result of shifting attitudes towards alternative treatments:
Because of the rising acceptance from numerous established and developing countries, the market for traditional Chinese medicine is experiencing significant growth opportunities. The elderly population is increasing noticeably throughout the world. This element is driving the market’s expansion.
Along with this, the growth of the Traditional Chinese Medicine Market is anticipated to be fuelled by the increased disposable income of the majority of people worldwide.
Growth in the potential for the market for traditional Chinese medicine is being driven by many important factors, including increasing urbanization, technological improvements in the healthcare industry, and the existence of favorable health insurance policies.
Aside from this, the future market for traditional Chinese medicine will benefit from the existence of government programs in some nations.
Increase in uses and new discoveries for treatments by traditional Chinese medicines:
Chinese culture and history are combined with medical expertise in traditional Chinese medicine. Traditional Chinese Medicine focuses on maximizing the total health of the person, as opposed to contemporary medicine, which concentrates on treating specific ailments or particularly affected organs.
Both oral interventions and topically applied treatments are included in traditional Chinese medicine. Herbal therapy and food therapy are two main areas into which oral interventions can be roughly divided.
According to medical theory, each person is unique and needs a unique, tailored combination of foods and herbs to maintain a healthy body. The concept of energy, or Qi, is central to Traditional Chinese Medicine’s externally given therapies.
One such external therapy is acupuncture, which corrects the disease-causing energy imbalance by opening up several crucial acupressure spots where the disease-causing energy leaves the body.
Traditional Chinese Medicine has been accepted as a supporting treatment in the treatment of many ailments, even though it is not scientifically proven and is therefore not advised to be used as a solo treatment.
A group of experts from the UK conducted a systematic review and discovered that herbal therapy was effective enough to enhance patients’ quality of life for non-small cell lung cancer, where better weight stability and a decrease in chemotherapy side effects like anemia were also noted.
These findings expand the potential for adding TCM to chemotherapy for non-small cell lung cancer to increase adherence. Acupuncture’s exterior treatments have also been shown to be successful in reducing pain in situations including migraine and persistent shoulder pain.
Global Traditional Chinese Medicine Market Key Segments:
By Therapy Type
- Acupuncture
- Cupping Therapy
- Herbal Medicine
- Moxibustion
- Aroma Therapy
- Compounding Therapy
- Magneto Therapy
- Others
By Application
- Relaxation
- Insomnia
- Pain management
- Skin and hair care
- Scar management
- Cold and cough
- Cancer treatment
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of APAC
- South America
- Brazil
- Rest of South America
- Middle East & Africa
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
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Expanding beyond the traditional Chinese borders:
TCM has started to acquire traction outside of the Chinese community as a result of the current surge in globalization and a greater acceptance of conventional medical procedures.
Some well-known hospitals outside the Asia Pacific region, including the John Hopkins Hospital in Maryland, the United States, and the University College London Hospitals in London, United Kingdom, have established specialized departments on alternative forms of medicine, with TCM serving as one of the main areas of focus.
The World Health Organization’s eleventh revision of the International Classification of Diseases now includes traditional Chinese medicine as well. This is a long-delayed achievement for TCM because a recognized international organization for health will now recognize its approach to disease diagnosis, treatment, and prevention.
Pharmaceutical companies have long investigated TCM for potential medication possibilities. One noteworthy instance is artemisinin, which is a key ingredient in medicine combinations used to treat malaria. Sweet wormwood, a common herb in TCM, yields artemisinin.
Tu Youyou received the 2015 Nobel Prize in Medicine as a result of this discovery. Novartis and Sanofi-Aventis are two businesses supported by WHO that have been manufacturing medications for artemisinin combination therapy.
Covid-19 significantly expanded the market for traditional Chinese medicine:
Traditional Chinese Medicine has been crucial in China’s fight against the coronavirus, even during the pandemic. However, along the way, questions about its legitimacy are also being addressed, which is expected to support its long-term growth.
For instance, the proportion of Chinese adopting traditional medicine increased dramatically by over 49% during the Covid-19 era. Many people opted to use Chinese medicine at facilities that offered it as a service.
Additionally, the world’s aging population also portends significant market expansion, as traditional medicine’s natural product differential from pharmaceuticals among the older population continues to be a major draw.
The development of traditional Chinese medicine health insurance programs, supportive government measures, and the emergence of worldwide social media will probably accelerate the market’s growth in the near future.
Throughout the projected period, the growing purchasing power of Chinese families will also continue to be a major factor in the market’s expansion.
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