Global Traditional Chinese Medicine Market Forecast to 2030
The Traditional Chinese Medicine (TCM) market size reached USD 18.8 billion in 2021 and is expected to register a revenue CAGR of 11.9% during the forecast period, according to the latest analysis by Emergen Research. In developing countries in the Asia Pacific and East Asian areas, there has been a rise in demand for affordable traditional Chinese medicines as a result of high demand from the local pharmaceutical industry. The 3,000 active traditional Chinese medicine processing businesses are expected to increase their manufacturing capacity as a result of infrastructure projects such as the Belt and Road Initiative and foreign traditional Chinese medicine centers. According to trends, demand for effective formulations of traditional Chinese medicine is rising, although at a slower rate in industrialized economies than in emerging ones.
The Traditional Chinese Medicine Market report will provide readers, stakeholders, and businesses with in-depth information about market size, revenue growth, and general industry dynamics in order to help them better position themselves in the global Traditional Chinese Medicine Market. It offers thorough information on significant considerations, constraints, limitations, and issues in addition to market segmentations based on factors like product type, application, and regional bifurcation.
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The global Traditional Chinese Medicine industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
Zhongxin Pharmaceuticals, Solstice Medicine Company, Inc., China Chinese Medicine Holding Co., Ltd., Tongrentang, Tianjin Tasly Group, Shanghai Sundise Traditional Chinese Medicine Co., Ltd, Yuannan Baiyao, Pfizer Inc., Hunan Goldliloo Pharmaceutical Co., Ltd, and Chengdu Qiankun Veterinary Pharmaceuticals Co., Ltd.
Research Report on the Traditional Chinese Medicine Market Addresses the Following Key Questions:
- Who are the dominant players of the Traditional Chinese Medicine market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Traditional Chinese Medicine market?
- What are the key growth drivers and restraining factors of the Traditional Chinese Medicine market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Traditional Chinese Medicine market and its key segments?
The report bifurcates the Traditional Chinese Medicine market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Therapy Type Outlook (Revenue, USD Billion; 2019–2030)
- Herbal Medicine
- Cupping Therapy
- Compounding Therapy
- Magneto Therapy
- Aroma Therapy
- Disease Type Outlook (Revenue, USD Billion; 2019–2030)
- Autism Spectrum Disorder (ASD)
- Attention Deficit Hyperactivity Disorder (ADHD)
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
Regional Landscape section of the Traditional Chinese Medicine report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Some Key Highlights From the Report
- The acupuncture segment registered largest revenue share in 2021. Revenue growth of the segment is expected to be driven as a result of adults increased levels of stress brought on by their hectic schedules. Pain management is one of acupuncture’s key benefits. The technique can reduce neck and back pain as well as joint discomfort. This is a non-drug approach to managing typical pain problems. Furthermore, it can reduce inflammation in the affected areas. Patients with migraines and chronic headaches who don’t wish to use prescription medications in their treatment plan may find relief with acupuncture sessions.
- The Attention Deficit Hyperactivity Disorder (ADHD) segment accounted for largest revenue share in 2021. TCM is one possible ADHD treatment that has had effectiveness with some ADHD-affected children. In TCM, a number of Chinese herbs are blended together and taken as capsules. Chinese medicines are less likely to have side effects and lead to dependence than modern ADHD medication. Poria, red jujube, Chinese thorowax root, and skullcap root are a few examples of these.
- The market in North America registered largest revenue share in 2021. The regional market is expected to contribute significantly to revenue growth of the market owing to increasing public awareness of TCM and rising demand for healthcare providers. In addition, it is expected that increasing consumer awareness of TCM’s benefits and rising demand for natural and organic products would further drive revenue growth of the market in the region.
- On 6 September 2020, Tongrentang and Yonyou entered into an agreement to build a digital platform. In the collaboration, the two parties will work together to create a digital operation platform with the goal of enhancing the company’s operational performance and efficiency and becoming a symbol of digital empowerment within the Chinese medicine sector.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Traditional Chinese Medicine market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
- Data and information related to the consumption rate in each region
- Estimated increase in the consumption rate
- Proposed growth of the market share of each region
- Geographical contribution to market revenue
- Expected growth rate of the regional markets
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