Press release
The Traditional Chinese Medicine Market to witness digitized decision-making, reaching US$ 49.6 Billion
As assessed by Persistence Market Research, non- Traditional Chinese Medicine held dominating stance in global market. Attention Deficit Hyperactivity Disorder (ADHD) led this category within the global market with value share of around 85.9% in the global market, in 2022. Overall, traditional Chinese medicine market sales account for around 18.5% of revenue share in the global herbal medicines market, which was valued at around US$ 155 Billion in 2022.
Traditional Chinese Medicine (TCM) is a form of medical treatment that has been practiced in China for over 2,500 years. TCM emphasizes the importance of balance and harmony in the body, and aims to treat the root cause of illnesses rather than just the symptoms. In recent years, TCM has gained popularity around the world, and the TCM market has experienced significant growth.
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The TCM market is expected to continue to grow in the coming years, driven by the increasing demand for natural and holistic approaches to health and wellness. However, the lack of scientific evidence and the regulatory environment pose challenges to market growth. To address these challenges, more research is needed to validate the efficacy and safety of TCM products, and regulatory frameworks need to be strengthened to ensure the quality and safety of TCM products.
Company Profiles:
Tongrentang
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 Takeaways from Traditional Chinese Medicine Market Study
Non-traditional Chinese medicines is the leading segment by product in the global traditional Chinese medicine market. The Autism Spectrum disorder (ASD) segment has been gaining more traction in recent years, and is expected to expand 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 traditional Chinese medicine market, due improving medical infrastructure.
Tong Ren Tang, Pfizer, and Novartis AG are amongst the leading 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 space.
100+ health systems are partnering with retail chains, providing physician oversights and increased patient traffic to retail clinics, and extending health system networks to new patient populations.
The COVID-19 pandemic is a cause for concern, which has deprioritized non-essential medical treatments. This will hurt the growth of the global traditional Chinese medicine market in the short term.
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