Traditional Chinese Medicine Market Expected to Witness A CAGR Of More than 5% Over the Forecast Period 2020-2030 - Persistence Market Research
NEW YORK, Oct. 23, 2020 /PRNewswire/ -- Traditional Chinese medicine is one of the oldest systems of health and wellness that has been used in China for thousands of years. Other medicines mainly focus on treating a disease. But traditional Chinese medicines aim to increase immune power and look at the entire well-being. The most common type of traditional Chinese medicines includes herbal products, acupuncture, and Tai Chi, among others.
According to a latest report published by PMR, the global traditional Chinese medicine market is expected to witness a CAGR of more than 5% over the forecast period (2020–2030).
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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"Increasing incidence of ADHD to boost growth of global traditional Chinese medicine market," says a PMR analyst.
Rising prevalence of ADHD is a major factor contributing to revenue growth of the traditional Chinese medicine market across the globe. The exact cause of ADHD is still unclear, although genetic influence is observed in most cases.
As per data released by the Centers for Disease Control and Prevention (CDC), approximately 6.1 million (9.4%) - 388,000 children aged 2–5 years, 4 million children aged 6–11 years, and 3 million children aged 12–17 years - were diagnosed with ADHD in the U.S. In Spain, pooled prevalence of ADHD in a population of 361,580 representing children and adolescents was estimated at 6.8% from the last decade.
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Prevalence of ADHD is rising at an alarming rate, which is expected to fuel revenue growth of ADHD therapeutics such traditional Chinese medicines, as there is no specific treatment for this disorder
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 osmotic controlled release oral delivery 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 when the pill passes through the stomach and gastrointestinal track, water is absorbed, resulting in internal pressure, which releases small amounts of medication as the pill passes through gut. This technology was implemented to maintain consistency of improvement in cognitive performance throughout the day.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the traditional Chinese medicine market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030, on the basis of product (traditional Chinese medicines (TCM) and non-traditional Chinese medicines (Non-TCM)) and indication (autism spectrum disorder (ASD), and attention deficit hyperactivity disorder (ADHD)), across seven key regions.
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