Tectonic innovation to boost the traditional Chinese medicine market
The traditional Chinese medicine market is expected to experience a staggering CAGR in the coming years. The future belongs to pay-for-value models. Key stakeholders are interested in delivering high-quality, cost-effective care through these models. Thus, e-governance computer programs are deployed almost everywhere. Altogether, the electronic 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 drugs focus primarily on treating a disease. But traditional Chinese medicines aim to increase immune power and consider the 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 released by PMR, the global traditional Chinese medicine market is expected to experience a CAGR of more than 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 Points from Traditional Chinese Medicine Market Research
- Non-traditional Chinese medicine is 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 food market. traditional Chinese medicine, due to improved medical infrastructure.
- Tong Ren Tang, Pfizer and Novartis AG are among the major players in the global traditional Chinese medicine market. These companies invest most of their income in R&D and focus on strengthening their distribution channels to maintain a leading position in the traditional Chinese medicine market.
- 100+ Healthcare systems partner with retail chains, providing oversight of physicians and increasing patient traffic to retail clinics, and expanding healthcare system networks to new patient populations.
- The COVID-19[female[feminineThe pandemic is cause for concern, which has downgraded non-essential medical treatment. This will hurt the growth of the global traditional Chinese medicine market in the short term.
“Increasing Incidence of ADHD to Drive Growth of Global Traditional Chinese Medicine Market” says a PMR analyst.
The increasing prevalence of ADHD is a major factor contributing to the growth of traditional Chinese medicine market revenue across the world. The exact cause of ADHD is not yet clear, although a genetic influence is seen in most cases.
According to data released by the Centers for Disease Control and Prevention (CDC), approximately 6.1 million (9.4%) – 388,000 elderly children 2â5 years, 4 million older children 6â11 years and 3 million older children 12-17 years – were diagnosed with ADHD in the United States In Spain, the combined prevalence of ADHD in a population of 361 580 representing children and adolescents was estimated to be 6.8% of the last decade.
The prevalence of ADHD is increasing at an alarming rate, which is expected to fuel the growth in revenue from ADHD therapies such as traditional Chinese medicines, as there is no specific treatment for the disorder.
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Product innovation – Key strategy of traditional Chinese medicine market players
The major players in the global traditional Chinese medicine market are introducing innovative products to maintain their market share. A patented technology called the Oral Osmotic Controlled Release 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 as the pill passes into the stomach and gastrointestinal tract, water is absorbed, resulting in internal pressure, which releases small amounts of medicine as the pill passes through the intestine. This technology has been implemented to maintain the consistency of improved cognitive performance throughout the day.
What does the report cover?
Persistence Market Research provides a unique perspective and actionable insight into the Traditional Chinese Medicine market in its latest study, presenting a historical assessment of the demand for 2015 – 2019 and projections for 2020 – 2030, based on product (Traditional Chinese Medicine (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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