Traditional Chinese Medicine Market to Witness Higher CAGR
The traditional Chinese medicine market is likely to grow to a sassy level shortly. Chabot powered by machine learning is transforming the way patient interaction happens. Machine learning is there to help radiologists identify differences in scans. This, in turn, helps them diagnose and detect health problems, that too, at an early stage. This is the current trend in the healthcare industry and the status quo is expected to remain unchanged even in the future.
Traditional Chinese Medicine is one of the oldest health and wellness systems used in China for thousands of years. Other medications focus primarily on treating an illness. But traditional Chinese medicines aim to increase immune power and aim for 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 published by PMR, the global traditional Chinese medicine market is expected to grow at a CAGR of over 5% over the forecast period (2022-2030).
Tianjin Tasly Group
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.
Eli Lilly and company
Hisamitsu Pharmaceutical Co., Inc.
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Key Findings from Traditional Chinese Medicine Market Research
Non-traditional Chinese medicines are the leading segment by product in the global traditional Chinese medicine market. The Autism Spectrum Disorder (ASD) segment has gained popularity in recent years and is expected to grow at a rate of 6.7% over 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 medicine market Chinese tradition, due to improved medical infrastructure.
Tong Ren Tang, Pfizer, and Novartis AG are some of the major 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.
More than 100 health systems are partnering with retail chains, providing physician oversight and increasing 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.
“Rising incidence of ADHD to drive growth of global traditional Chinese medicine market,” says PMR analyst.
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The increasing prevalence of ADHD is a major factor contributing to the growth of Traditional Chinese Medicine market revenue across the globe. The exact cause of ADHD is still unclear, although a genetic influence is seen in most cases.
According to data released by the Centers for Disease Control and Prevention (CDC), about 6.1 million (9.4%) – 388,000 children aged 2 to 5, 4 million children aged 6 to 11 and 3 million children ages 12 to 17 – have been diagnosed with ADHD in the United States. In Spain, the combined prevalence of ADHD in a population of 361,580 children and adolescents was estimated at 6.8% over the last decade.
The prevalence of ADHD is increasing at an alarming rate, which is expected to fuel revenue growth for ADHD therapies such as traditional Chinese medicines, as there is no specific treatment for this disorder.
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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 Oral Osmotic Controlled Release 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 through the stomach and gastrointestinal tract, water is absorbed, causing internal pressure, which releases small amounts of medicine when the pill passes through the intestine. This technology has been implemented to maintain the consistency of cognitive performance enhancement throughout the day.
What does the report cover?
Persistence Market Research offers a unique perspective and actionable insights into the Traditional Chinese Medicine market in its latest study, presenting a historical demand assessment from 2015 to 2019 and projections for 2020 to 2030, based on product (drugs traditional Chinese (TCM) and non-traditional Chinese (non-TCM) medicines) and indication (autism spectrum disorder (ASD) and attention deficit hyperactivity disorder (ADHD)), across seven key regions.
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This press release was published on openPR.