The global traditional Chinese medicine market size has been witnessing expansion due to increase in pediatric illnesses and chronic behavioral diseases, growing awareness about mental well-being, and rising incidence of lifestyle diseases such as ASD and ADHD disorders. This has been driving demand for alternative and off-the-shelf drugs due to added risk with non-traditional Chinese medicine drugs.
Traditional Chinese medicines such as dietary therapy, acupuncture, and massage helps patients treat illnesses and maintain health. Herbal medicines and acupuncture are commonly used in the treatment of children with ASD in conjunction with conventional therapy to improve the Childhood Autism Rating Scale (CARS) score.
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Rising Demand for Traditional Chinese Medicines from Developing Economies: Industry experts have noted that, over the last three years, there has been increasing demand for low-cost traditional Chinese medicines in emerging economies of Asia Pacific and East Asian regions due to increased demand from the local drug manufacturing industry. Infrastructure initiatives such as the Belt and Road Initiative and overseas traditional Chinese medicine centers are expected to boost the manufacturing capacity of the currently operating 3,000 enterprises engaged in traditional Chinese medicine processing.
Trends in developed economies show that demand for efficient traditional Chinese medicine formulations is increasing, but at a lower rate than in emerging economies. Government initiatives in various countries are driving revenues derived from traditional Chinese medicine and non-traditional Chinese drug manufacturing and associated healthcare services, such as those in India, China, Brazil, and African countries, aiding growth of the traditional Chinese medicine market.
Off the Label Drug Usage for ASD and ADHD Cases Presents Lucrative Opportunities: Favorable regulatory regime could boost traditional Chinese medicine market growth. For instance, Ukgansangajinpibanha (UGSJB), an approved prescribed herbal medicine for nervousness, insomnia, night crying, and malnutrition in South Korea and Japan, has been used for angry, sensitive, nervous, and unsettled children with ASD. Another candidate, Gyejitang, prevents behavioral abnormalities and improves neuroplasticity signaling in a social isolation model.
Increasing candidates for autism treatment and pipeline drugs are other key fueling factors for autism spectrum disorder treatment. New autism medications are undergoing clinical trials, which include
Disputes about Safety & Efficiency of Traditional Chinese Medicines Can Hamper Market Growth: Lack of specific guidelines for the manufacturing and approval of traditional Chinese medicines is deterring R&D initiatives related to novel formulations in CNS diseases to alter behavioral aspects. Also, due to diversity of herbal medicines and their formulations, clinical evaluation of the pharmacokinetic and dynamics of herbal medicines is not well established. Under the present regulatory scenario, if a new drug approval (NDA) fails, the herbal extract and API also fails, even if it is not due to anything related or due to excipients. Furthermore, clinical trial data from that failed formulation is not usable. This leads to major financial loss on part of both, the drug as well as the herbal extract manufacturer. The cost and time frame to develop novel formulations under proper regulatory compliances is uneconomical for manufacturers in the traditional Chinese medicine market.
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The global outbreak of COVID-19 has led to shutdowns in the first half of 2020. A majority of developed countries have postponed non-essential medical procedures, as the focus has been mostly on COVID-19 patients. The impact on drugs was minimum, as tablets are self-administered at home. However, new patient initiation has been limited. Along with that, there has been a dilemma over the safety of Chinese medicines, which has limited the overall growth of the traditional Chinese medicine market.
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An extensive analysis of the traditional Chinese medicine market has brought our analysts to a conclusion that, this market is growing at a significant pace. Currently, ASD is the target segment for major healthcare facilities, and hence, this segment is anticipated to gain more traction in the traditional Chinese medicine market by indication, in term of market growth. Europe and North America collectively hold more than 70% of revenue share in the global traditional Chinese medicine market, due to the presence of key manufacturers in these regions. Emerging countries such as Brazil, China, and India are expected to offer lucrative opportunities and increase their traditional Chinese medicine market share. Along with that, the MEA region will also witness augmented growth in the traditional Chinese medicine market, owing to rising prevalence of ASD & ADHD and entry of leading market players in the region.
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