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Traditional Chinese Medicine Market

Rising prevalence of chronic diseases across the globe is driving the traditional Chinese medicine market

Traditional Chinese Medicine Market by Component (Traditional Chinese Medicine (TCM), Non-Traditional Chinese Medicine (Non-TCM))

Traditional Chinese Medicine Market Outlook (2023 to 2033)

The Global revenue from the Traditional Chinese Medicine Market was around US$ 28.7 Billion in 2022, with the global market expected to grow at a CAGR of 5.1% to reach a valuation of around US$ 49.6 Billion by the end of 2033.

Market Size (2023)

US$ 30.2 Billion

Projected Market Value (2033)

US$ 49.6 Billion

Global Market Growth Rate (2023 to 2033)

5.1% CAGR

Market Share of Top 5 Countries

74.2%

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.

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Sales Analysis of Market from 2015 to 2022 Vs Market Outlook for 2023 to 2033

The global market recorded a historic CAGR of 5.0% in the last 7 years from 2015 to 2022.

A form of complementary treatment known as traditional Chinese medicine (TCM) was derived from Chinese traditional medicine. Traditional Chinese medicine included a variety of frequently conflicting health and healing philosophies, folk beliefs, literati theory, and Confucian principles, as well as herbal cures, nutrition, exercise, and medical specialty.

Chinese cultural and political modernizers tried to eradicate traditional traditions as antiquated and unscientific during the early twentieth century. Then, traditional practitioners arranged what they referred to as "Chinese medicine" by choosing certain components of theory and practise. The Chinese government supported the fusion of Chinese and Western medicine in the 1950s, and throughout the 1960s Great Proletarian Cultural Revolution, it marketed Chinese medicine as accessible and affordable.

Traditional Chinese medicine use practices such as Tai chi, meditation, acupuncture, herbs, cupping, and moxibustion. It is widely recognised that acupuncture can be used to treat a variety of conditions, including pain management and reducing the negative effects of chemotherapy. Several TCM medicines are also utilised in reputable Western medical facilities to treat conditions like menopause, arthritis, and sleep disorders. Tai chi appears to help Parkinson's patients with their balance. Using cups to treat shingles pain may be beneficial.

TCM is founded on notions about qi, a life force that is thought to flow through meridians and support the body's ability to maintain health. In order to access any of the thousands of places along the meridians where the flow of qi can be changed to improve health, acupuncture needles are inserted into the skin. Treatments, including acupuncture and herbal medicines, are claimed to function by rebalancing the yin and yang forces.

TCM practitioners and Western-trained doctors have frequently regarded one another with suspicion. The custom in the West is to look for clear-cut, tried-and-true factors to account for a disease state. It often calls for randomised, controlled clinical studies that offer quantifiable proof that a drug is effective.

The global market is likely to show high growth over the coming years at a CAGR of 5.1% and reach a global market size of US$ 49.6 Billion by 2033.

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How Can the Global Market Grow?

“TCM Formulations are Subject to More Research.”

The development of new laws, expanded funding options, and more public-private partnerships, are pushing for innovative joint research prospects in TCM medication formulations. To generate the Chinese medical raw materials, more than 600 plant bases are used by both Chinese and non-Chinese players.

The creation of plant extracts from Poria cocos, Panax ginseng, Acorus gramineus, Schisandra chinensis, and Glycyrrhiza uralensis has received a lot of attention lately. Demand for these TCM formulations is anticipated to increase in the upcoming years due to the continuous emphasis on unmet medical requirements in herbal extract-based medications.

The need for TCM treatment has been developing globally because of an increase in paediatric disorders, chronic behavioural diseases, growing public awareness of mental health, and increased prevalence of lifestyle diseases including ASD and ADHD issues. The demand for and production of alternative and over-the-counter medicines has surged due to the elevated danger associated with non-TCM pharmaceuticals.

TCM practises like nutritional treatment, acupuncture, and massage can help patients treat diseases. In order to improve their score on the Childhood Autism Rating Scale (CARS), acupuncture and herbal therapies are routinely given to children suffering with ASD in addition to regular therapy.

Industry experts have observed that over the past three years, there has been a rise in the demand for low-cost TCM in the developing countries of the Asia Pacific and East Asian areas as a result of a rise in the local pharmaceutical manufacturing sector.

The need for more effective, high-quality TCM formulations is increasing in industrialised economies compare to emerging countries. Government initiatives in countries like China, India, Africa, and Brazil, are boosting profits from the production of TCM and non-TCM drugs and associated healthcare services.

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Can the Market Growth Be Affected in Any Way?

Inadequate Supply of High Quality TCM Formulations Compared To Superior Alternatives.

High quality herbal extracts and excipients, which could help with the development of plant-based medications, are in great demand, but there is a big supply gap. Basic pharmacological formulations for the treatment of ASD and ADHD include herbal APIs and excipients, which increases the risk of side effects and poses issues with regard to potency.

High quality TCM extracts are currently only available from a small number of cGMP-certified sources and manufacturing facilities, which could help formulation development. The formulation and length of treatment of currently tested herbal treatments varies.

Alternative innovations have an impact on market growth during the projected period. Q Biomed submitted an application for orphan drug designation with the USFDA in June 2018, for the development of QBM-001, which will be utilised in juvenile patients with verbal autism.

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Country-wise Insights

Why is the United States Market Booming?

“Cost Effectiveness of Traditional Chinese Medicine”

The United States accounted for around 82.9% market share in the North America market in 2022. Over the past few decades, traditional medicine study has been steadily present and expanding in the United States. These procedures have minimal to no evident negative effects and generally inexpensive prices. One of the most well-liked traditional medical systems for managing chronic health issues or enhancing general quality of life is traditional Chinese medicine.

Growing chronic disorders in the region has driven the regional market.

  • According to CDC a chronic disease, such as diabetes, cancer, or heart disease, affects six out of ten Americans. These and other chronic diseases are the main contributors to health care costs as well as the major causes of death and disability in the United States.

Will the United Kingdom Be a Lucrative Market for Traditional Chinese Medicine?

“Growing Adoption of Acupuncture and Moxibustion Practices”

The United Kingdom market held around 18.6% market share of the Europe market in 2022. The regional dominance is attributed to increasing utilization of TCM practices such as acupuncture, Chinese herbal medicines, and moxibustion.

  • Traditional Chinese Medicine (TCM) practitioners in the United Kingdom created the Association of Traditional Chinese Medicine and Acupuncture United Kingdom (ATCM), a self-regulatory professional organisation, in 1994.

Many different diseases are treated with traditional Chinese medicine in the region. These factors are responsible for the regional dominance.

How is China Emerging as a Prominent Market?

“Increasing Use of TCM in Nursing Homes”

China held a market share of about 3.2% of the global market in 2022. TCM has a long history of use in China, and its customs, religious beliefs, popularity, and anecdotes all support this viewpoint. The majority of Chinese people choose TCM over Western medicine because they think it has fewer negative effects and a healing effect on the body.

Use of TCM in nursing homes for treating patient in nursing facilities has increased the demand of TCM in the region.

  • According to an article in 2022, published in Elsevier Inc., Status of traditional Chinese medicine healthcare services in nursing homes across China, out of 443 around 215 nursing homes provides TCM healthcare services.

Category-wise Insights

Which Product is Driving Demand within the Global Market?

“Increasing Benefits of TCM”

The non-traditional Chinese medicine segment held around 82.2% share of the total market in 2022. Traditional Chinese medicine offers a number of benefits for the physical and mental health of many people. TCM enhances fertility, maintains hormonal balance, and reduces pain and inflammation. It also lessens the body's reaction to stress.

The demand for TCM has grown over the anticipated period due to additional benefits such how it supports body flexibility and balance and helps with the healing process after injury.

Which Disease is Widely Adopted of Traditional Chinese Medicine?

“Properties of Rehmanniae Radix Preparata as TCM for ADHD”

Attention deficit hyperactivity disorder (ADHD) held around 86.1% share of the total market in 2022. The Rehmannia root is wine-steamed to produce Rehmanniae radix preparata, a scrophulariaceae plant. It has been used for hundreds of years and has the advantages of nourishing kidney-yin, boosting essence, and filling the marrow, according to traditional Chinese medicine (TCM) theory. Rehmanniae radix preparata contains anti-inflammatory, anti-oxidant, anti-senescence, and neuroprotective properties.

  • Attention deficit hyperactivity disorder is most usually treated with the traditional Chinese medicine compound (TCMC) rehmanniae radix preparata (ADHD). The use of rehmanniae radix preparata in TCM-treated ADHD is what causes segment growth.

Competition Landscape

Exclusive distributorship for research and development, manufacturing and commercial purpose are few key strategies opted by leading players within this market space.

Some key instances of development include:

  • In 2020, Tianjin Tasly Group and Takara Bio collaborated for exclusive development, manufacturing and commercialization of Oncolytic Virus C-REV in China.
  • In July 2018, GSK signed an agreement with 23andMe to develop novel medicine thereby, leveraging genetic insights for new subsets of disease and enable rapid progression of clinical programs.

Similarly, the team at Persistence Market Research has tracked recent developments related to companies in the traditional Chinese medicine market, which are available in the full report.

Traditional Chinese Medicine Industry Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2015 to 2022

Market Analysis

USD Million for Value

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Argentina
  • Mexico
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • BENELUX
  • Nordics Countries
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • China
  • Japan
  • South Korea
  • Australia
  • New Zealand
  • Türkiye
  • GCC Countries
  • North Africa
  • South Africa

Key Market Segments Covered

  • Product
  • Disease
  • Region

Key Companies Covered

  • Zhongxin Pharmaceuticals
  • Tianjin Tasly Group
  • Yuannan Baiyao
  • Solstice Medicine Company, Inc.
  • Shanghai Sundise Traditional Chinese Medicine Co., Ltd
  • 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.
  • Tongrentang

Report Coverage

  • Market Forecast
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Segments Covered in Traditional Chinese Medicine Industry Research

Product:

  • Traditional Chinese Medicine (TCM)
    • Autism Spectrum Disorder (ASD)
    • Attention Deficit Hyperactivity Disorder (ADHD)
  • Non-Traditional Chinese Medicine (Non-TCM)
    • Autism Spectrum Disorder (ASD)
    • Attention Deficit Hyperactivity Disorder (ADHD)

Disease:

  • Autism Spectrum Disorder (ASD)
  • Attention Deficit Hyperactivity Disorder (ADHD)

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

- Companies Covered in This Report -

  • 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.

- Frequently Asked Questions -

The global market is currently valued at around US$ 28.7 Billion in 2022.

The global market is estimated to reach around US$ 30.2 Billion in 2023.

The global market is expected to reach a valuation of around US$ 49.6 Billion by the end of 2033.

Sales of the market are set to witness growth at a CAGR of 5.1% between 2023 and 2033.

Demand for the global market increased at a 5.0% CAGR from 2015 to 2022.

The U.S., Canada, Brazil, China, and Mexico account for most demand within the market, currently holding around 74.2% market share.

The U.S. accounts for around 82.9% share of the North American market in 2022.

China held a market share of about 3.2% of the global market in 2022.

The ADHD disease segment is responsible for traditional chinese medicine market with 86.1% market share.

The U.K. market held around 18.6% market share of the Europe market in 2022.

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