The global traditional Chinese medicine market sixe 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.
Traditional Chinese Medicine Market Trends
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.
COVID-19 Crisis Impact on Traditional Chinese Medicine Market
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.
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.
Traditional Chinese Medicine Market - Scope of the Report
A latest publication by Persistence Market Research (PMR) on the global traditional Chinese medicine market evaluates the opportunities and current market landscape, and provides detailed analysis and updates about corresponding sections affecting the global traditional Chinese medicine market. The study offers detailed insights on key market dynamics, which include the drivers, restraints, trends, and opportunities in the traditional Chinese medicine market. The principal aim of the market study is to present exclusive information about how the market will perform during the forecast period of 2020-2030.
Important indicators for the successful growth of the traditional Chinese medicine market are presented in this comprehensive report, which include Year-on-Year (Y-o-Y) growth analysis of the market, and compounded annual growth rate (CAGR). This research study can support readers to know the demand for traditional Chinese medicines and quantitative development opportunities during the study period.
The research is beneficial for shareholders in the traditional Chinese medicine industry, including market investors, manufacturers, service providers, distributors, and suppliers, and can help them in developing suitable business strategies to flourish in the traditional Chinese medicine market. The insights and wisdom presented in this PMR study can be leveraged by shareholders in the traditional Chinese medicine market, industry experts, investors, researchers, and reporters, as well as business enthusiasts.
Market statistics as well as information linked to the macro- as well as micro-economic variables affecting the business scenario in the traditional Chinese medicine market are also included in the current study. Depending on potential developments in the traditional Chinese medicine market, substantive insights are also encountered in this report. Additionally, by virtue of the data submitted in this traditional Chinese medicine market report, minor companies and new entrants in the industry can be aided in making suitable company choices to achieve traction in the traditional Chinese medicine market.
Key Segments of Traditional Chinese Medicine Market
PMR’s study on the traditional Chinese medicine market offers information divided into three important segments— product type, indication and region. This report offers comprehensive data and information about the important market dynamics, and growth parameters associated with these categories.
Key Questions Answered in PMR’s Traditional Chinese Medicine Market Report
Traditional Chinese Medicine Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the traditional Chinese medicine market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the traditional Chinese medicine market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the traditional Chinese medicine market, and makes PMR’s projections on the growth prospects of the market more accurate and reliable.