Traditional Chinese Medicine (TCM) is a comprehensive medical system that has been used in China for over 2,000 years. It is based on the principles of balancing the body’s energy, or Qi, and restoring the body’s natural harmony. TCM includes a wide range of practices, such as acupuncture, herbal medicine, dietary therapy, and massage. Today, TCM is gaining popularity worldwide, and the global TCM market is expected to grow significantly in the coming years. In this report, we will provide an overview of the traditional Chinese medicine market.
Market Overview:
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.
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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Product Segmentation:
The traditional Chinese medicine market can be segmented into various products, such as herbal medicine, acupuncture, dietary therapy, and massage. Herbal medicine is the largest segment of the TCM market, accounting for more than 60% of the market share. This segment is expected to grow at a CAGR of 9.4% from 2021 to 2028. Acupuncture is the second-largest segment, accounting for around 20% of the market share. This segment is expected to grow at a CAGR of 10.7% from 2021 to 2028.
Regional Analysis:
Asia Pacific is the largest market for traditional Chinese medicine, accounting for more than 70% of the global market share. China is the largest market in the region, followed by Japan and South Korea. The market in Asia Pacific is expected to grow at a CAGR of 10.5% from 2021 to 2028. North America is the second-largest market for TCM, followed by Europe. The market in North America is expected to grow at a CAGR of 8.9% from 2021 to 2028.
Key Players:
Some of the key players in the traditional Chinese medicine market include China Beijing Tong Ren Tang Group Co., Ltd., China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Tasly Pharmaceutical Group Co., Ltd., Yunnan Baiyao Group Co., Ltd., and Guangzhou Pharmaceutical Holdings Limited. These companies are focusing on product development and expansion strategies to strengthen their market position.
Conclusion:
The traditional Chinese medicine market is expected to grow significantly in the coming years, driven by the increasing demand for alternative therapies and natural remedies. Herbal medicine is the largest segment of the market, and Asia Pacific is the largest market for TCM. The key players in the market are focusing on product development and expansion strategies to strengthen their market position.