Traditional Chinese Medicine Market Overview:
The experts of the medicine industry have noted that, over the past few years, there has been a rise in the demand for the more inexpensive traditional Chinese medicines in the several emerging economies of the regions of Asia Pacific and East Asian, due to the increase in sales of the local drug manufacturing industry.
The numerous infrastructure initiatives such as the Belt and Road Initiative, and the overseas Traditional Chinese Medicine centers, are expected to give a boost to the manufacturing capacity of the currently operating 3,000 enterprises engaged in the processing of the traditional Chinese medicine.
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Today, there has been observed to be a trend in the developed economies, which shows that the demand for the cost effective traditional Chinese medicine formulations is increasing, but at a slower rate than as compared to what it is experiencing in the emerging economies. The government initiatives in these countries are generating revenues derived from traditional Chinese medicine and non-traditional Chinese drug manufacturing and associated healthcare services, such as the countries in the countries of India, China, Brazil, and some of the African countries, aiding to the growth of the traditional Chinese medicine market.
In the recent period, a majority of the population from all across the globe is inclined towards the use of traditional Chinese medicines. As a result of that, the traditional Chinese medicine market is experiencing some notable opportunities for expansion. The traditional Chinese medicines have been found to be helpful in protecting an individual’s cognitive health, maintaining their strength as well as their flexibility. Because of this, they are gaining popularity amongst the masses from all across the world. These factors will drive the growth of the traditional Chinese medicine market in the forecast period.
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A global changing mindset is providing the Traditional Chinese Medicine Market with a significant surge:
The Traditional Chinese Medicine Market is seeing prominent growth avenues on account of the increased acceptance from various developed and developing countries.
The world is witnessing a noteworthy growth in the number of the geriatric population. This factor is pushing the growth of the market. Alongside this, the improved disposable income of a majority of the people across the world is expected to drive the growth of the Traditional Chinese Medicine Market.
The growing urbanisation, combined with the technological advancements in healthcare sector, and the presence of favourable health insurance policies, are some of the key factors stimulating a rise in the opportunities of the Traditional Chinese Medicine Market. This aside, the presence of government policies of several countries, are working in the favour of the market for traditional Chinese medicine in the years to come.
Traditional Chinese Medicine combines medical knowledge with the Chinese philosophy and history. While the modern medicine focuses on providing disease specific treatments or treating specific affected organs, Traditional Chinese Medicine aims at strengthening the overall health of the individual it is administered to.
Traditional Chinese Medicine is comprised of both, oral interventions as well as externally administered treatments. Oral interventions can be loosely bifurcated into two broad categories, herbal therapy and food therapy. In medicine, it is believed that every individual is different and would require a different, specific combination of herbs and food, to ensure a healthy body. The externally administered treatments of Traditional Chinese Medicine mainly revolve around the idea of energy, or Qi. Acupuncture is one such external treatment that restores the disease causing energy imbalance by unblocking some key acupressure points through which the disease causing energy flows out of the body.
Although not scientifically proven and thus not recommended to be a standalone treatment, Traditional Chinese Medicine has been accepted as a supportive treatment in the cure of many diseases. In a systematic review by a group of scientists based in UK, herbal therapy was found to have been efficient enough to improve the quality of life in non-small cell lung cancer patients, where better weight stability and reduction in the chemotherapy side effects such as anemia, has also been observed. These results elevate the possibility of using Traditional Chinese Medicine as adjuvant in non-small cell lung cancer chemotherapy to improve compliance. The external treatment of acupuncture has also been proven effective in providing pain relief for conditions such as chronic shoulder pain and migraine.
With the current rise in globalisation and an increased acceptance of traditional healing methods, TCM has begun gaining popularity outside of the Chinese community. In fact, many renowned hospitals outside of the region of Asia Pacific, like John Hopkins Hospital of Maryland, USA, and University College London Hospitals of London, UK, have set up a specialised department on alternative forms of medicine, with TCM being one of the key areas of focus. Traditional Chinese Medicine is now also included in eleventh revision of the International Classification of Diseases, which is overseen by the World Health Organisation. This is a long overdue, yet somewhat of an unprecedented milestone for TCM as its way of disease diagnosis, treatment and prevention to get acknowledged by such a renowned global body for health.
The pharmaceutical industry has long been looking into TCM for possible drug candidates. One example of note is Artemisinin, an essential component of combination drug therapies to treat malaria. Artemisinin comes from sweet wormwood, a commonly used herb in TCM. In 2015, this discovery led to a Nobel Prize in Medicine for Tu Youyou. Backed by WHO, among the companies that have been producing artemisinin combination therapies drugs, are Novartis and Sanofi-Aventis.
Covid-19 acts as a major boost for the Traditional Chinese Medicine Market:
Even in the ongoing coronavirus pandemic, Traditional Chinese Medicine has played an integral part in China’s fight against the virus.
However, the perception of its legitimacy is also being answered along the way, which will likely sustain its long-term growth. For example, during the Covid-19 era, the numbers of Chinese using traditional medicine shot up by nearly 49%. Many individuals preferred to undertake Chinese medicine with institutions specializing in its services.
Moreover, the growing aging population around the world also promises new growth for the market, as the proven-safe natural product differentiation of traditional medicine, as compared to pharmaceutical products remains a key draw for the elderly population. In the near future, expansion of health insurance programs for traditional Chinese medicine, favourable government initiatives, and advent of a global social media will likely advance the growth of the traditional Chinese medicine market.
The rising purchasing power of Chinese households remains a key driver in growth of the TCM market.
The Key Players of the Chinese Medicine include Apicare Pain Clinic, Tongrentang Hospital, Beijing Chinese Medicine Hospital, Dongzhimen Hospital, Beijing Hua Kang Hospital, Mayo Clinic, YinOvaCenter and WOTCM.