The global Traditional Chinese Medicine Market is expected to grow on an enormous note In Upcoming Years. The industry, in all, is slated to witness an insight-driven revolution, which would, in turn, open the doors for efficient and effective solutions. These insights would be backed by digital tech catalysis, right from making use of consumers’ data for understanding their preferences to getting those customized solutions at the right time. This trend is expected to take the domains to a new level altogether.
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Traditional Chinese medicine is one of the oldest systems of health and wellness that has been used in China for thousands of years. Other medicines mainly focus on treating a disease. But traditional Chinese medicines aim to increase immune power and look at the entire well-being. The most common type of traditional Chinese medicines includes herbal products, acupuncture, and Tai Chi, among others.
According to a latest report published by PMR, the global traditional Chinese medicine market is expected to witness a CAGR of more than 5% over the forecast period (2020–2030).
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Key Takeaways from Traditional Chinese Medicine Market Study
“Increasing incidence of ADHD to boost growth of global traditional Chinese medicine market,” says a PMR analyst.
Rising prevalence of ADHD is a major factor contributing to revenue growth of the traditional Chinese medicine market across the globe. The exact cause of ADHD is still unclear, although genetic influence is observed in most cases.
As per data released by the Centers for Disease Control and Prevention (CDC), approximately 6.1 million (9.4%) – 388,000 children aged 2–5 years, 4 million children aged 6–11 years, and 3 million children aged 12–17 years – were diagnosed with ADHD in the U.S. In Spain, pooled prevalence of ADHD in a population of 361,580 representing children and adolescents was estimated at 6.8% from the last decade.
Prevalence of ADHD is rising at an alarming rate, which is expected to fuel revenue growth of ADHD therapeutics such traditional Chinese medicines, as there is no specific treatment for this disorder.
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Product Innovation – Key Strategy of Traditional Chinese Medicine Market Players
Major players in the global traditional Chinese medicine market are introducing innovative products to retain their market share. A patented technology called osmotic controlled release oral delivery system (OROS) is used in Concerta, manufactured by Johnson & Johnson. It releases an initial dose of methylphenidate within the first two hours of ingestion, and when the pill passes through the stomach and gastrointestinal track, water is absorbed, resulting in internal pressure, which releases small amounts of medication as the pill passes through gut. This technology was implemented to maintain consistency of improvement in cognitive performance throughout the day.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the traditional Chinese medicine market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030, on the basis of product (traditional Chinese medicines (TCM) and non-traditional Chinese medicines (Non-TCM)) and indication (autism spectrum disorder (ASD), and attention deficit hyperactivity disorder (ADHD)), across seven key regions.
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