Global Traditional Chinese Medicine Market - WishTree Insight

Global Traditional Chinese Medicine Market by Type (Acupuncture, Chinese Herbal Medicine, Tai Chi), Application (Healthcare, Treatment, and Other), and Regions (APAC, Europe, North America, and LAMEA) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2022 – 2032

The Traditional Chinese Medicine market size was valued at USD 20.1 billion in 2022 and is expected to surpass USD XX billion by 2032, expanding at a CAGR of 7.7 % during the forecast period, 2022–2032. The market's growth is attributed to the increasing awareness about the benefits of traditional Chinese medicine, rising demand for natural and organic products, and a growing number of health-conscious consumers.

INTRODUCTION

The Traditional Chinese Medicine (TCM) system of medicine has been practiced in China for thousands of years. It is based on the belief that good health is achieved by maintaining balance and harmony in the body and that illness is caused by an imbalance of energy (known as Qi or chi) in the body. TCM practitioners use various techniques, such as herbal medicine, acupuncture, massage, and dietary therapy, to help bring the body back into balance. While TCM is not considered a mainstream medical practice in many Western countries, it is widely used in China and other parts of Asia and is gaining popularity in other parts of the world.

Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for traditional Chinese medicines from developing economies are driving the market growth.
• Drug usage for ASD and ADHD cases is expected to create lucrative opportunities in the market.
• Increasing the prevalence of chronic diseases is expected to boost the market growth.
• Increasing awareness of the benefits of traditional Chinese medicine is driving the market.
• Rising healthcare costs in developed countries making consumers seek affordable alternatives is expected to drive the market.
• The rising interest of people in traditional remedies is a crucial driver to boost the market.
• The increasing popularity of holistic approaches to health and wellness is expected to spur market growth.
• Growing demand for natural and organic products is anticipated to boost the market.

Scope of the Report

Market Segment Insights

The acupuncture segment is projected to register a considerable CAGR

Based on type, the traditional Chinese medicine market is divided into acupuncture, herbal medicine and tai chi. The acupuncture segment is expected to expand rapidly during the forecast period owing to its benefits and fast results. Acupuncture is used to relieve pain, reduce stress, and promote feelings of happiness.

The treatment segment is expected to expand at a rapid pace

Based on application, the traditional Chinese medicine market is divided into healthcare, treatment, and other. The treatment segment is expected to expand rapidly during the forecast period owing to the increasing popularity of acupuncture as an effective treatment option.

North America is expected to constitute a high market share

In terms of regions, the traditional Chinese medicine market is classified as APAC, Europe, North America, and LAMEA. The market of North America is expected to constitute a key share of the market during the projected period due to increasing awareness about traditional Chinese medicine and rising demand from healthcare providers. However, the market of Europe is anticipated to expand at a rapid pace during the forecast period due to increasing investments by key players in this region into R & D and marketing initiatives.

Competitive Landscape

Key players competing in the Traditional Chinese Medicine market are Bejing Hua Kang Hospital (China); YinOvaCenter (New York); Solstice Medicine Company, Inc. (California); Apicare pain Clinic (Singapore); Bejing Tong Ren Tang Australia Pty Ltd (Australia).

FAQs

Mention the market size of Traditional Chinese Medicine in 2022.

The market size of Traditional Chinese Medicine in 2022 was USD 20.1 billion.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 7.7%.

What are the key drivers of the market?

The market's growth is attributed to the increasing awareness about the benefits of traditional Chinese medicine, rising demand for natural and organic products, and a growing number of health-conscious consumers.

What segments are covered in the Traditional Chinese Medicine report?

The segments covered in the report are type (acupuncture, Chinese herbal medicine, Tai Chi), and application (healthcare, treatment, and others).

Mention which region is expected to hold the highest share of the Traditional Chinese Medicine market.

The North American region is expected to hold the highest share of the Traditional Chinese Medicine market.

Which segment holds the largest market share in Traditional Chinese Medicine by 2032?

The acupuncture segment holds the largest market share in Traditional Chinese Medicine by 2032.

Mention the key players in the market.

Beijing Hua Kang Hospital (China); YinOvaCenter (New York); Solstice Medicine Company, Inc. (California); Apicare pain Clinic (Singapore); Beijing Tong Ren Tang Australia Pty Ltd (Australia)