Traditional Chinese Therapy Market
Number of pages: 100 | Report Format: PDF | Published date: February 23, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market Size Value in 2021 |
US$ 18.5 billion |
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Revenue Forecast in 2030 |
US$ 41.19 billion |
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CAGR |
9.3% |
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Base Year for Estimation |
2021 |
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Forecast Period |
2022-2030 |
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Historical Year |
2020 |
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Segments Covered |
Therapy Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global traditional Chinese therapy market was valued at US$ 18.5 billion in 2021 and is expected to register a revenue CAGR of 9.3% to reach US$ 41.19 billion by 2030.
Traditional Chinese Therapy Market Fundamentals
Traditional Chinese therapy is a comprehensive medical practice used for over 2,000 years to diagnose, treat, and prevent various illnesses. Traditional Chinese therapy is based on the concept of yin and yang or qi (a body’s vital energy) flowing along with the body’s meridians (channels) to maintain overall health balance. Acupuncture, nutrition, herbal treatment, meditation, physical activity, and massage are all part of traditional Chinese therapy, which is also known as oriental therapy/medicine. Traditional Chinese therapy practitioners mostly employ smell, hearing, voice vibration, touch, and pulse diagnostics to determine the cause of an imbalanced health condition, which organ is involved, and which meridians are afflicted. Traditional Chinese therapy, such as food therapy, acupuncture, and massage, can help in treating various illnesses and enable health maintenance.
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Traditional Chinese Therapy Market Dynamics
The rising incidence of attention deficit hyperactivity disorder (ADHD) drives revenue growth in the global traditional Chinese therapy market. The specific etiology of ADHD is unknown, while the hereditary impact is shown in most instances. Natural and holistic healthcare is becoming increasingly popular. Many individuals are turning to traditional Chinese therapy as a more natural and comprehensive approach to treatment, with more awareness of the possible adverse effects of Western medications and/or therapies. This is especially true for chronic diseases that Western medicine finds difficult to cure. Traditional Chinese therapies are frequently used to treat age-related health disorders, including arthritis, hypertension, and diabetes, which are more common in older individuals. The demand for traditional Chinese medicine (TCM) products and services is predicted to rise as the world population ages. A growing number of healthcare professionals are incorporating TCM into their treatment regimens, helping to legitimize traditional Chinese therapies and enhance their acceptability among Western medicine practitioners.
Technical improvements have also produced new traditional Chinese therapy-based goods, such as TCM-based medications, nutritional supplements, and healthcare gadgets. This has aided in the expansion and accessibility of traditional Chinese therapy market. In addition, growing awareness of TCM and its potential advantages among the population has led to the rapid demand for TCM education and training. This contributes to a rise in TCM practitioners, which encourages global market revenue growth.
However, the lack of defined criteria for producing and approving traditional Chinese therapies is discouraging R&D projects involving innovative formulations in CNS illnesses. Nevertheless, efforts to influence behavioral aspects of central nervous system illnesses using innovative formulations are impeded by a lack of defined criteria for creating and approving traditional Chinese medications. Also, due to the wide range of formulations used in herbal medications, clinical assessment of the pharmacokinetics and dynamics of herbal treatments is not well established. Thus, these factors are expected to hamper the growth of the global traditional Chinese therapy market.
Traditional Chinese Therapy Market Ecosystem
The global traditional Chinese therapy market has been analyzed from four perspectives: therapy type, application, end user, and region.
Traditional Chinese Therapy Market by Type
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Based on the type, the global traditional Chinese therapy market can be segmented into acupuncture, aroma therapy, cupping therapy, herbal medicine, magneto therapy, and moxibustion.
The acupuncture segment accounts for the largest revenue share in the global market. Acupuncture is a therapeutic method that uses unique, extremely thin needles on subcutaneous points or specific sites known as acupoints to ensure appropriate energy flow (qi). The needles are often left on the acupoints for some time, depending on the patient’s condition, and are stimulated by pressure, heat, or electrical pulses. It reduces stress, muscular tension, and discomfort by increasing blood flow. Acupuncture, an important component of traditional Chinese therapy commonly used to treat pain, restore energy balance, and trigger nervous system responses, is key to lowering the body’s stress response. This type of therapy also helps to reduce stress hormone levels and improve mood, hence reducing anxiety and promoting feelings of happiness. This approach can help with joint discomfort and stiffness in the back and neck.
Traditional Chinese Therapy Market by Application
Based on the application, the global traditional Chinese therapy market is segmented into pain management, attention deficit hyperactivity disorder (ADHD), osteoarthritis, asthma, cardiovascular diseases, autism spectrum disorder (ASD), and others.
The attention deficit hyperactivity disorder (ADHD) segment accounted for the largest revenue share in 2021. Due to the severe side effects associated with ADHD, people are exploring alternative therapies with lower negative effects before turning to medication. TCM is one possible ADHD therapy that is effective in certain ADHD-affected children. In TCM, a mixture of numerous Chinese herbs is mashed together and taken as capsules. Compared to prescription ADHD medication, Chinese remedies are likely to have lower harmful side effects and dependency. The herbs used for treating ADHD assist in soothing the nerves, improving digestion, cleansing the body with antibacterial properties, and protecting the spleen. Hence, these factors are responsible for the revenue growth of the segment.
The pain management segment is expected to show lucrative growth during the forecast period, ascribing to the rapidly increasing demand for pain relief therapies, such as acupuncture, cupping, and magneto. Growing adoption of unhealthy lifestyles and stressful routines causes various pain-related illnesses, especially migraine. Hence, these factors contribute to the revenue growth of the pain management segment, thereby propelling the global market.
Traditional Chinese Therapy Market by End-user
Based on the end user, the global traditional Chinese therapy market has been segmented into hospitals, clinics, and home healthcare.
The clinics segment is expected to depict lucrative growth during the projected period, ascribing to the growing demand for acupuncture therapy and cupping therapy, for pain management. Moreover, due to the shorter period of treatments, the overall patient footfall to clinics is much higher.
Traditional Chinese Therapy Market by Region
Based on region, the global traditional Chinese therapy market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America is expected to show lucrative growth globally attributed to rising public awareness about traditional Chinese therapy and its advantages and growing demand for traditional Chinese therapies among healthcare providers and patients. Moreover, increased demand for natural and organic medical products and consumer knowledge of the benefits of traditional Chinese therapy is likely to fuel revenue development in the area.
Asia Pacific region is an emerging economy in the global traditional Chinese therapy. Increasing traditional Chinese therapy demand for face care products is a primary factor driving regional market revenue growth. Traditional Chinese therapy-based face care products possess the ability to cure a variety of skin issues, including hyperpigmentation. Companies are focusing on purposefully promoting their products to the proper target market to improve product uptake and reduce negative customer reactions.
Traditional Chinese Therapy Market Competitive Landscape
The prominent players operating in the global traditional Chinese therapy market are:
The global traditional Chinese therapy market is expected to register growth at a revenue CAGR of 9.3% during the forecast period from 2022 to 2030.
The acupuncture segment dominates the market with the largest revenue share.
The lack of defined criteria for the production and approval of traditional Chinese therapies discourages R&D projects involving innovative formulations in CNS illnesses, which can negatively impact global market revenue growth.
North America and Asia Pacific are the prime regional segments in the traditional Chinese therapy market.
Tianjin Talsy Group, Zhongxin Pharmaceuticals, Solstice Medicine Company Inc., and China Chinese Medicine Holding Co. Ltd. are among the major players in the global traditional Chinese therapy market.
*Insights on financial performance are subject to the availability of information in the public domain