Traditional Medicine
Traditional herbal medicines are naturally occurring, plant-derived substances with minimal or no industrial processing that have been used to treat illness within local or regional healing practices.
In consumption market, Europe and Asia Pacific are the mainly consumption regions due to the bigger demand of downstream applications. In 2017, these two regions occupied 72.36% of the global consumption volume in total.
According to this study, over the next five years the Herbal Medicine market will register a 6.9% CAGR in terms of revenue, the global market size will reach US$ 180400 million by 2024, from US$ 120700 million in 2019. In particular, this report presents the global market share (sales and revenue) of key companies in Herbal Medicine business, shared in Chapter 3.
China’s support of TCM started with former leader Mao Zedong, who reportedly didn’t believe in it but thought it a could reach under-served populations. Current Chinese President Xi Jinping has strongly supported TCM and, in 2016, the powerful state council developed a national strategy that promised universal access to the practices by 2020 and a booming industry by 2030. That strategy includes supporting TCM tourism, which steers large numbers of people to clinics in China. Every year, tens of thousands of mostly Russian tourists flock to Hainan off the southern coast seeking relief through TCM. The government has plans to build 15 TCM ‘model zones’ similar to the one in Hainan by 2020.
The country also has global ambitions. China’s Belt and Road trade initiative calls for creating 30 centres by 2020 to provide TCM medical services and education, and to spread its influence. By the end of 2017, 17 centres had sprung up in countries such as the United Arab Emirates, Hungary, Kazakhstan and Malaysia.