The global traditional Chinese medicine for skincare market is expanding due to increasing demand for herbal medicines, acupuncture, and diet therapy. The industry is also experiencing a rise in skin-related issues like acne and hyperpigmentation. TCM has a rich lineage of traditional knowledge bases and skill sets and has survived millennia of medical and scientific evolution to be acknowledged as a major contributor to twenty-first-century global healthcare. The compelling wisdom that TCM offers modern medicine is the primary position of prevention above treatment and discovering each individual’s unique blueprint of wellness. All treatment goals are centralized around balancing the Yin and Yang through harmonizing the body, mind, and spirit. Internally, this is accomplished through a combination of the healing properties of food, herbs, acupuncture, moxibustion, Tui Na massage, cupping, meditation, and Taichi and Qigong exercises. In addition, there is correcting of harmful external environmental factors: expelling toxins, avoiding extreme temperatures, and eliminating physiological and emotional stressors. In TCM, a state of wellness and well-being can only be achieved when there is a state of equilibrium. What may be viewed in metaphysics as harmonic convergence is expressed in conventional medicine as homeostasis and in TCM as the ultimate balance
The most recent Fact report on skincare using traditional Chinese medicine. For the forecast period of 2021 to 2031, MR offers a comprehensive study of the global industry, demand-supply dynamics, growth & restricting factors, and new trends. The study predicts that the global market will be valued at more than US$ 7 billion by 2023, with North America, Europe, and Asia-Pacific emerging as the top regions.
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Traditional Chinese Medicine for skincare Market -Competitive Insights
Eu Yan Sang has introduced its latest line of herbal foot soaks, facial acupuncture treatments, and other products.
A few years ago, Solstice Medicine Company, Inc. introduced a new and improved line of Chinese pain relief treatments, Chinese herbal antifungal medications, and other medical supplies.
Some of the Traditional Chinese Medicines for the skincare Market include –
- Zhongxin Pharmaceuticals
- Tianjin Tasly Group
- Yunnan Baiyao
- Solstice Medicine Company, Inc.
- Shanghai Sunrise Traditional Chinese Medicine Co., Ltd
- Chinese Medicine Holding Co., Ltd.
- Hunan Goldliloo Pharmaceutical Co., Ltd
- Wanbang Pharma Group Corp.
- Chengdu Qiankun Veterinary Pharmaceuticals Co., Ltd.
- Pfizer Inc.
- Eli Lilly and Company
- Novartis AG
- GlaxoSmithKline PLC
Traditional Chinese Medicine for skincare Market – Growth drivers
Consumers are increasingly seeking natural and holistic health care, with Traditional Chinese Medicine (TCM) offering a comprehensive, individualized approach based on balance, harmony, and vitality, emphasizing health prevention rather than disease cure and integrating body, mind, and spirit.
There is a growing demand for traditional Chinese medicine for skincare due to the popularity of traditional Chinese components. Youth are increasingly using cosmetics with TCM bases. Influencers and KOLs in China frequently utilize the terms “natural,” “green,” and “clean” to promote “green beauty” on social media in that nation.
The market Is projected to increase at a faster rate because of the rise in demand for skincare products with natural ingredients. When asked about their preferred skincare principles, roughly 54% of Gen-Z consumers reportedly stated that they valued plant-based skincare.
On October 22, 2019, The American skincare brand Drunk Elephant made its debut at Sephora in Hong Kong to reach a larger audience of consumers who use Chinese natural medicines for skin care.
Traditional Chinese Medicine for skincare Market -Restraints
Unlike mainstream medicine, traditional Chinese medicine (TCM) has a long history of empirical and practical practice and is founded on a different theoretical and philosophical framework. The quality and consistency of TCM research are still insufficient, and the scientific basis and mechanism of TCM remain poorly understood and articulated. The absence of scientific proof and validation of Traditional Chinese Medicine (TCM) restricts its adoption and acknowledgment by the mainstream medical profession and the general public, and negatively impacts its credibility and reputation.
High Development Costs: Developing traditional Chinese medicine for skincare can be expensive, which may hinder market expansion.
Complex Process Cycle: The process cycle of traditional Chinese medicine for skincare is quite complicated, which can be difficult for manufacturers.
Traditional Chinese Medicine for skincare Market -Opportunities
Because of the COVID-19 pandemic, people are hesitant to attend salons and wellness centers. As a result, producers of traditional Chinese medicine for skincare products should strengthen their supply networks through online retail. TCM skincare products are effective in treating a variety of skin conditions, including hyperpigmentation. For women who are expecting or nursing, these items might not be the best option. To increase product adoption and lower adverse occurrences in people, businesses should deliberately target their products toward the appropriate target demographic. By using TCM herbs to minimize puffiness and restore a vivid skin tone, they should provide a solid research foundation for creating personal care equipment like rollers.
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Traditional Chinese Medicine for Skincare Market-Geographical Insights
In terms of the demand for traditional Chinese medicine for skincare, the United States is now leading North America and is predicted to maintain its position of dominance for the foreseeable future. Increased use in a range of skin conditions and highly developed manufacturing sectors are driving the nation’s sales. According to data from the American Academy of Dermatology, 85% of Americans between the ages of 12 and 24 report having mild acne at least once in their lifetime. Atopic dermatitis is estimated to affect 1 in 10 Americans at some point in their lives. To expand their sales footprint, suppliers are undoubtedly focusing on the United States.
Germany leads Europe’s market for traditional Chinese medicine for skincare, with a focus on eczema, hyperpigmentation, and acne. Rising R&D activities and increased application in these areas are driving market growth.
As stated in a report published by the NCBI, eczema, hyperpigmentation, and acne are some of the most prevalent skin issues, while the increase in concerns among people is compelling them to spend significant amounts to treat such diseases. According to the report, atopic eczema is one of the most common skin diseases in Germany, with an estimated economic burden of EUR 1.2 – 3.5 billion yearly. This explains why manufacturers are targeting Germany to raise their profit margins further.
According to a report published by the World Health Organization (WHO), skin disease deaths in China reached 7,365 or 0.08% of total deaths in 2018. According to the research, China ranks 150th in the world with age-adjusted death rates from skin disorders of 0.46 per 100,000 people. The market for suppliers of traditional Chinese medicine is expanding in China as more individuals become concerned about this.
According to the India Brand Equity Foundation (IBEF) report, India is the largest provider of generic drugs globally, while the Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the U.S., and 25%of all medicines in the U.K. This gives a glimpse of the growing opportunities for traditional Chinese medicine for skincare suppliers in India.
Traditional Chinese Medicine for skincare Market– key development
- On August 4, 2020, Tianjin Tasly Group and Takara Bio collaborated for the exclusive development, manufacturing, and commercialization of Oncolytic Virus C- REV in China.
- On July 25, 2018, GSK signed an agreement 23andMe to develop novel medicine thereby, leveraging genetic insights for new subsets of disease and enabling rapid progression of clinical programs.