During the projected period of 2021–2031, the market for rhizoma gastrodiae tablets is anticipated to grow at a rate of over 10% CAGR, according to a report recently released by the highly regarded consulting firm Fact.MR. The majority of this expansion is predicted to be accounted for by a strong emphasis on herbal and conventional treatments.
The industry has historically generated respectable growth, growing at a rate of little under 10% CAGR from 2016 to 2020. With some healthcare providers looking into the possibilities of using alternative medicine as an efficient first-line treatment for patients who are seriously infected, prospects have been further elevated in the wake of the COVID-19 issue.
According to the World Health Organization, Traditional Chinese medicine (TCM) is increasingly used to treat crippling disorders like severe acute respiratory syndrome, which is why China has seen the greatest amount of application (SARS). Furthermore, alternative medicine is accepted as a successful treatment by 4 out of 5 healthcare professionals in important African nations. Applications have been expanded to treat a variety of chronic diseases, such as fatty liver.
Key Takeaways from Market Study
- Demand for Gastrodia elata f. glauca rhizoma gastrodiae tablets is expected to increase at a strong 10% CAGR.
- Retail pharmacies are the distribution channel that generates the most sales, growing at a CAGR of about 15%.
- In the United States, sales of rhizoma gastrodiae tablets are expected to contribute about 40% of revenue, growing at less than 5% CAGR.
- China will continue to be the market’s growth hub, contributing more than half of global sales.
- Sales of rhizoma gastrodiae tablets are anticipated to make up 3 out of 10 in India, growing at a CAGR of 9%.
- Market in the UK is expected to become a promising centre, with a CAGR of about 7% through 2031.
Competitive Landscape
Prominent rhizome gastrodiae tablet manufacturers as profiled in Fact.MR’s report include Zhaotong Huacheng Pharmaceuticals, Guangdong Luofu Shan National Pharmaceutical Co. Ltd., Beijing Tong Ren Tang, Guizhou Bailing Group,Guangxi Changzhou Natural Pharmaceutical Co. Ltd., Lanzhou Foci Pharmaceutical, Shaanxi Tianyang Pharmaceutical, Taiji Group Sichuan Mianyang Pharmaceutical,and Tsumura & Co.
- Beijing Tong Ren Tang Europe Holding B.V. and the Republic of Kazakhstan agreed into a strategic cooperation agreement in June 2017 for the establishment of a Chinese Medical Center to advance Chinese Medicine.
- In order to strengthen its Traditional Chinese Medicine business and guarantee a steady supply of crude oil, Tsumura & Co. executed its Letter of Intent with Tianjin China Medico Technology Co. Ltd. in November 2019.drugs.
How is Growing Popularity of Alternative Medicine Bolstering Rhizoma Gastrodiae Tablet Sales in the U.S.?
Up until 2031, the US market for rhizoma gastrodiae tablets is anticipated to grow at a rate of sub 5% CAGR. The primary growth engine for the area is mostly related to the rising demand for herbal remedies over conventional ones.
The American Botanical Council reports that sales of herbal goods surpassed US$ 5.3 billion at the start of the previous decade and increased by 8% to reach over US$ 6 billion by 2013. In 2019, it grew even further, reaching over US$ 9 billion. Consequently, the future of these medications in the United States seems very promising.