Traditional Chinese Medicine Orientation Therapy Instrument Market Size

Traditional Chinese Medicine Orientation Therapy Instrument Market Size and Shares

The global traditional Chinese medicine orientation therapy instrument market was estimated at US$ 65 billion in 2023 and is projected to grow to US$ 139.65 billion by 2034, rising at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2034. The demand for the instruments is growing because of the growing awareness about the benefits of using these tools/instruments in healthcare.

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Market Overview

Traditional Chinese medicine (TCM) orientation therapy instruments are devices developed based on TCM principles to treat various health conditions. By using the electric field created by the initial asymmetric medium-frequency current to create a directional driving force on drug ions, the Traditional Chinese Medicine Orientation Therapy Instrument enables the drug's active ingredients to more deeply and efficiently enter the human body through the skin and mucous membranes, focusing on the lesions in the afflicted area. Some of the TCM practices are acupuncture, pulse diagnosis, face diagnosis, tai chi, etc. TCM has been a part of Chinese healthcare for ages, and now it is being practiced in other regions as well. Various research has been conducted to analyze the effects of using instruments based on TCM. Based on evidence, countries like the U.S., India, and Canada have started incorporating TCM practices in their healthcare.

Traditional Chinese Medicine Orientation Therapy Instrument Market Trends

• In June 2024, thousands of members of Malaysia's Traditional Chinese Medicine (TCM) community have been contacted by an effort that is based on kindness and respect for all life. It advises practitioners, merchants, and customers to refrain from utilizing components derived from protected or endangered animals.
• In March 2022, WHO decided to call a meeting of experts to assess the role of Traditional Chinese Medicine (TCM) in treating COVID-19 after a high-level policy dialogue between the Director-General of WHO and China's National Administration of Traditional Chinese Medicine (NATCM) in Geneva.

Combining TCM with Modern Medicine & Technology

Both modern medicines and technological advances hold great potential for the growth of the traditional Chinese medicine orientation therapy instrument market. It is projected that TCM will integrate with modern medicine by 2035 using a more open and modern research and development paradigm, offering significant assistance in the treatment of a wider range of illnesses. Furthermore, Chinese medicine's growth in the global community was made possible by the use of nanotechnology in traditional Chinese medicine (TCM).

Market Challenge: Growing Competition

The traditional Chinese medicine orientation therapy instrument market faces challenges due to growing competition. Every year, new and advanced medical devices are launched, and consumers opt for those devices to provide quality care. Due to this, the TCM orientation therapy instruments had to compete against these new devices for sales.

Regional Insights

China is the Main Contributor to the Market

Asia Pacific dominated the traditional Chinese medicine orientation therapy instrument market in 2023. The market is growing in Asia Pacific significantly because China is the major contributor to the growth and because the instruments originated in China. Along with China, the neighboring countries such as India, Japan, and South Korea are also opting for the instruments due to their benefits.

According to a national TCM meeting that started Monday, 1.28 billion people in China were diagnosed and treated by traditional Chinese medicine (TCM) healthcare facilities in 2023. According to Yu Yanhong, head of the National Administration of TCM, China has made steady progress toward its goal of creating 138 significant TCM hospitals. By the end of last year, 14 TCM hospitals were part of the nation's national-level healthcare center construction project. According to data provided at the conference, TCM clinics are now found in 62.8 percent of maternity and children's hospitals and 89 percent of publicly sponsored general hospitals at or above the grade-two level.

Countries like India are also collaborating with organizations like the WHO to boost the traditional Chinese medicine orientation therapy instrument market.

For instance,

• In July 2024, Traditional medicine has been utilized by billions of people worldwide to improve their health and well-being. The Government of India pledged US$ 85 million over ten years, 2022–2022, to support the WHO Global Traditional Medicine Center's programs during a signing ceremony in Geneva. India will provide data and evidence on traditional medicine policies, practices, products, and public usage as part of a cross-sectoral program of action to develop the evidence foundation for traditional medicine. The contribution will be made for ten years. The WHO donor agreement is a component of India's $250 million commitment in 2022 to support the WHO Global Centre of Traditional Medicine, which includes funding for the Center's operations, temporary space, and a new facility.

Growing Awareness Drives the Market in North America

North America is expected to grow at the fastest rate during the forecast period. The traditional Chinese medicine orientation therapy instrument market is growing in North America due to growing awareness among healthcare professionals, netizens, and growing investments. The U.S. and Canada are significantly contributing to the market’s growth. According to studies, many Canadians have tried conventional therapies, including massage, yoga, and acupuncture.

For instance,

• In September 2024, Caldwell Lever, who was battling a chronic disease, explored traditional Chinese medicine for the first time "out of desperation" years ago. At Kwantlen Polytechnic University, which announced this summer that it will provide Canada's first bachelor's degree in the discipline, Lever is now halfway through his studies for a traditional Chinese medicine (TCM) diploma.

Segmental Insights

By type, the desktop segment held the major share of the traditional Chinese medicine orientation therapy instrument market in 2023. Desktop instruments are popular due to several advantages associated with them. The instruments are portable, do not take up large space, are cost-effective, and easy to use. This makes them useful in telemedicine and for home use.

By application, the hospitals segment held the dominant share of the market. Hospitals have proper tools and highly skilled professionals. Staff members get timely training to ensure that the professionals are well aware of new information and techniques, which hospitals make an ideal choice for people who want to use TCM orientation therapy instruments.

Recent Developments

• In April 2024, China Traditional Chinese Medicine Holdings (China TCM), which is listed in Hong Kong, recently announced a take-private agreement through a scheme of arrangement with Sinopharm Group, an investment group headed by Sinopharm Group. It is the biggest take-private deal disclosed this year, with a total transaction value of almost $2 billion.
• In March 2023, Hebei Medical University's Dr. Xing Yun, a professor of traditional Chinese medicine, came to Hungary at the request of Semmelweis University to conduct practice-based training sessions for traditional Chinese physicians and medical professionals.

Top Companies in the Traditional Chinese Medicine Orientation Therapy Instrument Market

• Henan Born Medical New Technology Co., Ltd.
• Nanjing Komatsu Medical Instrument Research Institute
• Jisheng (Shanghai) Medical Equipment Co., Ltd.
• Nanjing Paoyuan Electronic Technology Research Institute Co., Ltd.
• Taizhou Kangwo Medical Equipment Co., Ltd.
• Jiangxi Jinrui Medical Equipment Co., Ltd.
• Zhengzhou Baicaoling Biotechnology Co., Ltd.
• Jiangsu Huajiu Biotechnology Co., Ltd.
• Jiangsu Aize Biotechnology Co., Ltd.
• Henan Meditech Medical Technology Co., Ltd.

Segments Covered in the Report

By Type

• Desktop
• Floor-standing

By Application

• Hospitals
• Home Use
• Clinics

By Region

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait