Tibetan Medicine Market Size, Share, Growth, and Industry Analysis, By Type (Oral Medicine and Sticking-plaster), By Application (Hospital, Retail Pharmacy, and Others), and Regional Forecast To 2031

Updated On: 15 April 2024

Tibetan Medicine Market Report Overview

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global tibetan medicine market size was USD 1277.9 million in 2021 and market is projected to touch USD 5012.63 Million By 2031, exhibiting a CAGR of 14.9% during the forecast period.

Tibetan medicine is a traditional medical system that originated in Tibet and is also known as Sowa-Rigpa. It is based on the principles of balance and harmony between the body, mind, and environment. The system uses natural remedies and techniques such as acupuncture, herbal medicine, and massage to maintain health and treat diseases. Every Tibetan medicine contains a combination of ingredients that address both the underlying imbalance and any potential side effects. Pulse analysis and urine testing are the only two criteria used for diagnosis. Certain herbs, dietary changes, and behavioral adjustments are all part of the treatment. Ayurveda-inspired physical treatments like massage exist. The Tibetan device also treats patients using moxibustion and acupuncture.

COVID-19 Impact: lockdown led to supply chain disruption, hampering market growth

The COVID-19 pandemic has had a mixed impact on the tibetan medicine market. The market witnessed a temporary decline in demand during the pandemic due to disruptions in the supply chain and reduced access to healthcare facilities. However, the pandemic also led to an increased interest in traditional medicine, including Tibetan medicine, as people looked for alternative treatment options.

Latest Trends

"Development of innovative healthcare products to be a major growth factor in the market"

The global Tibetan medicine market is witnessing some latest trends, including the development of new and innovative products, the adoption of modern manufacturing techniques, and the growing focus on research and development. The tibetan medicine market is also characterized by the increasing popularity of online sales channels, which provide easy access to Tibetan medicine products to consumers across the globe.

Tibetan Medicine Market Segmentation

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• By Type 

Based on product type, the market can be segmented into oral medicine, sticking-plaster.

• By Application

Based on application, the market can be segmented into hospital, retail pharmacy, others.

Driving Factors

"Growing Demand for Traditional and Alternative Medicine to surge market growth"

The growing demand for traditional and alternative medicine is expected to drive the tibetan medicine market growth. The increasing popularity of herbal medicine, along with its low cost and minimal side effects, is further fueling the demand for Tibetan medicine.

"Increasing Awareness of the Benefits of Tibetan Medicine to impel growth in the market"

The increasing awareness of the benefits of Tibetan medicine is also expected to drive the tibetan medicine market growth. The effectiveness of Tibetan medicine in treating chronic diseases, along with its emphasis on preventive healthcare and wellness, is contributing to its growing popularity among consumers.

Restraining Factors

"Limited Availability of Raw Materials to limit market growth"

The limited availability of raw materials for the production of Tibetan medicine products is another factor limiting the tibetan medicine market growth. The dependence on wild-harvested and cultivated plants for the production of Tibetan medicine products has led to concerns regarding their sustainability and environmental impact.

Tibetan Medicine Market Regional Insights

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"Asia Pacific to lead the market due to the region’s rich heritage of traditional medicines"

Asia Pacific is expected to dominate the global Tibetan medicine market, owing to the region's rich heritage of traditional medicine and the growing adoption of herbal medicine in the treatment of various ailments.

Key Industry Players

"Key companies are focused on expanding partnerships to grow in the global market"

The global Tibetan Medicine Market is highly competitive, with key players adopting various strategies to maintain their market position. Many companies are investing in research and development to improve product quality and launch innovative tibetan medicine. Collaborative efforts through partnerships and mergers and acquisitions are also helping market players stay ahead of the competition.

List of market players profiled

• Qizheng Group (China)
• Tibet Zangyao Group (China)
• GANLU TRADITIONAL MEDICINE (China)
• TIBETAN MEDICINE COMPANY OF TRADITIONAL TIBET MEDICAL COLLEGE (China)
• Tibet Shenhou Pharmaceutical Co., Ltd (China)
• Zangnuo Pharmaceutical company (China)
• TIBET RHODIOLAPHARMACEUTICAL HOLDING CO. (China)
• SHENSHUI TRADITIONAL MEDICINE (China)
• Jinhe Tibetan Medicine Co., Ltd. (China)
• Qinghai Jingzhu Tibetan Medicine High-tech Industry Co. , Ltd. (China)
• Yutuo Tibetan Medicine Co., Ltd (China)
• S&P Pharmaceutical Co., Ltd (Japan)

Report Coverage

This report provides a comprehensive analysis of the market, considering factors like segmentation, industrial developments, trends, opportunities, growth, size, share, and restraints. The report also profiles key industry players and offers a detailed analysis of their strategies, partnerships, and collaborations. The analysis is subject to alteration if the key players and probable analysis of market dynamics change.