The global market for herbal medicine was valued at $657.5 billion in 2020. It is expected to grow to $746.9 billion in 2022. In China, the traditional medicine industry had total revenue of $37.41 billion in 2018, according to an IBISWorld report. In fact, the Healthy China 2030 plan forecasts that the value of traditional Chinese medicine (TCM) market may reach $737.9 billion within China and globally by 2030.
The growth of the TCM industry in China is attributed to the immense attention the sector has received in the country. In 1982, the Constitution of China gave full recognition to TCM. Since 2009, there has been continuous support for TCM in health policies. China has focused upon developing quality infrastructure for TCM to co-exist with modern medicine under the same roof.
