Bulk of Compound Houttuynia Production Carried Out across China, Expanding at 7% CAGR: Fact.MR Study
Published : 01 Jun 2021 Industry: Healthcare
Fact.MR’s global compound houttuynia market report predicts a highly optimistic outlook for the 2021-2031 forecast period, estimating a CAGR exceeding 10% to reach a multi-million dollar valuation. Extensive uptake of alternative and herbal medicine is acting as the primary growth catalyst for the market.
Historically, the market expanded at a CAGR of approximately 10% from 2016 to 2020. Herbal medicine is being extensively adopted to address conditions such as respiratory disorders and other infectious ailments. Additionally, they are also proving to be effective against various forms of cancers.
According to GLOBOCAN 2020, worldwide, an estimated 19.3 million new cancer cases, 18.1 million excluding non-melanoma skin cancer, and almost 10.0 million cancer deaths excluding non-melanoma skin cancer occurred in 2020.Lung cancer remained the leading cause of cancer death, with an estimated 1.8 million deaths (18%), followed by colorectal (9.4%), liver (8.3%), stomach (7.7%), and female breast (6.9%) cancer.
Uptake of compound houttuynia products is expected to incline significantly, with manufacturers deepening penetration across key markets such as China, India, and Japan.
Key Takeaways from Market Study
- By type, demand for compound houttuynia capsules to expand at a staggering 10% CAGR through 2031
- Retail and online pharmacies to account for bulk of compound houttuynia sales, collectively accounting for over half of the revenue
- China to be the epicenter of global demand, likely to expand at around 7% CAGR amid planned uptake across TCM
- Growing burden of COPD and asthma likely to contribute to 3 out of 10 compound houttuynia sales in India
- The market in the U.S. to expand at approximately 5% CAGR through 2031, attributed to growing preference for complementary and alternative medicine
“Heightening concerns about overreliance on conventional allopathic medicine and documented side-effects are prompting a shift towards more natural alternatives, thereby elevating the prospects for compound houttuynia over the coming years,”says a Fact.MR analyst.
Prominent compound houttuynia product manufacturers included in Fact.MR’s report are Guangxi Bangqi Pharmaceuticals, Zhejiang Conba Pharmaceuticals, Anhui Welman Pharmaceuticals, Jiangxi Tianshikang, Zhejiang Guojing Pharmaceuticals, Yunnan Yunlong Pharmaceuticals, Heilongjiang Zhonggui Pharmaceuticals, and Tsumura & Co.
The compound houttuynia landscape appears to be highly consolidated, characterized by the presence of a majority of Chinese manufacturers. Offering new products remains the primary strategy of key market players.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the compound houttuynia market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of type (tablets, mixture, capsules, and others) and distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge on Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare