Overview and Scope
Botanicals and acupuncture are two different healthcare approaches, rooted in traditional and alternative medicine practices. Botanicals refer to substances derived from plants and often used for medicinal, therapeutic, or dietary purposes. Acupuncture is a traditional Chinese medical practice that involves the insertion of thin needles into specific points on the body to stimulate and balance the flow of vital energy. They are often used with conventional medical treatments or as complementary therapies to enhance overall health and well-being.
Sizing and Forecast
The botanicals and acupuncture market size has grown exponentially in recent years. It will grow from $75.88 billion in 2023 to $92.36 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The growth in the historic period can be attributed to rise in natural therapies, growth in orthocases, increasing ageing population, improved diagnostics and awareness.
The botanicals and acupuncture market size is expected to see exponential growth in the next few years. It will grow to $197.08 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to growing surgical volume, expansion of ambulatory surgical centers, rise in sports injury, increase rates of accidents. Major trends in the forecast period include integration of traditional practices in mainstream healthcare, incorporation of botanicals in functional foods and beverages, evidence-based research on botanical efficacy, innovation in acupuncture techniques, integration of botanicals and acupuncture in wellness tourism..
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Segmentation & Regional Insights
The botanicals and acupuncture market covered in this report is segmented –
1) By Intervention: Botanicals, Acupuncture
2) By Application: Prescription, Over The Counter (OTC)
3) By Distribution Method: Direct Sales, E-Sales, Distance Correspondence
Europewas the largest region in the botanicals and acupuncture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the botanicals and acupuncture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in popularity of herbal medications is expected to propel the growth of the botanicals and acupuncture market going forward. Herbal medications, also known as botanical medicine, refer to products made from plant extracts, herbs, or botanical substances used for medicinal purposes. Herbal medications are often used in conjunction with acupuncture in traditional Chinese medicine (TCM) to enhance the therapeutic effects of treatment. For instance, in August 2023, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, approximately 4 billion individuals, constituting 80% of the global population, rely on herbal medicine as a component of their healthcare. Further, in the United States, herbal remedies are utilized by 30% of the population annually. Therefore, the rise in popularity of herbal medications is driving the growth of the botanical and acupuncture market.
Key Industry Players
Major companies operating in the botanicals and acupuncture market report are Archer Daniels Midland Company, International Flavors & Fragrances Inc., Nu Skin Enterprises Inc., Green Cross Corp., Blue Sky Botanics Ltd., Martin Bauer Group, Naturex S.A , Bionorica SE, Lee Kum Kee Health Products Group Limited, Nutraceutical Corporation, Indena S.p.A, P.T. Indesso Aroma Group, Columbia Nutritional LLC, Pukka Herbs Ltd., Gaia Herbs Inc., BI Nutraceuticals Inc., Bio-Botanica Inc. , Golden Needle Acupuncture Herbal & Medical Supply, Arjuna Natural Extracts Ltd., Nordic Nutraceuticals ApS, Solaray Inc., Sabinsa Corporation, Salus-Haus GmbH & Co. KG, Synergy Flavors Inc., Herb Pharm LLC , WellSpring Acupuncture, Modern Acupuncture Holdings LLC, Ayush Ayurvedic Pte Ltd. , Botanic Innovations LLC , Ransom Naturals Ltd.</b
The botanicals and acupuncture market report table of contents includes:
1. Executive Summary
2. Botanicals And Acupuncture Market Characteristics
3. Botanicals And Acupuncture Market Trends And Strategies
4. Botanicals And Acupuncture Market – Macro Economic Scenario
5. Global Botanicals And Acupuncture Market Size and Growth
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32. Global Botanicals And Acupuncture Market Competitive Benchmarking
33. Global Botanicals And Acupuncture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Botanicals And Acupuncture Market
35. Botanicals And Acupuncture Market Future Outlook and Potential Analysis
36. Appendix
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