Botanicals and Acupuncture Global Market Report 2024

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 observed in the historical period can be attributed to the increase in the adoption of natural therapies, a rise in orthopedic cases, a growing aging population, and advancements in diagnostics and increased 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 anticipated growth in the forecast period can be attributed to the increasing surgical volume, the expansion of ambulatory surgical centers, a rise in sports injuries, and an increase in accident rates. Major trends expected in the forecast period include the integration of traditional practices into mainstream healthcare, the incorporation of botanicals in functional foods and beverages, evidence-based research on botanical efficacy, innovation in acupuncture techniques, and the integration of both botanicals and acupuncture in wellness tourism.

The increasing popularity of herbal medications is anticipated to drive the growth of the botanicals and acupuncture market. Herbal medications, also known as botanical medicine, are products derived from plant extracts, herbs, or botanical substances used for medicinal purposes. These herbal medications are often combined with acupuncture in traditional Chinese medicine (TCM) to enhance therapeutic effects. As of August 2023, the World Health Organization (WHO) reported that approximately 80% of the global population, totaling 4 billion individuals, relies on herbal medicine as part of their healthcare. In the United States, herbal remedies are utilized by 30% of the population annually. The growing preference for herbal medications is a key factor propelling the botanicals and acupuncture market's growth.

The increasing prevalence of e-commerce is expected to boost the botanicals and acupuncture market. E-commerce, involving the electronic exchange of products and services, is transforming how people access and engage with botanicals and acupuncture. It enables clinics and practitioners to share information about their services, qualifications, and patient testimonials. According to the International Trade Administration, by 2025, the UK's eCommerce sales are projected to grow at an average yearly rate of 12.6%, with eCommerce revenue expected to reach $285.6 billion. The rise in e-commerce penetration is a significant driver for the growth of the botanicals and acupuncture market.

The high cost of acupuncture therapy is likely to hinder the growth of the botanicals and acupuncture market. Elevated prices for acupuncture therapy may limit accessibility for some individuals, potentially reducing demand for acupuncture services. The impact of high costs as a restraint on the market depends on factors such as the local economy, population demographics, and cultural acceptance of acupuncture. Thervo.com reported in June 2023 that initial consultation and first treatment for private acupuncture services range from $100 to $180, with subsequent follow-up sessions priced between $75 and $120 each. The high cost of acupuncture therapy poses a challenge to the growth of the botanicals and acupuncture market.

Key players in the botanicals and acupuncture market are directing their efforts toward drug development, exemplified by products such as TC Cream, to create evidence-based and medically validated solutions. TC Cream, an innovative topical solution for treating psoriasis, targets multiple autoimmune signaling pathways to offer effective treatment. In May 2023, the Psoriasis Research Institute of Guangzhou (PRIG) received authorization to initiate a Phase III clinical trial for TC Cream in the United States, obtaining approval for its Investigational New Drug (IND). This botanical drug represents a breakthrough in addressing the distressing effects of psoriasis, providing a pioneering solution for its treatment.

In June 2022, Fuerst Day Lawson Ltd., a UK-based provider of food, beverage, and specialty chemical ingredients, acquired Quest Ingredients Ltd. for an undisclosed amount. This strategic acquisition is aimed at enhancing Fuerst Day Lawson Ltd.'s product portfolio by incorporating botanical-formulated solutions and ingredients from Quest Ingredients. The acquisition enables Fuerst Day Lawson to expand its innovative capabilities and expertise, delivering high-quality botanical extracts and customized flavors to its customers. Quest Ingredients Ltd. is a UK-based manufacturer of botanical extracts.

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.

Europe was 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. The countries covered in the Botanicals And Acupuncture market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Botanicals and acupuncture represent distinct healthcare approaches deeply rooted in traditional and alternative medicine practices. Botanicals are substances extracted from plants, commonly employed for medicinal, therapeutic, or dietary reasons. On the other hand, acupuncture is a traditional Chinese medical practice involving the insertion of thin needles into specific points on the body to stimulate and balance the flow of vital energy. These methods are frequently integrated with conventional medical treatments or utilized as complementary therapies to augment overall health and well-being.

The primary interventions of botanicals and acupuncture revolve around their specific domains. Botanicals, derived from plants, find applications in medicinal, therapeutic, cosmetic, or dietary contexts. They play roles in strengthening immune functions, maintaining cardiovascular functions, and alleviating psychological symptoms. These botanical interventions are employed both in prescription and over-the-counter (OTC) scenarios, distributed through channels such as direct sales, E-sales, and distance correspondence.

The botanicals and acupuncture market research report is one of a series of new reports that provides botanicals and acupuncture market statistics, including botanicals and acupuncture industry global market size, regional shares, competitors with a botanicals and acupuncture market share, detailed botanicals and acupuncture market segments, market trends and opportunities, and any further data you may need to thrive in the botanicals and acupuncture industry. This botanicals and acupuncture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The botanicals and acupuncture market consists of revenues earned by entities by providing services such as electroacupuncture, dry needling, auricular acupuncture, and sports acupuncture. The market value includes the value of related goods sold by the service provider or included within the service offering. The botanicals and acupuncture market also includes of sales of botanical dietary supplements, phytomedicines, and botanical drugs. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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