Press release
Botanicals And Acupuncture Market expected to grow to $197.08 billion at a CAGR of 20.9% during the forecasted period 2024-2033
Botanicals And Acupuncture Market Report
The Business Research Company offers in-depth market insights through Botanicals And Acupuncture Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Surging Popularity of Herbal Medications Fuels Botanicals and Acupuncture 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.
Competitive Landscape:
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.
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