Botanicals & Acupuncture Market Size, Share, Growth, and Industry Growth, By Type (Botanicals and Acupuncture), By Application (OTC (Over the Counter) and Prescription), Regional Forecast To 2031

Updated On: 01 April 2024

BOTANICALS & ACUPUNCTURE MARKET REPORT OVERVIEW 

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The global botanicals & acupuncture market size was USD 72700 million in 2022 and is projected to touch USD 347715.7 million by 2031, at CAGR of 19.0% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with botanicals & acupuncture experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Medicines derived from plants are called botanicals. A form of substitute medicine and the major component of TCM (Traditional Chinese Medicine) where the needles are inserted into the body. The safety and efficiency of these drugs are significant aspects targeted by various countries such as Europe, China, and the U.S. These regions create a massive demand for data pertaining to drug-drug interactions, pharmacokinetics, and mechanism of action. The partnership between organizations or countries may provide required institutes and resources are forecasted to ensure the launch of various botanical complementary therapies. 

The value of plant resources has increased significantly in the production of herbal medicines. Conventional plant resources, which make up the major part of all conventional medications, are a crucial component of drug research. The designated various techniques for the acquisition of plant resources to develop herbal medicines, such as herbal or Ayurveda medicine for malaria, are Germany, China, South Korea, Japan, and India. The number of experts in the industry using technology has dramatically expanded. In the foreseeable future, acupuncture and cutting-edge technology will become increasingly popular together.

COVID-19 Impact: Rising Health Concerns among the Population Boosted the Market Growth

The pandemic did not favor many sectors, but the botanicals & acupuncture market was an exception. The market experienced a positive impact. The sudden outbreak of the pandemic resulted in higher numbers of patients in healthcare and medical centers. Several industries were continuously involved in the innovative development of bioelectronics and biosensors to detect the COVID-19 virus. The demand for Chinese herbs and acupuncture increased, backed by rising health concerns. Additionally, the need for effective treatments is increasing owing to the rising health concerns among the population. The market witnessed considerable growth in the global market. 

LATEST TRENDS

"Rising Adoption of Acupuncture Treatment to Gain Market Growth"

Acupuncture clinics have been multiplying steadily in recent years. This is due to an increase in approved educational institutions that provide masters and Ph.D. programs in traditional Chinese medicine. This encourages the study of new acupuncture processes and their uses, such as acupuncture, for women's mental health. These elements are anticipated to propel the botanicals & acupuncture market growth. The escalating popularity of herbal medications coupled with advantageous strategies used to produce botanical products is expected to aid the demand for the product. Moreover, the reverse pharmacology technique for botanical production due to the decreased medication and treatment costs is rising, which is estimated to increase growth in the market. 

BOTANICALS & ACUPUNCTURE MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into botanicals and acupuncture.

The botanicals segment is expected to dominate the market owing to the rising popularity of plants and herbs. The preference of the population is increasing toward herbal products and medicines, which is anticipated to propel growth.

• ·By Application Analysis

Based on application, the market is classified into OTC (Over Counter) and prescription.

DRIVING FACTORS

"Rising Consumer Awareness Regarding Medicine Availability to Augment Growth"

The constantly rising popularity of herbal medicines, coupled with various advantages offered by them, is expected to boost growth. Herbal remedies, homeopathic remedies, massage treatment, acupuncture, and chiropractic care are all examples of complementary and alternative medicine. Numerous illnesses like pain, exhaustion, cancer, and nausea are treated in great part by complementary and alternative treatments. The global market is forecasted to expand as a result of consumers' increasing awareness of natural remedies. The comfort and reduced stress linked to botanicals & acupuncture treatments, and medicine are anticipated to increase demand for the product.

"Higher Safety and Efficacy Offered By the Product to Surge Product Demand"

The focus of the government is on the development of herbal and homeopathy treatments to encourage the use of botanical medicine. The global market is forecasted to increase by virtue of participation from manufacturers and service providers due to the shifting regulatory landscape, a growing number of government initiatives, and regulatory standards related to the right to health in all types of medicines. The government is also concentrating on the expansion of the medical and healthcare sector to promote high-quality and convenient treatment to the population. These factors are likely to aid market growth in the forecast period. 

RESTRAINING FACTORS

"High Prices and Lack of Insurance Coverage to Impede Growth"

The higher prices of botanicals & acupuncture therapy may resist the population from its adoption. The lack of coverage offered by insurance is also anticipated to hinder the botanicals & acupuncture market growth.

BOTANICALS & ACUPUNCTURE MARKET REGIONAL INSIGHTS

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"Europe to Dominate Due to Implementation of Botanical Medicine at Commercial Level"

Europe is forecasted to hold a dominating part of the botanicals & acupuncture market share due to the successful implementation of botanical medicines and traditional Chinese at a commercial level. Additionally, the wide adoption of homeopathy medicines is also anticipated to propel growth in the market. 

Asia Pacific is anticipated to show prominent growth in the global market by virtue of the rising popularity of Ayurveda and homeopathy in the region. China prefers acupuncture-based therapies and traditional medicine supplements to cure chronic diseases.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

Companies are adopting various organic and inorganic techniques to gain constant growth in the market. The companies are developing strategies to enhance the company portfolio to gain a major advantage in the global market. The key players are investing in the research and development of the product. Additionally, the companies are indulging themselves in maintaining a competitive edge in the market. The major players are also emphasizing on implementation of various strategies to strengthen the botanicals & acupuncture market growth. Companies also use innovative practices and techniques to create new technologies. Players are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. 

List of Market Players Profiled

• Modern Acupuncture (U.S.)
• Chiropuncture, Inc. (Canada)
• ARC Acupuncture & Physical Therapy (U.S.)
• Ayush Ayurvedic Pte Ltd. (Singapore)
• NatureKue, Inc. (U.S.)
• Herb Pharm (U.S.)
• Herbal Hills (India)
• Pure Encapsulations, Inc. (U.S.)
• Sheng Chang Pharmaceutical Company (China)
• LKK Health Products Group (China)
• Nordic Nutraceuticals (Finland)
• Helio USA Inc. (U.S.)

INDUSTRY DEVELOPMENT

• May 2020- Firmenich SA announced the launch of its third fragrance atelier in Vill Botanica’s Grasse, expecting it to help its leadership in sustainable and natural product offerings.

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.
• Significant players and their business offices are also covered in the article.