Botanicals and Acupunture Market Size, Share & Growth [2031]

Report Description

The global botanicals & acupuncture market size was USD 52.41 Bn in 2022 and is likely to reach USD 244.2 Bn by 2031, expanding at a CAGR of 21.40% during 2023–2031. The market growth is attributed to the rising demand for the traditional form of medicines and health treatments as basic solutions for several problems.

Botanicals are medicines that are derived from plants having therapeutic properties, such as nutrients, scent, and flavor. It is also known as herbal products, botanical products, or phytomedicines. Botanicals include roots, stems, seeds, fruits, leaves, and flowers along with their plant derivatives such as algae, fungi, and lichens. Ayurveda, homeopathy, and naturopathies are alternative medicines or therapies that are practiced for promoting cure and healing. Antioxidant botanicals prevent cancer, slow aging, and maintain cardiovascular functions.

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Acupuncture is one of the key components of traditional medicine present in China, in which thin needles are inserted at specific acupoints in the body to release natural healing ability chemicals. It helps in activating biochemical changes by stimulating the central nervous system. Acupuncture therapy is widely used to reduce pain and treat various conditions.

COVID-19 Impact on Global Botanicals & Acupuncture Market

The botanicals & acupuncture market experienced a positive impact during the COVID-19 pandemic. Significant growth is attributed to the rising awareness among the population regarding herbs that are found in China. However, nausea, vomiting, skin infections, hair fall, sleeplessness, shortness of breath, and other respiratory issues were raised among people who suffered from COVID-19. Thus, consumer shifted their focus towards herbal medicine to strengthen immunity.

Rising demand for herbal supplements encouraged several drug companies to increase their production to meet the overall demand from patients worldwide. Moreover, the requirement for effective treatment increased owing to the growing health concerns among the consumer, which boosted the market growth during the pandemic.

Botanicals & Acupuncture Market Dynamics

The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges.

The global botanicals & acupuncture market report has up-to-date insights about market scenarios that can shape the overall market performance and condition during the forecast period, 2023 to 2031.

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What are the Drivers of the Botanicals & Acupuncture Market?

Growing Popularity of Herbal Medicines along with the Advantageous Strategies Used in the Production of Botanical Drugs

Growing popularity of herbal medicines along with the advantageous strategies used in the production of botanical drugs are the major factors driving the market growth during the forecast period. Increasing awareness about the long-term side effects associated with synthetic medicines has increased the usage of herbal medicines worldwide.

The usage of botanicals in drug development revived, due to the rising awareness about the superior advantages and benefits of botanicals. The reverse pharmacology technique gained traction in the production of botanicals as it reduces the cost of medication development. The abundant availability of botanicals and rising demand for ayurvedic medicines boost the growth of the market.

Rising Adoption of a Combination of Acupuncture Therapies and Herbs that are found in China

Growing adoption of a combination of traditional acupuncture and herbal medicine of China with cutting-edge devices is another major driving the market growth in the coming years. The trend of acupuncture therapy for managing pain caused by chemotherapy increased in recent years as it acts as an effective treatment for healing and provides mental relief. According to several reports, botanicals & acupuncture prevent nausea and vomiting and boost the immune system during chemotherapy. Therefore, the trust of patients in herbal medicines and alternative therapeutic methods increases.

What Restraints the Botanicals & Acupuncture Market?

High Cost of Acupuncture Therapy

Acupuncture therapy is costly and not everyone can avail it. Thus, the high cost of the treatment act as a key factor restraining the market growth. Furthermore, the lack of insurance coverage for acupuncture treatments is anticipated to hinder the growth of the market at a certain limit during the forecast period.

What are the Emerging Opportunities in the Botanicals & Acupuncture Market?

Introduction of Nanotechnology in Acupuncture-based Treatment

Various technology usage has increased significantly among professionals. The introduction of nanotechnology in acupuncture-based treatments is anticipated to create lucrative opportunities in the market. This new development encouraged several practitioners to expand their production to meet the overall demand from patients worldwide. Moreover, the preference of patients toward technology-based therapies increased, which accelerates the market in the coming years.

Scope of Botanicals & Acupuncture Market Report

The global botanicals & acupuncture market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Botanicals & Acupuncture Market Segment Insights

Which Major Factors Influence the Significant Growth of the Botanicals Segment?

Increasing Demand for Botanical Complementary Therapy

On the basis of intervention, the global market is segmented into botanicals & acupuncture. The botanicals segment is further sub-segmented into ayurveda, naturopathy, and homeopathy.

The botanical segment is anticipated to expand at a significant growth rate during the forecast period owing to the increasing demand for botanical complementary therapy as an ancient alternative medicinal practice. The preference for ayurvedic and homeopathic medicines has increased among the elderly population due to the rising awareness regarding the drawbacks and long-term side effects of synthetic medicines.

Medicinal plants and herbs gaining popularity as they can be transported and processed in various formulations. Thus, the growing usage of botanicals in herbal supplements, homeopathic medicines, and other natural products is expected to fuel the growth of the market.

The acupuncture segment is expected to grow at a rapid pace in the coming years due to the emergence of additional acupuncture-based spa services across the globe. Many researchers are discovering novel acupuncture mechanisms and its applications, such as acupuncture for women’s health. Acupuncture offers various spa therapies such as relaxation, energy enhancements, weight loss, stress relief, and beauty treatments.

The segment growth is further attributed to the increasing number of accredited education institutes that offers several courses in traditional medicines of China and the growing number of practitioners using advanced tools, which further boosts the market growth.

What are the Main Aspects for Boosting the Prescription Segment?

Rising Number of Patients who Prefer to Visit Hospitals Accelerates the Prescription Segment

Based on application, the botanicals & acupuncture market is bifurcated into prescription and over the counter.

The prescription segment is anticipated to hold a key share of the market during the projected period owing to the rising number of patients who prefer to visit hospitals for treatment. Increasing awareness among the population about ayurveda and homeopathy is expected to boost the market during the forecast period. On the other hand, the over the top segment is projected to hold a large share of the market due to the growing demand for self-medications and over the counter (OTC) drugs as it reduces clinic fees.

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What are the Major Reasons for High Revenue Generation in Distribution Method?

Rising Demand for Direct Sales from Patients who are Inclined to Naturopathy Fuels the Market

On the basis of distribution method, the market is fragmented into direct sales, e-sales, and distance correspondence.

The direct sales segment holds a significant market share in 2021 and is expected to register a robust growth rate in the coming years owing to the rising demand for direct sales over medical consultation from patients who are inclined to naturopathy. Moreover, healthcare practitioners are focusing on implementing various marketing strategies to increase the adoption of botanicals & acupuncture directly.

The distance correspondence segment is anticipated to expand at a rapid pace during the forecast period owing to the rising employment of distance correspondence education programs for training professionals present in the market.

Why is Europe Dominating the Global Botanicals & Acupuncture Market?

Increasing Demand for Homeopathy in the Region Boosts the Market

In terms of region, the botanicals & acupuncture market is classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.

Europe is anticipated to dominate the market during the forecast period owing to the increasing demand for homeopathy as an alternative medicine in the region. Successful execution of traditional herbs of China and botanical medicines on a commercial level in Europe is expected to boost the market in the region.

The market in Asia Pacific is expected to expand at a rapid pace in the coming years as it considers an ancient home to ayurveda. As per several research, around 81% of people in China prefer traditional medicine supplements and acupuncture-based therapies to cure chronic ailments. The market growth is further attributed to the increasing demand for ayurveda and traditional medicines that are found in China.

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