Botanicals & Acupuncture Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast | Growth Market Reports

The global botanicals & acupuncture market size was valued at USD 39 billion in 2020 and is anticipated to expand at a CAGR of 20% during the forecast period, 2021–2028. In medical field penetration of botanicals is rising due to extensive acceptance of multicomponent drugs for manufacturing. In botanical manufacturing process reverse pharmacology strategy increased its substantial tractions by implementing reverse-engineering of traditional herbal medicines. Compared with conventional synthetic drug manufacturing this strategy helps to decrease total required time and reduces costs for drug development, which fuels the botanicals and acupuncture market.

Industrialized economies such as Europe, the U.S. and China are focused on efficiency and safety of botanical drugs. These regions demand the use of data related to Mechanism of Action, pharmacokinetics, and Drug-Drug Interaction. Hence, partnerships between organizations who gives adequate resources and institutes are suggested for successful release of botanical complementary therapies in the market.

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In herbal medicine manufacturing process plant resources extended its value. Usage of traditional plant resource is a key drug development material and holds more than 71% of overall traditional medication. India, South Korea, Germany, Japan, and China are some top countries which are developing different strategies for obtaining plat resources in the herbal medicines development.

Use of technology is significantly rising among the professionals present in the market. Combination of cutting-edge devices along with traditional acupuncture Chinese medicine is projected to increase its acceptance in coming years. Major market players are investing in development of manufacturing plants for successful commercial growth of ayurvedic medicines. Corporations also implemented other promotional strategies such as E-mail, use of Google AdWords, social media, and content marketing for reinforcing their revenue generation. These promotional activities are projected to propel the botanical health modalities.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing trust of patients and common preference for technology-based therapies and growing number of practitioners using advanced tools are anticipated to push the market.
• Growing acceptance of herbal medicines and adoption of beneficial strategies for botanical drugs manufacturing are key factors driving the market growth.
• Rise in the use of internet and e-marketing channels for communication with patients push the market growth.
• Advantages of nanotechnology in acupuncture-based treatments gives significant growth in the market.
• High cost and no insurance coverage for acupuncture treatment are expected to impede the market growth during the forecast period.

Market Segment Insights

Botanical segment is projected to account for a key market share

In terms of interventions, the botanicals & acupuncture market is divided into botanical and acupuncture. The botanical segment is expected to account for a key share of the market during the forecast period. The ancient form of alternative medicinal practice is botanical complementary therapy. Also, medicinal plants and herbs popularity is increasing because they can be transported and processed in various formulations. The rise in preference of herbal medicines and botanical medicine among people is expected to drive the segment growth.

Distribution channel segment is anticipated to register a substantial CAGR

Based on distribution methods, the botanicals & acupuncture market is segregated into direct sales, e-sales, and distance correspondence. The direct sales segment is expected to hold a key share of the market in the coming years due to increasing preference by patients for complementary therapeutic procedures such as acupuncture and naturopathy. Different marketing strategies are implemented by practitioners of Ayurveda and naturopathy for the growth of direct sales between the patient and practitioner.

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Regional Outlook

On the basis of regions, the botanicals & acupuncture market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Europe is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to positive execution of traditional Chinese and botanical medicines at commercial level. Also, in this region homeopathy is significantly accepted as an alternative medicine. The number of registered homeopathy practitioners in the Germany has been doubled in the last decade. This boosts the generation of revenue in the European market.

Ancient medicines such as Ayurveda and homeopathy are originated from Asia Pacific countries. Globally rising popularity of Ayurveda and traditional Chinese medicine is making Asia Pacific as a profitable zone for local and international bodies operating in the market. As per researcher, in china to cure chronic ailments around 81% of people prefers traditional medicine supplements and acupuncture-based therapies. The COVID-19 pandemic situation has driven the demand of acupuncture and Chinese herbs, which is anticipated to fuel the regional growth over the forecast period.

Key Players

• Modern Acupuncture
• Chiropuncture, Inc.
• ARC Acupuncture & Physical Therapy
• Ayush Ayurvedic Pte Ltd.
• Green Cross Corp
• NatureKue, Inc.
• Columbia Nutritional
• Herb Pharm
• Herbal Hills
• Pure Encapsulations, Inc.
• Sheng Chang Pharmaceutical Company
• LKK Health Products Group
• Nordic Nutraceuticals
• Helio USA Inc.

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