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Report Overview: Botanicals & Acupuncture MarketThe global botanicals and acupuncture market size was valued at USD 27.86 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 18.67% from 2021 to 2027. Wide acceptance for the manufacturing of multicomponent drugs is expected to increase the penetration rate of botanicals in the medical field. Reverse pharmacology strategy has gained significant traction in botanical manufacturing by reverse-engineering of traditional herbal medicines. This strategy reduces the overall time and costs of drug development as compared to conventional synthetic drug manufacturing, which boosts the growth of botanicals and acupuncture market. Safety and efficacy of botanical drugs are essential aspects targeted by industrialized economies, such as China, Europe, and the U.S. These regions demand access to data pertaining to pharmacokinetics, Drug-Drug Interaction, and Mechanism of Action. Thus, partnerships between countries or organizations to offer sufficient resources and institutes are recommended to ensure the successful launch of botanical complementary therapies. Plant resources have gained significant value in the manufacture of herbal medicine. Traditional plant resources are a key drug development material and account for more than 70% of the total traditional medication. Germany, China, South Korea, Japan, and India are among the top countries that devise various strategies for the procurement of plant resources in the development of herbal medicines, such as herbal medicine for malaria. The technology usage has increased significantly among the professionals operating in the market space. A combination of traditional acupuncture Chinese medicine with cutting-edge devices is set to gain immense popularity in the near future. Moreover, the common preference and trust of patients toward technology-based therapies and an increase in the number of practitioners using advanced tools are expected to drive the market. Key players have made investments and developed manufacturing plants to devise strategies that ensure successful commercial scaling-up of ayurvedic medicines. The companies have also adopted promotional strategies, such as social media, E-mail, content marketing, and usage of Google AdWords, to strengthen their revenue generation. Such promotional activities are anticipated to drive the botanical complementary and alternative health modalities. Intervention Insights Botanicals led the market and accounted for more than 65.0% share of the global revenue in 2019. Botanical complementary therapy is the most ancient form of alternative medicinal practice. Besides, herbs and medicinal plants have gained significant popularity as these can be processed and transported in different formulations. The growth in preference for herbal medicines among the geriatric population and botanical medicine for womens health also results in the segment growth. Recently, there has been a steady increase in the number of acupuncture clinics. This is attributed to a rise in the number of accredited education institutes offering Ph.D. and master’s degree programs for traditional Chinese medicine. This also drives the research communities to explore novel acupuncture mechanisms and its applications, such as acupuncture for mental health and women’s health. These factors are expected to drive the acupuncture segment at a lucrative CAGR. The emergence of additional acupuncture-based spa services further boosts the segment growth. Acupuncture is marketed for several spa offerings, such as weight loss, relaxation, beauty treatments, energy enhancements, and stress relief. Besides, an increase in the number of practitioners using marketing intelligence and advanced tools in this field positively impacts segment growth.
Distribution Method Insights: Botanicals & Acupuncture MarketThe direct sales segment captured the largest revenue share of 73.9% in 2019. Direct sales or medical consultation is largely preferred by patients inclined towards certain complementary therapeutic procedures, especially acupuncture and naturopathy. Ayurveda and naturopathy practitioners have implemented various marketing strategies to increase direct sales between the practitioner and the patient, which results in a larger revenue share of direct sales. Distinct local Ayurveda and acupuncture practitioners as well as entities are also exploring the direct distribution sales channel to expand their business. These entities focus on the doctor or practitioner-patient interaction and therapeutic approaches that improve profitability. Besides, there is a significant increase in the number of new market entrants, scientific evidence, and demand for Ayurveda, which contribute to the growth of this segment. The distance correspondence segment is expected to expand at the fastest CAGR over the forecast period 2021-2027. An increase in the employment of distance correspondence education programs to train professionals operating in the market space is expected to propel the distance correspondence segment growth. In addition, practitioners have initiated the provision of long-distance energy treatments and virtual acupuncture therapies, which further boosts the segment growth.
Regional Insights: Botanicals & Acupuncture MarketEurope lead the market and accounted for over 34.0% share of global revenue in 2019. This is attributed to the successful implementation of traditional Chinese and botanical medicines at a commercial level. Moreover, homeopathy is a more widely accepted alternative medicine in this region. In Germany, the number of registered homeopathy practitioners has risen by over 100% in the last decade, which accelerates the revenue generation in the European market. Ancient medicine, including Ayurveda and homeopathy, originates from Asia Pacific countries. An increase in the popularity of traditional Chinese medicine and Ayurveda across the globe has made Asia Pacific a lucrative zone for local, regional, and international entities that operate in this market. Several research studies have depicted that approximately 80% of people in China prefer traditional medicine supplements and acupuncture-based therapies to cure chronic ailments. Moreover, the COVID-19 pandemic has further fueled the demand for Chinese herbs and acupuncture, which is expected to offer lucrative opportunities for revenue generation in this region.
Key Companies & Market Share Insights: Botanicals & Acupuncture MarketMarket participants are undertaking strategic initiatives to expand their services and maintain a competitive edge in the botanical complementary and alternative health modalities industry. In addition, key companies engaged in the acupuncture business are focusing on implementing strategies that strengthen accessibility with respect to their product offerings. For instance, in October 2019, Modern Acupuncture received funding from Strand Equity, a firm that largely invests in advanced and popular consumer services and brands. This investment agreement is targeted towards the enhancement of access to alternative medicine. With this investment, the company planned to open 11 additional facilities across U.S. This strategic initiative is expected to expand the company’s presence in the U.S. Some of the prominent players in the botanicals and acupuncture market include:
Key companies Profiled: Botanicals & Acupuncture Market Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global botanicals and acupuncture market report on the basis of intervention, distribution method, and region:
- 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.
Intervention Outlook (Revenue, USD Billion, 2016 - 2027)
Distribution Method Outlook (Revenue, USD Billion, 2016 - 2027)
- Direct Sales
- Distance Correspondence
Table of Contents Chapter 1 Botanicals And Acupuncture Market: Methodology and Scope 1.1 Research Methodology 1.2 Research Assumptions 1.2.1 Estimates and forecast timeline 1.3 Research Methodology 1.4 Information Procurement 1.4.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.4.2 IFF Internal database 1.4.3 Secondary sources 1.4.4 Primary Research 1.4.5 Details of Primary Research | read more...