The global botanicals and acupuncture market size is expected to reach USD 165.12 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 19.78% from 2020 to 2027. The advent of nanotechnology in acupuncture-based treatments offers lucrative growth opportunities for the market. Nanotechnology has enabled the employment of nanosensors or nanochips to offer in vivo and real-time detection solutions in reactive molecules. Assessment of connections as well as dynamics, such as reactive molecules with respect to needle stimulation, is anticipated to offer novel insights for these treatments.
The consumer base for complementary medicine has increased due to the benefits and philosophies associated with it. Some philosophies include a high preference for natural products, the onset of illness is attributed to body imbalance, the ability of the body to heal itself, the treatment of the whole body, and the administration of easier therapies. Herbal medicine, naturopathy, and homeopathy are the three most adopted complementary therapies.
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Increase in the penetration of internet and e-marketing channels, such as video counseling and other electronic methods, used for patient communication boosts the botanicals segment growth. Running Pay-Per-Click (PPP) advertisements and optimization of business with a rise in the adoption of mobile phones and tablet devices are among the two effective marketing strategies for the E-distribution of botanicals.
Botanicals & Acupuncture Market Report Highlights
• By intervention, botanicals accounted for the largest revenue share of more than 65.0% in 2019 as they are extensively used in the form of herbal supplements, homeopathic medicines, and other natural products
• The traditional Chinese medicine therapies are finding applications in the recent treatment models associated with COVID-19 affected patients in China. This offers lucrative growth opportunities for the acupuncture market and operational entities in this market space
• Based on distribution method, direct sales dominated the global market in 2019 as the majority of the complementary therapeutic procedures, such as naturopathy and Ayurveda, demand direct sales/distribution post medical counseling of the patient
• The distance correspondence segment is anticipated to grow at a lucrative pace throughout the forecast period. This is due to the traction for long-distance energy treatments and virtual therapies, targeted towards increasing the salability potential of acupuncture therapies
• Europe accounted for the largest revenue share in 2019 owing to a significant increase in the number of herbal medicine registrations, of which 600 medicines were granted with marketing authorization.
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Botanicals & Acupuncture Market Segmentation
Grand View Research has segmented the global botanicals and acupuncture market on the basis of intervention, distribution method, and region:
Botanicals & Acupuncture Intervention Outlook (Revenue, USD Billion, 2016 - 2027)
• Botanicals
o Ayurveda
o Naturopathy
o Homeopathy
• Acupuncture
Botanicals & Acupuncture Distribution Method Outlook (Revenue, USD Billion, 2016 - 2027)
• Direct Sales
• E-sales
• Distance Correspondence
Botanicals & Acupuncture Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
o India
• Latin America
o Brazil
o Mexico
• Middle East Africa (MEA)
o South Africa
List of Key Players of Botanicals & Acupuncture Market
• Modern Acupuncture
• Chiropuncture, Inc.
• ARC Acupuncture & Physical Therapy
• Green Cross Corp
• NatureKue, Inc.
• Columbia Nutritional
• Herb Pharm
• Herbal Hills
• Pure Encapsulations, LLC.
• Ayush Ayurveda
• Sheng Chang Pharmaceutical Company
• LKK Health Products Group Limited
• Nordic Nutraceuticals
• Helio USA Inc.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.