Categories: Market Research

Botanicals And Acupuncture Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Botanicals And Acupuncture Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Botanicals And Acupuncture Global Market Report 2024, The botanicals and acupuncture market size has grown exponentially in recent years. It will grow from $75.88 billion in 2023 to $92.36 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. The growth in the historic period can be attributed to rise in natural therapies, growth in orthocases, increasing ageing population, improved diagnostics and awareness.

The botanicals and acupuncture market size is expected to see exponential growth in the next few years. It will grow to $197.08 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to growing surgical volume, expansion of ambulatory surgical centers, rise in sports injury, increase rates of accidents. Major trends in the forecast period include integration of traditional practices in mainstream healthcare, incorporation of botanicals in functional foods and beverages, evidence-based research on botanical efficacy, innovation in acupuncture techniques, integration of botanicals and acupuncture in wellness tourism..

The rise in popularity of herbal medications is expected to propel the growth of the botanicals and acupuncture market going forward. Herbal medications, also known as botanical medicine, refer to products made from plant extracts, herbs, or botanical substances used for medicinal purposes. Herbal medications are often used in conjunction with acupuncture in traditional Chinese medicine (TCM) to enhance the therapeutic effects of treatment. For instance, in August 2023, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, approximately 4 billion individuals, constituting 80% of the global population, rely on herbal medicine as a component of their healthcare. Further, in the United States, herbal remedies are utilized by 30% of the population annually. Therefore, the rise in popularity of herbal medications is driving the growth of the botanical and acupuncture market.

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The botanicals and acupuncture market covered in this report is segmented –

1) By Intervention: Botanicals, Acupuncture

2) By Application: Prescription, Over The Counter (OTC)

3) By Distribution Method: Direct Sales, E-Sales, Distance Correspondence

Major companies operating in the botanicals and acupuncture market are focusing on drug development, such as TC Cream, to create evidence-based and medically validated products. TC Cream introduces an innovative topical solution for addressing psoriasis in patients. This breakthrough therapy targets multiple autoimmune signaling pathways to provide an effective treatment. For instance, in May 2023, the Psoriasis Research Institute of Guangzhou (PRIG), a China-based wholly-owned research institute of HiST Pharma, secured authorization to initiate a Phase III clinical trial for TC Cream in the United States by obtaining approval for its Investigational New Drug (IND). TC Cream represents a groundbreaking botanical drug, relieving numerous individuals grappling with the distressing effects of psoriasis and standing as the world’s pioneering solution for its treatment.

The botanicals and acupuncture market report table of contents includes: