Global Botanicals & Acupuncture market accounted for $39.62 billion in 2019 and is expected to reach $190.66 billion by 2027 growing at a CAGR of 21.7% during the forecast period.
The rising popularity of herbal medicines and beneficial strategies adopted for the manufacturing of botanical drugs are the major factors propelling market growth. However, the huge costs and no insurance coverage for acupuncture treatment are hampering the market growth.
Botanicals are medicines that are derived from plants. Acupuncture is a form of substitute medicine and the main component of traditional Chinese medicine (TCM) in which thin needles are inserted into the body.
Based on the distribution channel, the direct sales segment is likely to have a huge demand due to it is mainly preferred by patients inclined towards the certain complementary therapeutic process, especially acupuncture and naturopathy. Ayurveda and naturopathy practitioners have executed different marketing strategies to amplify direct sales between the practitioner and the patient, which results in a big revenue share of direct sales.
By geography, Europe is going to have a lucrative growth due to the successful execution of traditional Chinese and botanical medicines at a commercial level. Furthermore, homeopathy is a more extensively accepted alternative medicine in this region. In Germany, the number of registered homeopathy practitioners has risen in the last decade, which accelerates the revenue generation in the European region.
Some of the key players profiled in the Botanicals & Acupuncture Market include ARC Acupuncture & Physical Therapy, Ayush Ayurvedic Pte Ltd, Chiropuncture, Inc, Columbia Nutritional, Green Cross Corp, Helio USA Inc, Herb Pharm, Herbal Hills, LKK Health Products Group, Modern Acupuncture, NatureKue, Inc, Nordic Nutraceuticals, Pure Encapsulations, Inc, and Sheng Chang Pharmaceutical Company.
What the report offers:
Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers Market data for the years 2018, 2019 2020, 2024, and 2027