LONDON, April 03, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Botanicals And Acupuncture Global Market Report 2024, the botanicals and acupuncture market has experienced exponential growth in recent years, with the market size reaching $75.88 billion in 2023 and projected to surge to $92.36 billion in 2024 at a compound annual growth rate (CAGR) of 21.7%. This growth can be attributed to several factors including the rise in natural therapies, increased orthocases, a growing aging population, improved diagnostics, and heightened awareness.
Anticipated Surge in Market Size
The botanicals and acupuncture market is poised for further expansion, expected to reach $197.08 billion by 2028, with a CAGR of 20.9%. This surge is forecasted due to the growing surgical volume, expansion of ambulatory surgical centers, rise in sports injuries, and increased rates of accidents. Notable trends in the forecast period include the 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, and integration of botanicals and acupuncture in wellness tourism.
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E-commerce Revolutionizing Market Dynamics
The increase in e-commerce penetration is expected to drive the growth of the botanicals and acupuncture market. E-commerce facilitates the exchange of products and services via electronic networks such as the internet, transforming the accessibility and engagement with botanicals and acupuncture. For instance, according to the International Trade Administration, e-commerce sales in the UK are projected to expand at an average yearly pace of 12.6% by 2025, indicating substantial growth potential for the botanical and acupuncture market.
Key Players and Innovations
Major companies operating in the botanicals and acupuncture market include Archer Daniels Midland Company, International Flavors & Fragrances Inc., Nu Skin Enterprises Inc., and others. These companies are focusing on drug development to create evidence-based and medically validated products. For instance, TC Cream, an innovative topical solution for psoriasis treatment, represents a breakthrough therapy targeting multiple autoimmune signaling pathways. Additionally, strategic acquisitions such as Fuerst Day Lawson Ltd.'s acquisition of Quest Ingredients Ltd. aim to enhance product portfolios and innovative capabilities in botanical-formulated solutions.
Regional Insights
Europe dominated the botanicals and acupuncture market in 2023, while Asia-Pacific is anticipated to be the fastest-growing region in the forecast period.
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Market Segmentation
The botanicals and acupuncture market is segmented by intervention (botanicals, acupuncture), application (prescription, over the counter), and distribution method (direct sales, e-sales, distance correspondence).
In conclusion, the botanicals and acupuncture market is witnessing remarkable growth driven by various factors and innovations, with e-commerce playing a significant role in reshaping market dynamics. With continued advancements and strategic initiatives by key players, the market is poised for further expansion, offering numerous opportunities for stakeholders across the globe.
Botanicals And Acupuncture Global Market Report 2024 by The Business Research Company provides insights on the botanicals and acupuncture market size, botanicals and acupuncture market segments, botanicals and acupuncture market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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