The traditional medicine industry continues to make a significant impact on both Australia’s healthcare system and economy, according to a recent KPMG report commissioned by the Australian Acupuncture and Chinese Medicine Association (AACMA).
The report finds the traditional medicine industry contributes between $304.4 million and $328.7 million annually to Australia’s economy, driven largely by acupuncture and herbal treatments.
AACMA President Waveny Holland says the growing demand for traditional therapies reflects a shift towards more holistic approaches to healthcare.
“This report highlights how valuable our industry is, not only in improving health outcomes but also in contributing to Australia’s broader economy,” she said.
There are 4,823 registered practitioners licensed through the Chinese Medicine Board of Australia These practitioners provide a wide range of treatments across the country, ensuring widespread access to natural therapies.
The report finds acupuncture and herbal medicine contribute $740 million in combined social benefits, enhancing individual health and reducing strain on the healthcare system by providing effective complementary care options.
In FY23, Australians spent approximately $703 million on natural therapies, including acupuncture, through both government and private health insurance plans. This reflects the growing recognition of traditional therapies as an integral part of mainstream healthcare.
An estimated 8.2 million acupuncture and natural therapy services were accessed through private health insurance last year, demonstrating these treatments’ widespread use and popularity nationwide.
Ms Holland says the future of traditional medicine in Australia is bright.
“As we continue to develop research, enhance practitioner skills, and better integrate with conventional healthcare, we see vast potential for growth in the years ahead,” she said.
The AACMA is Australia’s leading professional organisation dedicated to Chinese medicine practitioners, including acupuncturists, Chinese herbalists, Chinese herbal dispensers, and traditional remedial massage practitioners.
