Acupuncture Market – Highlights
Global Acupuncture Market is expected to Expand at a CAGR of 14.50 percent while earning revenues worth USD 55323.8 million in the duration of the forecast period from 2018 to 2023. Acupuncture is an alternative medicine approach which uses needles that are inserted into the skin at acupuncture points to treat several diseases. Acupuncture has notably emerged from China as a component of their health care system.
Acupuncture is a part of traditional Chinese medicine (TCM) and consists of lightly piercing a patient’s body with small needles in order to influence and manipulate the flow of the patient’s life force, or “qi”, an essential concept in TCM. The needles are placed at strategic spots chosen due to their connection with the overall flow of qi within the patient’s body. The technique of acupuncture emerged in ancient China, but has gained significant popularity in modern-day U.S. The growth of the New Age movement has considerably helped spread the acupuncture market in Western regions, where it is now considered a pseudoscience but an established part of the wide spectrum of alternative medicine.
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The overall working of acupuncture is based on the foundation that there are patterns of energy flow, Qi, through the body which are important for health, and acupuncture corrects the imbalances of flow at identifiable points close to the skin.
The market growth is fuelled by factors such as the growing incidence of gynecological disorders such as menstrual issues, PMS, PCOS, pregnancy complaints, menopause, infertility, and chronic pain disorders which are encouraging the development of the acupuncture market globally.
Additionally, the rising occurrence of chronic diseases such as fibromyalgia and migraines which lead to health complications such as insomnia, body pain, and psychological illness will boost the progress of the acupuncture market globally. The escalating demand for non-invasive and painless acupuncture has led to an increase in the level of advancements in acupuncture therapy.
The advent of technically advanced acupuncture treatments such as the usage of laser devices and electro acupuncture is projected to improve the development of the acupuncture market internationally for the duration of the forecast period. Moreover, many notable competitors are getting involved in the development and manufacturing of laser and electro acupuncture devices.
Increasing health complications in the elderly population such as sleep disturbances, body pain, and emotional disorders have also powered the development of the market. The mounting geriatric population worldwide is anticipated to influence the acupuncture market in the forecast period. The intensifying demand for alternative and complementary medicine like acupuncture has enhanced the funding scenario for the market which can be a vast opportunity for the expansion of the market through the forecast period. The funding from market contenders and new entrants in the market is likely to add to the market’s growth in the forecast period.
Leading players in the global acupuncture market include Wuxi Jiajian Medical Instruments Co. Ltd., 3B Scientific GmbH, Zepter International, MKW Laser System GmbH, Qingdao Great Fortune Co. Ltd., AcuMedic Ltd., Asia-med GmbH, Cymedics GmbH & Co. KG, SEIRIN Corporation, and Schwa-medico GmbH.
The acupuncture market is segmented on the basis of application, end user, product & services. The segmentation of the market on the basis of product & services comprises of services and products. The service segment is further segmented into Japanese acupuncture, traditional Chinese medicine, auricular, Korean hand acupuncture, and scalp acupuncture, moxibustion, non-insertion acupuncture, cupping, and others. The product segment is additionally segmented into suction cups, needles, rod lasers, laser needle, and laser pens, electro-acupuncture device, and others.
The needles are additionally sub segmented into modern needles and traditional needles. The service segment controls the acupuncture market by product & services due to the growing preference given to traditional acupuncture therapies. By application, the market is segmented into gynecological disorders, pain syndrome illnesses, psychological illnesses, and others. Pain syndrome illnesses controls the major market share of 33.5 percent over the forecast period, and it is also projected to develop at a CAGR of 14.04 percent through the forecast period.
The end user segment of the market is segmented into hospitals & specialty clinics, wellness center, and research & academic institutes. Wellness Centre will possibly control the global acupuncture market due to a huge number of wellness center involved in acupuncture therapies and the rising preference for acupuncture as alternative medicine.
The regional analysis of the market observes that the European region is expected to control the prime market share in the acupuncture market globally and is projected to develop at a CAGR of 13.53 percent during the forecast period. The market development is accredited to the intensifying occurrences of chronic diseases and growing preference for acupuncture therapies amongst the European population. Furthermore, the existence of major market contenders significantly adds to the market growth in the region. Additionally, the escalating insurance coverage in nations like France, Austria, Spain, and others, by other private companies will offer a promising backdrop for the market growth in the European region.
The Asia Pacific region is likely to be the most swiftly increasing region in the acupuncture market globally and is anticipated to develop at a CAGR of 15.02 percent for the duration of the assessment period. The growth of the Asia Pacific acupuncture market is credited to the existence of nations such as Korea, China, and Japan which has a high adoption rate for acupuncture therapies. Additionally, the growing number of companies manufacturing the acupuncture products and the rising prevalence of chronic diseases is powering the market growth in this region.
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