The Global Acupuncture Market is accruing rapidly mainly due to the augmenting demand for non-invasive therapies. The spreading awareness towards acupuncture and its benefits have led to an increase in the demand and the in the level of advancements in acupuncture therapy. These technical advancements such as the advent of laser devices and electroacupuncture are escalating the market on the global platform.
Acknowledging the enormous growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global Acupuncture market is poised to touch an exponential valuation by 2023, registering a phenomenal CAGR throughout the forecast period (2018-2023). In 2017, the size of the market had reached at USD 24551.6 MN.
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Additionally, factors such as the increasing number of geriatric populaces who are prone to diseases such as joint or bone pain, arthritis, epilepsy, nerve damage, and depression, owing to low immunity levels or gene alteration. Moreover, the increasing prevalence of various chronic diseases & disorders, injuries, and others foster the growth of the market.
On the other hand, factors such as the lack of approved clinical support alongside the side-effects associated with acupuncture treatment are impeding the growth of the market. Nevertheless, factors such as the technological advancements expected to get transpired in the field will support the growth of the market, bringing about new acupuncture devices and refining the existing ones further.
Major Players:
Key players leading the global Acupuncture market include Schwa-medico GmbH, Wuxi Jiajian Medical Instruments Co., Ltd, 3B Scientific GmbH, Zepter International, SEIRIN Corporation, Cymedics GmbH & Co. KG, Asia-med GmbH, MKW Laser system GmbH, Qingdao Great Fortune Co., Ltd., and AcuMedic Ltd. among others.
Acupuncture Market – Segments
For ease of understanding, the market is segmented into four key dynamics: –
By Product & Services : Services (Traditional Chinese Medicine, Japanese Acupuncture, Korean Hand Acupuncture, Auricular & Scalp Acupuncture, Non-Insertion Acupuncture, Moxibustion, and others) and Products (Cupping & Needles, Suction Cups, Laser Needle, Rod Lasers, Laser Pens, Electro-Acupuncture Devices, and others.).
By Application: Pain Syndrome Illnesses and Gynecological Disorders among others.
By End-user : Wellness Center and Hospitals & Specialty Clinics among others.
By Regions: North America, Asia Pacific, Europe, and the Rest-of-the-World.
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Global Acupuncture Market – Regional Analysis
The European region heading with the presence of a large number of players accounts for the dominating market in the global Acupuncture market. The region is expected to exhibit a phenomenal growth prospect throughout the review period. The increasing number of occurrences of chronic diseases alongside the growing preference for acupuncture therapies amongst the European population drives the growth of the regional market.
Furthermore, factors such as the escalating insurance coverage in nations like Austria, France, Spain, and others, by other private companies and government support for R&D activities, increase in geriatric population, and the increasing demand for Acupuncture therapies and devices add to the growth in the regional market. The European acupuncture market is expected to grow at a CAGR of 13.53 % over the forecast period.
The Acupuncture market in the Asia Pacific region is another lucrative market, globally. The market is primarily led by the growing inclination towards the alternative therapies and major markets in China and India which have emerged as the fastest growing market for acupuncture devices. Additionally, increasing healthcare expenditures and the prevalence of various common disorders are positively impacting the growth of the regional market.
Global Acupuncture Market – Competitive Analysis
Highly competitive, the Acupuncture market appears to be fragmented due to the presence of several key players who are making substantial investments in R&D activities to bring about innovations in the devices.
Manufacturers of acupuncture devices try to develop instruments that are user-friendly, convenient and can allow physicians to optimize the pain treatment efficiently, literally, for each patient. Caregivers try to offer uniquely refined treatments using advanced devices with controlled incremental expansion designs.
Industry/Innovation/Related News:
March 15, 2019 —- Cala Health, Inc. (the US), a Wearable bioelectronics developer and medical technology company pioneering neuro peripheral therapy announced its collaboration with Massachusetts General Hospital to help build out its non-invasive nerve stimulation platform for chronic diseases.
Through the hospital’s intellectual property management arm, Cala has licensed neuromodulation technology developed in the lab of MGH’s Vitaly Napadow. Neuromodulation helps in neural mechanisms related to chronic pain and the brain’s reactions to different forms of stimulation, including acupuncture. The licensed tech covers both transcutaneous vagus nerve stimulation and respiratory-gated vagal afferent nerve stimulation.
March 27, 2019 —- Researchers at the Changchun University of Traditional Chinese Medicine (China), published the outcomes of a clinical trial they conducted on the uses of acupuncture to alleviate test anxiety, a type of performance anxiety. The results demonstrate that acupuncture reduces pre-examination anxiety and reduces sleep disturbances.
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