Acupuncture Market Highlights
The global acupuncture market is predicted to touch USD 55,323.8 million at a 14.50% CAGR during the forecast period (2018-2023), as per the new Market Research Future (MRFR) report. Acupunctures, simply put, is a complementary medical practice which entails stimulating specific points on a body, often penetrating the skin through a needle for alleviating pain or treating different health conditions.
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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.
Acupuncture has been shown to have some effect in pain treatment; however, evidence demonstrating its efficacy in treating other medical conditions and even serious pain resulting from potentially terminal conditions is lacking. Acupuncture is now also being used in gynecological conditions related to menopause or PMS. Most of the clinical effects of acupuncture are thought to originate from the placebo effect and the overall calming effect of the setting, which may help in pain relief on its own. Nevertheless, the growing demand for alternative medicine in the U.S. has emerged as a significant driver for the global acupuncture market. On the other hand, the lack of insurance coverage for acupuncture and relatively expensive per-visit fees could hamper the market’s growth prospects in Western economies over the forecast period.
Acupuncture Market Analyzed by Competitive Analysis:
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.
- AcuMedic Ltd.
- Asia-med GmbH
- Cymedics GmbH & Co. KG
- SEIRIN Corporation
- Schwa-medico GmbH.
Acupuncture Market Segmentation:
The global acupuncture market is segmented on the basis of component type, application, end user, and region.
By component, the global acupuncture market is segmented into services and products.
By application, the global acupuncture market is segmented into pain syndrome illnesses, gynecological disorders, psychological disorders, and others.
By end use, the acupuncture market is segmented into wellness centers, hospitals and specialty clinics, and research and academic institutes.
Acupuncture Market Regional Analysis
By region, the acupuncture market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, North America, and the Middle East and Africa. Of these, Europe will dominate the market during the forecast period. It is anticipated to grow at a 13.53% CAGR. Factors aiding growth in the region include increasing preference for acupuncture and the growing incidence of chronic diseases. Moreover, the presence of key market contenders and escalating insurance coverage, especially in Spain, Austria, and France are also adding to the growth of the market in the region.
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