Global Acupuncture Market Highlights
Market Research Future (MRFR) has launched a new release on the global acupuncture market. The report provides comprehensive coverage of the market’s growth prospects over the forecast period till 2023, based on a detailed analysis of the market’s key growth drivers and markers derived from the market’s historical growth trajectory. The global acupuncture market was valued at USD 24,551.6 mn in 2017, according to the report.
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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.
Segmentation:
Global Acupuncture Market Segmentation
The Acupuncture Market is segmented based on end-user, application, product & services, and region.
Services and products are the two segments under products & services discussed. The service sector is segmented into traditional Chinese medicine, moxibustion, scalp acupuncture, Japanese acupuncture, Korean hand acupuncture, cupping, auricular, non-insertion acupuncture, and others. The product segment is further bifurcated into electro-acupuncture device, laser pens, rod lasers, laser needle, needles, suction cups, and others. The service segment is predicted to control the acupuncture market owing to the increasing preference given to the traditional acupuncture therapies.
By mode of application, the market is segmented into psychological disorders, gynecological disorders, pain syndrome illness, and others. Pain syndrome is set to control the maximum market share with 33.5% during the assessment period. The segment is also likely to showcase a CAGR of 14.04% during the forecast period.
Major market end-users include wellness center, hospitals & specialty clinics, and research & academic institutes. Owing to the rising preferences for acupuncture as a mode of alternative medicine along with a high number of wellness center involved in such therapies, the wellness center segment is anticipated to dominate the market over the review period.
Regional Analysis:
By region, the global acupuncture market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas segment is sub-segmented into the U.S., Canada, and South America. Europe is further categorized into Western Europe, containing Germany, France, the UK, Spain, Italy, and the rest of Western Europe, and Eastern Europe. Asia Pacific is further segmented into Japan, China, India, Australia, South Korea, and the rest of Asia Pacific.
Asia Pacific is likely to retain a dominant share in the global acupuncture market over the forecast period due to the preeminent role played by China in the development and conception of acupuncture. The traditional popularity of acupuncture in China has seen the region hold on to the top spot in the global acupuncture market, while countries around China, such as India, Korea, Australia, and Japan have also emerged as key markets for acupuncture services in recent years. The growing popularity of alternative medicine in these countries and the growing healthcare expenditure, thanks to the growing disposable income of consumers in the region, are likely to drive the acupuncture market in the region over the forecast period.
North America is another leading regional market for acupuncture products and services thanks to the growing influence of the New Age movement, which has led to increasing resistance to conventional Western medicine and increasing acceptance of other, less invasive, and supposedly more effective forms of alternative medicine. The increasing healthcare expenses in the U.S. are also likely to remain a key driver for the acupuncture market, though the lack of insurance coverage could hinder the market from going mainstream.
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.
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