Acupuncture Market Overview
The global acupuncture market size is likely to touch USD 55323.8 million at a 14.50% CAGR between 2018-2023, as per the latest Market Research Future (MRFR) report. Acupuncture is an effective alternative medicine that helps to treat pain through the insertion of needles into the skin. It is usually used with other forms of treatment. Acupuncture is widely used for treating paralysis, speech disorders, insomnia, menstrual cramps, nausea, post-operative pain, joint conditions, and more.
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Numerous factors are adding to the global acupuncture needle market growth. These factors, according to the recent MRFR report, include demand for non-invasive & painless treatment, rising prevalence of migraine & fibromyalgia, increasing incidence of various gynecological disorders, namely menopause, PCOS, infertility, chronic pain disorders, PMS, and pregnancy complaints. Besides, growing demand for alternative & complementary medicine, funding from market contenders & new entrants, and increasing health complications, especially among the elderly population such as sleep disturbances, emotional disorders, rising geriatric population, and body pain, are also adding to the global acupuncture market growth.
Acupuncture Market Segmentation
The global acupuncture market is segmented based on end user, product and services, and application.
By services, the market is segmented into traditional Chinese medicine, scalp acupuncture, Japanese acupuncture, Korean hand acupuncture, cupping, auricular, non-insertion acupuncture, and others. By product, the market is segmented into laser pens, rod lasers, suction pumps, laser needle, needles, and electro-acupuncture device. Of these, services will lead the market over the forecast period for the burgeoning demand for traditional acupuncture therapies.
By application, the acupuncture market is segmented into pain syndrome illness, psychological illness, gynecological disorders, and others. Of these, the pain syndrome illness market will have a major share in the market during the forecast period. It is likely to develop at a 14.04% CAGR.
By end user, the market is segmented into wellness center, research and academic institutes, and hospitals & specialty clinics. Among these, the wellness center segment will dominate the market over the forecast period for the increasing use of acupuncture as alternative medicine.
Regional Analysis
By region, the global acupuncture market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, Europe will spearhead the market during the forecast period for the rising prevalence of chronic diseases, increasing use of acupuncture, favorable insurance coverage, and the presence of major market players. Spain, France, and Austria are the leading contributors in the region. The global acupuncture market in this region is predicted to grow at a 13.53% CAGR.
The global acupuncture market in the Asia Pacific region will have significant growth over the forecast period. Factors adding to the acupuncture market growth include the rising adoption of acupuncture therapies, increasing incidence of chronic disease, and the development of advanced acupuncture products. Korea, Japan, and China are the major contributors in the region. This region is predicted to grow at a 15.02% CAGR.
Key Players
Eminent players profiled in the global acupuncture market report include Qingdao Great Fortune Co. Ltd, AcuMedic Ltd, Asia med GmbH, 3B Scientific GmbH, SEIRIN Corporation, Kanson, Cymedics GmbH & Co. KG, Ltd, MKW Lasersystem GmbH, schwa-medico GmbH, Wuxi Jiajian Medical Instruments Co., and Zepter International. Industry players have adopted strategies such as partnerships, acquisitions, and product innovations to create a niche in the market.
Industry News
March 2020: NJ Acupuncture Center is offering HydraFacial, a 30-minute, three-step facial that is ideal for every skin type. It does three things which a healthy skin need- cleanses, hydrates, and extracts. The HydraFacial will treat wrinkles, fine lines, and brown spots and also improve texture, elasticity and firmness, cleanse oily and congested skin, and minimize pores.
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