Acupuncture Market to Grow to USD 55323.8 Million Valuation by 2023
Global Acupuncture Market Research Report: By Product & Services (Services, Product), Application (Pain Syndrome Illnesses, Gynecological Disorders, Others), by End-User (Wellness Center, Hospitals & Specialty Clinics, Others) – Global Forecast Till 2027
As per the report published by Market Research Future (MRFR), the global acupuncture market is anticipated to garner a notable CAGR of 14.50% over the assessment period of 2018 to 2023 and earn revenues worth USD 55323.8 million by 2023.
The alternative medicine approach in which thin needles are inserted into the skin at strategic points of the body with the sole intention of pain management is termed acupuncture therapy. Gynecological disorders like PCOS, dysmenorrhea, and pregnancy cause pain. The rise in population suffering from such disorders is augmenting the adoption of acupuncture therapy. Moreover, the increase in number of patients suffering from fibromyalgia and migraines are boosting the number of people opting for acupuncture therapy.
The increase in other health ailments like insomnia and psychological discomfort are expected to widen the consumer base for acupuncture. The non-invasive feature of acupuncture therapy is aiding in gaining popularity among people. Technical advancements are urging implementation of laser devices and electro-acupuncture in the therapy, thereby making it more convenient for patients. The rise in geriatric population another cause contributing to the widespread applications of acupuncture therapy. MRFR identifies these factors as market driver that are anticipated to impel the acupuncture market growth over the evaluation period.
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Cymedics GmbH & Co. KG, Ltd, Schwa-medico GmbH, 3B Scientific GmbH, SEIRIN Corporation, Zepter International, Qingdao Great Fortune Co., Ltd., AcuMedic Ltd, asia-med GmbH, Wuxi Jiajian Medical Instruments Co., MKW Laser system GmbH are companies operating in the acupuncture market.
In May 2019, Ashley Piderman and Christy Berger, two registered acupuncturists, launched Community Acupuncture in Vernon, that operates weekly.
The acupuncture market’s segmental analysis provides a compendious understanding of the market that allows identification of new growth windows. The acupuncture market study has been segmented into application, end-user, and product and services.
On the basis of application, the acupuncture market study has been segmented into pain syndrome illnesses, psychological illnesses, gynecological disorders, and others. The pain syndrome illnesses segment envisaged to register a CAGR 14.04% and capture 33.5% of the global acupuncture market share, over the forecast period.
On the basis of end-user, the acupuncture market study has been segmented into hospitals and speciality clinics, research and academic institutes, and wellness centers. The increase in number of wellness centers owing to the increase in adoption of acupuncture as an effective alternative medicine, the wellness centers segment is likely to boost the market growth.
On the basis of product and services, the acupuncture market study has been segmented into products and services. The product segment is further narrowed down to rod lasers, laser needle, needles, and laser pens, suction cups, electro-acupuncture device, and others. Traditional and modern needles are classified under the needle segment. The service segment has been divided into non-insertion acupuncture, cupping, traditional Chinese medicine, auricular, Japanese acupuncture, moxibustion, scalp acupuncture, Korean hand acupuncture, and others. Due to the increase in preference of alternative medicine like acupuncture therapies, the product and service segment is expected to drive the global acupuncture market growth in the upcoming years.
The regional study of the acupuncture market gives essential information about the demographic progress of the market. Based on the region, the acupuncture market study has been segmented into South America, North America, Europe, Asia Pacific, and the Middle East Asia.
MRFR identified that Europe is expected to secure the prime position in the acupuncture market, grow with a 13.53% CAGR over the forecast period. Factors like the increase in number of patients suffering from chronic diseases among the European population, the rise in adoption of acupuncture therapies, the existence of influential market players, and an upsurge in insurance coverage are likely to impel the acupuncture market growth in the forthcoming years.
The acupuncture market in the Asia Pacific region is estimated to attain a CAGR of 15.02%, hence exhibit a rapid growth over the forecast period. The rise in prevalence of chronic disorders, the increase in adoption of acupuncture therapies, the upsurge in acupuncture product manufacturers, and presence of emerging economies, in APAC, are factors accounted for the spur in the regional acupuncture market growth.
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