Market overview
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 2032, 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 size is projected to reach at USD
157.73 billion by 2030 at a CAGR 17.10% during forecast period 2023-2032,
according to the report.
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.
Competitive Analysis:
Global Acupuncture
Market Players are Wuxi Jiajian Medical Instruments Co. Ltd., 3B Scientific
GmbH, Zepter International, MKW Laser System GmbH, Qingdao Great Fortune Co.
Ltd., AcuMedic Ltd., Asia-med GmbH, Cymedics GmbH & Co. KG, SEIRIN
Corporation, and Schwa-medico GmbH.
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.
Regional Analysis:
By region, the
global acupuncture
market insights 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.
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