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 2032 at a
CAGR 17.10% during forecast period 2023-2032, according to the report.
The
acupuncture market, deeply rooted in Traditional Chinese Medicine (TCM),
continues to witness significant growth and widespread acceptance worldwide. As
an integral component of TCM, acupuncture involves the insertion of thin
needles into specific points on the body to stimulate energy flow and restore
balance. This ancient healing practice has garnered immense popularity not only
in Asia, where it originated, but also in Western countries where it is
increasingly recognized as an effective complementary therapy for various
health conditions. With growing consumer awareness about holistic healthcare
approaches, the acupuncture market is experiencing a surge in demand, fueled by
factors such as rising prevalence of chronic diseases, increasing preference
for non-invasive treatments, and the desire for personalized, holistic
healthcare solutions.
The
incorporation of acupuncture into mainstream healthcare systems and the
integration of TCM principles into modern medical practices further contribute
to the expansion of the acupuncture market. Moreover, ongoing research
endeavors exploring the efficacy of acupuncture in treating a wide array of
ailments, including pain management, mental health disorders, and fertility
issues, are bolstering its credibility and fostering its adoption by healthcare
professionals and patients alike. As the global population continues to seek
alternative and complementary therapies that prioritize overall well-being, the
acupuncture market, deeply rooted in the principles of Traditional Chinese
Medicine, is poised for sustained growth and innovation in the years to
come.Top of Form
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.
Competitive Analysis:
The acupuncture companies include
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.
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.
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