Acupuncture Market Analysis
The global acupuncture market is predicted to touch USD 55,323.8 million at a 14.50% CAGR during the forecast period (2018-2023), as per the new Market Research Future (MRFR) report. Acupunctures, simply put, is a complementary medical practice which entails stimulating specific points on a body, often penetrating the skin through a needle for alleviating pain or treating different health conditions.
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It has proven to be useful to address various health conditions such weight loss, tinnitus, stress and anxiety, sinus congestion, sciatica, nausea, migraine, insomnia, depression, chronic pain (neck pain, back pain, and headaches), arthritis, anxiety, and more. This procedure is also used for combating addictions such as alcoholism and smoking. Resting on the condition that is treated, the number of needles and insertion points will vary from person to person.
Various factors are propelling the acupuncture market growth. These factors, as per the new MRFR report, include growing prevalence of gynecological disorders including infertility, menopause, pregnancy complaints, PCOS, and PMS, chronic pain disorders, increasing incidence of chronic diseases especially migraine and fibromyalgia, and growing demand for painless and non-invasive acupuncture. Additional factors pushing market growth include growing health complications among the elderly such as emotional disorders, body pain, and sleep disturbances, mounting geriatric population, intensifying demand for complementary and alternative medicine, and funding from new entrants and market contenders.
Acupuncture Market Segmentation
The MRFR report offers an all-inclusive segmental analysis of the acupuncture market report on the basis of product & services, end user, and application.
Based on services, the acupuncture market is segmented into cupping, non-insertion acupuncture, moxibustion, scalp acupuncture, Korean hand acupuncture, auricular, traditional Chinese medicine, Japanese acupuncture, and others. Based on products, the acupuncture market is segmented into electro-acupuncture device, laser pens, laser needle, rod lasers, needles, suction cups, and others. The needles segment is further segmented into traditional needles and modern needles. Of these, service segment will have the largest share in the market over the forecast period owing to the rising preference for traditional acupuncture therapies.
Based on application, the acupuncture market is segmented into psychological illnesses, pain syndrome illnesses, gynecological disorders, and others. Of these, pain syndrome illnesses will dominate the market during the forecast period. It is anticipated to grow at a 14.04% CAGR.
Based on end user, the acupuncture market is segmented into research and academic institutes, wellness center, and hospitals and specialty clinics. Of these, the wellness center will lead the market over the forecast period.
Acupuncture Market Regional Analysis
By region, the acupuncture market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, North America, and the Middle East and Africa. Of these, Europe will dominate the market during the forecast period. It is anticipated to grow at a 13.53% CAGR. Factors aiding growth in the region include increasing preference for acupuncture and the growing incidence of chronic diseases. Moreover, the presence of key market contenders and escalating insurance coverage, especially in Spain, Austria, and France are also adding to the growth of the market in the region.
The acupuncture market in the APAC region will grow at the fastest pace over the forecast period. It is predicted to grow at a 15.02% CAGR. China, Korea, and Japan are the chief contributors in the region. Factors aiding growth in the region include high adoption of acupuncture therapies, rising incidence of chronic diseases, and the growing number of companies making acupuncture products.
The acupuncture market in North America will have a healthy growth while that in the MEA will have a steady growth during the forecast period.
Acupuncture Market Analyzed Bty Top Key Players
Leading players profiled in the acupuncture market report include AcuMedic Ltd, Qingdao Great Fortune Co. Ltd, Asia med GmbH, SEIRIN Corporation, 3B Scientific GmbH, Kanson, Cymedics GmbH & Co. KG, Wuxi Jiajian Medical Instruments Co., Ltd, MKW Lasersystem GmbH, Schwa-medico GmbH, and Zepter International.
September 2019: A new Chinese Acupuncture textbook has recently made its debut in the United States. It includes treatment techniques for common diseases for modern people.
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