Global demand for acupuncture is expected to grow significantly owing to the growing prevalence of chronic diseases, rapidly changing lifestyles, and rising health complications among the geriatric population. Moreover, no severe side effects, reduced dependency on medication, and minimal invasive procedures are responsible for the increasing adoption of acupuncture therapies. Currently, acupuncture services are provided at 73% of National Cancer Institute (NCI), Comprehensive Cancer Centres in the U.S., and more than 1,300 physician acupuncturists are present in North America.
Persistence Market Research predicts that the global acupuncture market would exhibit 16% CAGR during the forecast period (2019-2029).
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Key Takeaways of Acupuncture Market Study
- For application of acupuncture, musculoskeletal conditions along with fatigue and CNS conditions are expected to gain traction during the forecast period.
- Increasing adoption of traditional Chinese acupuncture therapy in North America and Europe is expected to contribute to significant dominance of these regions during the forecast period.
- Needle acupuncture is expected to hold more than 45% share in the global acupuncture market.
- Electroacupuncture is expected to gain significant traction and experience 5X growth in the global acupuncture market by the end of 2029.
- Leading service providing companies in the acupuncture market space are collaborating with small acupuncture service providers, hospitals, and wellness centers to strengthen their market position.
- Rising adoption of acupuncture therapy with alternate treatment modality and increasing clinical evidence of effectiveness in East Asia are expected to offer significant opportunities for market growth.
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“Preference for electropuncture technique over conventional needle acupuncture is expected grow significantly, owing to minimum side effects and increased patient comfort by reducing risks such as bleeding, soreness, or bruising at the site of needle insertion.” says a PMR analyst.
Musculoskeletal Conditions Dominating Acupuncture Market
Prevalence of musculoskeletal conditions such as chronic pain, cancer pain, osteoarthritis, and others are growing rapidly. In this category back pain, neck pain, and cancer-associated symptoms are becoming less effective by current medication treatments. Acupuncture treatment is becoming preferred alternative therapy for musculoskeletal pain owing to clinical effectiveness and less side effect treatment option. For instance, the global chronic pain prevalence among adults varied between 11% and 20% and chronic pain prevalence indicates that an estimated 1 in 5 U. S. adults had chronic pain in 2016. In addition, ~45% of acupuncture visits in the U.S. are reported to treat musculoskeletal pain.
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What Does the Acupuncture Market Study Cover?
Persistence Market Research offers a unique perspective and actionable insights on acupuncture therapy in its latest study, presenting historical demand assessment from 2014–2018 and projections from 2019–2029 on the basis of service type (needle acupuncture, electroacupuncture, auricular acupuncture, moxibustion, cupping, and others), application (musculoskeletal conditions, fatigue and CNS conditions, respiratory conditions, digestive conditions, and others), and end user (hospitals, clinics, and wellness centers), across seven key regions.