Acupuncture Market Overview
Acupuncture has seen extensive growth in recent years as more people have invested in the shift to less invasive traditional remedies. As per MRFR, the acupuncture market is estimated to gain an income of USD 24551.6 Mn at a CAGR of 14.50% by 2023.
Acupuncture has been reported to be useful in relieving muscle tension and chronic pain by stimulating blood circulation throughout the body. Acupuncture has displayed superior results in the treatment of PMS, infertility, PCOS, menopause, mental stress, and other hormonal abnormalities that fuel the market’s expansion.
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Segmental Analysis
The segmental assessment of the acupuncture market is conducted based on application, product, and services, end user, and region. By product & services, the acupuncture market consists of services and products. By end-user, the acupuncture market consists of hospitals & specialty clinics, and wellness centers. The acupuncture market consists of gynecological disorders and pain syndrome illnesses by application. The acupuncture market consists of the Americas, Europe, Asia Pacific, Africa, and the Middle East by region.
Detailed Regional Analysis
The regional examination of the acupuncture market consists of the Americas, Europe, Asia-Pacific, Africa, and the Middle East. According to the market’s regional investigation, the European region is projected to control most of the global acupuncture market. The progress is attributable to the intensifying prevalence of long-lasting diseases and the mounting predilection for acupuncture therapy among the European population. Furthermore, stable market rivals contribute substantially to market growth in the region. The expansion of insurance coverage by other private enterprises in countries such as France, Austria, Spain, and others will provide a favorable background for market growth in the European continent. The Asia Pacific region is projected to be the fastest-growing global acupuncture market. The existence of countries such as China, Japan, and Korea which have a strong rate of adoption for acupuncture therapies, is credited with the evolution of the Asia Pacific acupuncture market. Additionally, the flourishing number of companies manufacturing acupuncture products and the prevalence of chronic diseases are powering the market growth in this region.
Competitive Analysis
The upsurge in innovative technologies in the global supply chain is estimated to generate opportunities during the forecast period. The market is projected to witness an improvement in growth cues in the near future. The reclaimed market potential is projected to augment the worldwide market’s progress. The essential policies being developed by government bodies worldwide are thought to have a powerful role in the global advancement of the market. The restructuring of the market’s fundamental operations is expected to impact the market shortly. The market’s production stability is predicted to be variable. Each manufacturer is expected to make microeconomic decisions to ensure long-term business growth and continuity during the forecast timeframe. The COVID-19 pandemic’s drastic changes in the global financial intermediation structure are believed to influence how firms acquire finance in the comparable period. The mindset of hypervigilance in the aftermath of the pandemic is intended to guide market decisions throughout the projected period.
The illustrious contenders in the acupuncture market are Zepter International, Acumedic Limited, MKW Laser System GmbH, 3B Scientific GmbH, Asia-Med Gmbh, Schwa-medico GmbH, Qingdao Great Fortune Co. Ltd, Wuxi Jiajian Medical Instruments Co. Ltd., and SIRIN Corporation.
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Industry Updates:
Dec 2021 According to the findings of a recently published clinical investigation, the effects of acupuncture on symptoms are long-lasting. The National Institutes of Health Chronic Prostatitis Symptom Index (NIH-CPSI), which awards scores for pain, urine function, and quality of life, was used to measure treatment benefits. The males were followed for 24 weeks following the eight weeks of treatment.
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