Acupuncture is an alternative medicine approach which uses needles that are inserted into the skin at acupuncture points to treat several diseases. Acupuncture has notably emerged from China as a component of their health care system. The overall working of acupuncture is based on the foundation that there are patterns of energy flow, Qi, through the body which are important for health, and acupuncture corrects the imbalances of flow at identifiable points close to the skin. The Acupuncture Market is expected to expand with a CAGR of 14.50 percent while earning revenues worth USD 55323.8 million in the duration of the forecast period from 2018 to 2023.
The market growth is fuelled by factors such as the growing incidence of gynecological disorders such as menstrual issues, PMS, PCOS, pregnancy complaints, menopause, infertility, and chronic pain disorders which are encouraging the development of the acupuncture market globally. Additionally, the rising occurrence of chronic diseases such as fibromyalgia and migraines which lead to health complications such as insomnia, body pain, and psychological illness will boost the progress of the acupuncture market globally. The escalating demand for non-invasive and painless acupuncture has led to an increase in the level of advancements in acupuncture therapy. The advent of technically advanced acupuncture treatments such as the usage of laser devices and electro acupuncture is projected to improve the development of the acupuncture market internationally for the duration of the forecast period. Moreover, many notable competitors are getting involved in the development and manufacturing of laser and electro acupuncture devices.
Increasing health complications in the elderly population such as sleep disturbances, body pain, and emotional disorders have also powered the development of the market. The mounting geriatric population worldwide is anticipated to influence the acupuncture market in the forecast period. The intensifying demand for alternative and complementary medicine like acupuncture has enhanced the funding scenario for the market which can be a vast opportunity for the expansion of the market through the forecast period. The funding from market contenders and new entrants in the market is likely to add to the market’s growth in the forecast period.
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Segmental Analysis
The acupuncture market is segmented on the basis of application, end user, product & services. The segmentation of the market on the basis of product & services comprises of services and products. The service segment is further segmented into Japanese acupuncture, traditional Chinese medicine, auricular, Korean hand acupuncture, and scalp acupuncture, moxibustion, non-insertion acupuncture, cupping, and others. The product segment is additionally segmented into suction cups, needles, rod lasers, laser needle, and laser pens, electro-acupuncture device, and others. The needles are additionally sub segmented into modern needles and traditional needles. The service segment controls the acupuncture market by product & services due to the growing preference given to traditional acupuncture therapies. By application, the market is segmented into gynecological disorders, pain syndrome illnesses, psychological illnesses, and others. Pain syndrome illnesses controls the major market share of 33.5 percent over the forecast period, and it is also projected to develop at a CAGR of 14.04 percent through the forecast period. The end user segment of the market is segmented into hospitals & specialty clinics, wellness center, and research & academic institutes. Wellness Centre will possibly control the global acupuncture market due to a huge number of wellness center involved in acupuncture therapies and the rising preference for acupuncture as alternative medicine.
Detailed Regional Analysis
The regional analysis of the market observes that the European region is expected to control the prime market share in the acupuncture market globally and is projected to develop at a CAGR of 13.53 percent during the forecast period. The market development is accredited to the intensifying occurrences of chronic diseases and growing preference for acupuncture therapies amongst the European population. Furthermore, the existence of major market contenders significantly adds to the market growth in the region. Additionally, the escalating insurance coverage in nations like France, Austria, Spain, and others, by other private companies will offer a promising backdrop for the market growth in the European region.
The Asia Pacific region is likely to be the most swiftly increasing region in the acupuncture market globally and is anticipated to develop at a CAGR of 15.02 percent for the duration of the assessment period. The growth of the Asia Pacific acupuncture market is credited to the existence of nations such as Korea, China, and Japan which has a high adoption rate for acupuncture therapies. Additionally, the growing number of companies manufacturing the acupuncture products and the rising prevalence of chronic diseases is powering the market growth in this region.
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Competitive Analysis
Several competitors are functioning in the acupuncture market globally. Many organizations, particularly in the European and Asia Pacific regions, have their manufacturing units, while some organizations are also involved in import from other regions. As the Asia Pacific is one of the most rapidly rising markets, firms are grasping the chances that are available and are keenly expanding their units in this region. However, the acupuncture market is presently controlled by a few players. The major competitors outlined in the report comprises of Zepter International, schwa-medico GmbH, MKW Lasersystem GmbH, Wuxi Jiajian Medical Instruments Co., Ltd, Cymedics GmbH & Co. KG, 3B Scientific GmbH, Kanson, SEIRIN Corporation, Asia med GmbH, Qingdao Great Fortune Co. Ltd, and AcuMedic Ltd.
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