Acupuncture therapy is an alternative therapy which includes insertion of thin needles at strategic body points by trained professionals and works on the principle of balancing the flow of life energy in the body to treat disease and manage stress for a healthy living. The therapy is gaining acclamation owing to the myriad benefits it offers. Acupuncture helps to release comorbid discomforts. It treats pain associated with chemotherapy in cancer treatment, bone problems like osteoporosis, respiratory issues, migraine, fibromyalgia, and others which are mostly observed incidents in the rising geriatric population.
The growing prevalence of gynaecological disorders like menstrual issues, premenstrual syndrome (PMS), polycystic ovary syndrome (PCOS), pregnancy complications, menopausal related issues, dysmenorrhea, and infertility are influencing people to opt acupuncture therapy as a treatment for releasing pain induced by such problems.
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Furthermore, the capability of the acupuncture therapy to treat psychological illness and insomnia, disorders which are observed in majority of the world population owing to the modern lifestyle, is anticipated to amplify the acupuncture market growth, globally. Acupuncture therapy is a painless therapy as the needles penetrating only the skin are extremely thin. The escalating demand for such non-invasive therapy among people is expected to spur the global acupuncture market growth.
Market Research Future (MRFR) predicts that the global acupuncture market is expected to grow with a CAGR of 14.50% in the upcoming years 2017-2023 and shoot up to valuation USD 55323.8 Mn by 2023.
Global Acupuncture Market: Competitive Landscape
MRFR in its report has profiled some of the key players operating in the Global market for Acupuncture, which include:
- Zepter International
- schwa-medico GmbH
- MKW Lasersystem GmbH
- Wuxi Jiajian Medical Instruments Co. Ltd
- Cymedics GmbH & Co. KG
- 3B Scientific GmbH and more.
Global Acupuncture Market: Segmental Analysis
MRFR conducted a segmental analysis on the Acupuncture Market based on application, end user, product & services.
Based on product & services the acupuncture market is segmented into services and products. The service segment is further divided into Japanese acupuncture, traditional Chinese medicine, auricular, Korean hand acupuncture, scalp acupuncture, moxibustion, non-insertion acupuncture, cupping, and others. The traditional acupuncture therapy is predicted to be the key driver of the service segment of the acupuncture market. The product segment is classified into suction cups, needles, rod lasers, laser needle, and laser pens, electro-acupuncture device, and others. The needles segment is sub-segmented into modern needles and traditional needles.
Based on application, the market is segmented into gynaecological disorders, pain syndrome illnesses, psychological illnesses, and others. The pain syndrome illnesses segment holds the market share of 33.5% and is likely to grow with a CAGR of 14.04% during the forecast period 2017-2023.
Based on end user, the acupuncture market is segmented into hospitals & speciality clinics, wellness center, and research & academic institutes. The wellness center market segment owing to the rise in number of wellness centers is expected to gain traction for revenue generation for the acupuncture market.
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Global Acupuncture Market: Regional Analysis
The European region is expected to hold the prime position in the global acupuncture market during the upcoming years. The regional market is expected to grow with a CAGR of 13.5% during the assessment period, asserts MRFR.
Intensifying instances of chronic disease is persuading people to opt for painless alternative therapies is boosting the European regional market growth.
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 acupuncture products and the rising prevalence of chronic diseases are expected to impel the acupuncture market growth in the region. Emerging economies like Korea, China and Japan in the Asia Pacific region has high adoption rate for acupuncture owing to increase in the number of companies manufacturing acupuncture products is anticipated to fuel the market growth in the APAC.
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