Top 10 Acupuncture Market Scope, Players Size and Shares Forecasts till 2023

Market Synopsis:

Mainstream medical care is not the only option sought for to tackle modern day health issues, various traditional therapies are also in the frame. Despite the limited evidence of the success ratio, traditional therapies remain in high demand worldwide. In 2017, the global market size for acupuncture stood at USD 24551.6 Mn. Acupuncture therapies have become popular in various parts of the world, as people become more aware about the eccentric therapy. Acupuncture is a highly complex procedure and continues to be propagated by many. Proponents of the therapy suggest it helps in reducing chronic pain, relieving mental stress and improve blood circulation. The therapy is also being used by patients with gynecological disorders such as PMS, menstrual issues, PCOS, pregnancy complaints, menopause, and infertility. However, side-effects associated with acupuncture treatment and lack of approved clinical support are hindering its market opportunities to an extent.

Report Coverage:

Value, Market Share, Player Analysis, value chain analysis, porter’s five forces model, demand & supply: gap analysis, investment opportunities analysis, pricing analysis, technological trends, country level break down for type, material, and design

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Top Companies in the Market

Wuxi Jiajian Medical Instruments Co., Ltd, Schwa-medico GmbH, 3B Scientific GmbH, SEIRIN Corporation, Zepter International, Cymedics GmbH & Co. KG, MKW Laser system GmbH, asia-med GmbH, Qingdao Great Fortune Co., Ltd., AcuMedic Ltd.

Regional Analysis

Europe presently holds the largest share of the global acupuncture market owing to the prevalence of chronic diseases and the increasing preference among the European population for acupuncture therapies. Approximately 80,000 physician practice acupuncture in Europe and the presence of several prominent market players in the region is expected to contribute to market growth. Moreover, improving insurance coverage in countries such as Austria, France, and Spain among others, is likely to facilitate growth for the regional market. The European region is expected to grow at a CAGR of 13.53% during the forecast period.

The Asia-Pacific is anticipated to be the fastest growing region in the global acupuncture and is expected to experience a CAGR of 15.02% during the review period. The regions rapid growth is attributed to the presence of countries such as China, Korea, and Japan which have a high adoption rate of such therapies due to acupuncture originating from this region. The prevalence of chronic diseases has affected the region and increased the demand for acupuncture in the region. Additionally, the region has several prominent market-leading players who drive growth.

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Market Segmentation:

The global acupuncture market is segmented on the basis of product & services, application, end-user, and region. By products & services, the market is segmented into services and products. Services are further sub-segmented into traditional Chinese medicine, Japanese acupuncture, Korean hand acupuncture, auricular and scalp acupuncture, non-insertion acupuncture, moxibustion, cupping, and others. The product segment is further segmented to include needles, suction cups, laser needle, rod lasers and laser pens, electro-acupuncture device, and others. Further sub-segmentation is included in the report. The services segment is the most significant segment with the highest CAGR of 14.26% during the forecast period due to the increasing preference that is being given to alternative therapies, particularly acupuncture.

By application, the market is segmented into pain syndrome illnesses, gynecological disorders, psychological illnesses, and others. Pain-syndrome illness accounts for a third of the total market and is expected to witness a CAGR of 14.04% during the forecast period. The increasing occurrences of arthritis, fibromyalgia, migraine and other pain-related diseases has increased the demand for pain-relieving therapy. Acupuncture is a popularly preferred treatment option which has contributed significantly to the growth of this segment.

By end-user, the market is segmented into wellness center, hospitals & specialty clinics, and research & academic institutes. The wellness center segment is the largest segment due to a large number of wellness centers which offer acupuncture therapies and the growing foot traffic these centers receive as acupuncture therapy and alternative therapies become high in demand.

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