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Acupuncture Market in North American and Europe 2023 - Japanese Acupuncture, Korean Hand Acupuncture,Traditional Chinese Medicine, Auricular Acupuncture, Scalp Acupuncture, Non-Insertion Acupuncture Cupping and Moxibustion

10-16-2018 08:54 AM CET | Fashion, Lifestyle, Trends

Press release from: Market Research Future

Acupuncture Market

Acupuncture Market

The global acupuncture market is anticipated to display a notable CAGR of 14.50% during the forecast period of 2018 to 2023. With the rapid growth in occurrences of chronic diseases and other health concerns as a result of sedentary lifestyles and unhealthy habits, the market for acupuncture has grown. Valued at USD 24,551.6 Mn in 2017, the global market for acupuncture is poised to grow to reach an approximate evaluation of USD 55, 323.8 Mn.

An increase in complications such as insomnia, psychological illnesses, and chronic body pain has resulted from a growing prevalence of chronic diseases, migraines, and fibromyalgia. Chronic pain has been highly prevalent in developed countries. For instance, According to the Drug & Alcohol Dependence journal in 2017, more than a 100 million American adults were affected by chronic pain, thus increasing the demand for acupuncture to relieve pain. Additionally, the prevalence of gynecological problems such as PMS, menstrual issues, PCOS, and others have increased the demand for acupuncture therapy. Acupuncture therapy is associated with numerous benefits in the treatment of gynecological disorders and chronic pain. Advancements in acupuncture have led to the emergence of painless and non-invasive technology which is technically advanced such as laser devices, and electro-acupuncture. Moreover, many market-leading players are engaged in the development and manufacture of such devices to add to their portfolio and further the growth of the global acupuncture market.

Traditional acupuncture therapy utilizes thin needles, which are inserted to stimulate specific acupuncture points in an effort to normalize body dysfunctions. However, the use of the thin-needles has been associated with side effects such as itching, dull aches, bruising, fatigue, soreness, and lightheadedness. The occurrence of these side effects can differ in severity and number. Other side effects include nausea, fainting spells, and headaches. Majority of these side effects are temporary, and the use of non-invasive techniques and technology have mitigated the problem to some extent. However, fear or unease regarding needles is prominent, and thus challenges market growth. Meanwhile, use of complementary or alternative medicine has grown rapidly in the recent years. As a result, acupuncture therapy has received improved funding, thus providing the market with ample room for expansion. For instance, The 2016 Vermont Legislature appropriated 200,000 USD to fund a pilot study to assess acupuncture as an adjunct therapy for the treatment of chronic pain in the Vermont Medicaid population.

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.

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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.

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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Leading Market Players:

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

Major TOC of Acupuncture Market Research Report- Global Forecast till 2023

1 Introduction
2 Research Methodology
3 Market Dynamics
4 Market Factor Analysis
5 Global Acupuncture Market, By Product
6 Global Acupuncture Market, By Service
7 Global Acupuncture, By Application
8 Global Acupuncture, By End-user
9 Global Acupuncture, By Region
10 Competitive Landscape
11 Company Profile
12 MRFR Conclusion

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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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