Acupuncture Market is set to Witness a CAGR of 14.50%, Is Set to Reach USD 55, 323.8 Mn By 2023-End, Market Research Future

Market Research Future (MRFR) Conducted an Elaborate Study on the Global Acupuncture Market that predicts the Growth of the market with Top Players during the forecast period of 2019-2023. Covered All the Segments and Sub Segments, Along With Top Industry Players and Geological Region.

Acknowledging the enormous growth, the market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global Acupuncture market is poised to touch an exponential valuation by 2023, registering a phenomenal CAGR throughout the forecast period (2018-2023). In 2017, the size of the market had reached at USD 24551.6 MN.

Acupuncture is a part of traditional Chinese medicine (TCM) and consists of lightly piercing a patient’s body with small needles in order to influence and manipulate the flow of the patient’s life force, or “qi”, an essential concept in TCM.

The needles are placed at strategic spots chosen due to their connection with the overall flow of qi within the patient’s body. The technique of Acupuncture emerged in ancient China, but has gained significant popularity in modern-day U.S. The growth of the New Age movement has considerably helped spread the Acupuncture market in Western regions, where it is now considered a pseudoscience but an established part of the wide spectrum of alternative medicine.

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Acupuncture has been shown to have some effect in pain treatment; however, evidence demonstrating its efficacy in treating other medical conditions and even serious pain resulting from potentially terminal conditions is lacking. Acupuncture is now also being used in gynecological conditions related to menopause or PMS. Most of the clinical effects of Acupuncture are thought to originate from the placebo effect and the overall calming effect of the setting, which may help in pain relief on its own. Nevertheless, the growing demand for alternative medicine in the U.S. has emerged as a significant driver for the global Acupuncture market. On the other hand, the lack of insurance coverage for Acupuncture and relatively expensive per-visit fees could hamper the market’s growth prospects in Western economies over the forecast period.

Segmentation:

The global Acupuncture market is segmented on the basis of component type, application, end user, and region.

By component, the global Acupuncture market is segmented into services and products.

By application, the global Acupuncture market is segmented into pain syndrome illnesses, gynecological disorders, psychological disorders, and others.

By end use, the Acupuncture market is segmented into wellness centers, hospitals and specialty clinics, and research and academic institutes.

Global Acupuncture Market – Regional Analysis

The European region heading with the presence of a large number of players accounts for the dominating market in the global Acupuncture market. The region is expected to exhibit a phenomenal growth prospect throughout the review period.  The increasing number of occurrences of chronic diseases alongside the growing preference for Acupuncture therapies amongst the European population drives the growth of the regional market.

Furthermore, factors such as the escalating insurance coverage in nations like Austria, France, Spain, and others, by other private companies and government support for R&D activities, increase in geriatric population, and the increasing demand for Acupuncture therapies and devices add to the growth in the regional market.  The European Acupuncture market is expected to grow at a CAGR of 13.53 % over the forecast period.

The Acupuncture market in the Asia Pacific region is another lucrative market, globally. The market is primarily led by the growing inclination towards the alternative therapies and major markets in China and India which have emerged as the fastest growing market for Acupuncture devices. Additionally, increasing healthcare expenditures and the prevalence of various common disorders are positively impacting the growth of the regional market.

Global Acupuncture Market – Competitive Analysis

Highly competitive, the Acupuncture market appears to be fragmented due to the presence of several key players who are making substantial investments in R&D activities to bring about innovations in the devices.

Manufacturers of Acupuncture devices try to develop instruments that are user-friendly, convenient and can allow physicians to optimize the pain treatment efficiently, literally, for each patient. Caregivers try to offer uniquely refined treatments using advanced devices with controlled incremental expansion designs.

Industry/Innovation/Related News:

March 15, 2019 ---- Cala Health, Inc. (the US), a Wearable bioelectronics developer and medical technology company pioneering neuro peripheral therapy announced its collaboration with Massachusetts General Hospital to help build out its non-invasive nerve stimulation platform for chronic diseases.

Through the hospital’s intellectual property management arm, Cala has licensed neuromodulation technology developed in the lab of MGH’s Vitaly Napadow. Neuromodulation helps in neural mechanisms related to chronic pain and the brain’s reactions to different forms of stimulation, including Acupuncture. The licensed tech covers both transcutaneous vagus nerve stimulation and respiratory-gated vagal afferent nerve stimulation.

March 27, 2019 ---- Researchers at the Changchun University of Traditional Chinese Medicine (China), published the outcomes of a clinical trial they conducted on the uses of Acupuncture to alleviate test anxiety, a type of performance anxiety. The results demonstrate that Acupuncture reduces pre-examination anxiety and reduces sleep disturbances.

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TABLE 1 MARKET SYNOPSIS 18 

TABLE 2 PRIMARY INTERVIEWS 22 

TABLE 3 GLOBAL ACUPUNCTURE MARKET BY PRODUCT AND SERVICES, 2015-2023 (USD MILLION) 36 

TABLE 4 GLOBAL ACUPUNCTURE MARKET FOR SERVICES, BY REGION, 2015-2023 (USD MILLION) 36 

TABLE 5 GLOBAL ACUPUNCTURE MARKET FOR SERVICES BY TYPE, 2015-2023 (USD MILLION) 37 

TABLE 6 GLOBAL ACUPUNCTURE MARKET FOR PRODUCT, BY REGION, 2015-2023 (USD MILLION) 38 

TABLE 7 GLOBAL ACUPUNCTURE MARKET FOR PRODUCT BY TYPE, 2015-2023 (USD MILLION) 38 

TABLE 8 GLOBAL ACUPUNCTURE MARKET FOR NEEDLES BY TYPE, 2015-2023 (USD MILLION) 39 

TABLE 9 GLOBAL ACUPUNCTURE MARKET BY APPLICATION, 2015-2023 (USD MILLION) 42 

TABLE 10 GLOBAL ACUPUNCTURE MARKET FOR PAIN SYNDROME ILLNESSES, BY REGION, 2015-2023 (USD MILLION) 42 

TABLE 11 GLOBAL ACUPUNCTURE MARKET FOR PAIN SYNDROME ILLNESSES, BY TYPE, 2015-2023 (USD MILLION) 43 

TABLE 12 GLOBAL ACUPUNCTURE MARKET FOR GYNECOLOGICAL DISORDERS, BY REGION, 2015-2023 (USD MILLION) 43 

TABLE 13 GLOBAL ACUPUNCTURE MARKET FOR GYNECOLOGICAL DISORDERS, BY TYPE, 2015-2023 (USD MILLION) 44 

TABLE 14 GLOBAL ACUPUNCTURE MARKET FOR PSYCHOLOGICAL ILLNESSES, BY REGION, 2015-2023 (USD MILLION) 44 

TABLE 15 GLOBAL ACUPUNCTURE MARKET FOR PSYCHOLOGICAL ILLNESSES, BY TYPE, 2015-2023 (USD MILLION) 45 

LOT CONTINUED…!

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This release was published on openPR.