Acupuncture Market Analysis by Services (Needle Acupuncture, and Electro-Acupuncture); by End Users (Hospitals, Wellness Centers, and Others); and by Application (Pain Syndrome Illness, Gynaecological Disorders, and Others)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Acupuncture Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global acupuncture market is estimated to garner a revenue of approximately USD 55.0 billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 27.0 billion in the year 2021. This can be attributed to the increase in the burden of chronic pain worldwide.  As per the Centers for Disease Control and Prevention, 20.4 percent of adults in 2019 suffer from chronic pain. In addition, 7.4 percent of adults in the United States have chronic pain, which limits their work activities frequently.

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Acupuncture is a tested component of Traditional Chinese Medicinal (TCM) treatment in which thin needles are impaled at specific points in the body to relieve pain and other ailments. There are several benefits associated with acupuncture, such as relief from acute pain, easing depression symptoms, and targeting numerous health concerns at once as compared to modern pharmaceutical drugs. Moreover, in spite of a few side effects in the form of infections, allergic reactions, and bruising, acupuncture has been increasingly adopted by patients for providing long-term benefits. For instance, as per the data provided by the ITC Trade Map, there has been a rising trend in the import value of acupuncture needles by Taipei in China, from a value of USD 2,172 thousand in 2017 to USD 3,258 thousand in 2021.

Global Acupuncture Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Government Support for Traditional Medicine– Acupuncture is a healing technique of Traditional Chinese Medicine for providing relief from pain and cures disease, owing to which it is getting support from the government in the form of investment. According to the data published by the World Health Organization in 2022, the global knowledge center for traditional medicine received an investment of USD 250 million from the Government of India to harness the potential of traditional medicine.

• High Prevalence of Chronic Diseases – Populations across the globe are suffering from acute pain owing to the high prevalence of chronic diseases. Therefore, acupuncture technique will be used to provide relief to patients from chronic diseases. According to the National Library of Medicine, nearly one in three adults globally suffer from multiple chronic conditions.

• Rising Adverse Effects of Pharmaceutical Drugs– The rising adverse effects of pharmaceutical drugs among the people are growing the market for traditional medicine such as acupuncture, which is projected to surge the growth of the global acupuncture market. Approximately 6.7 percent of hospitalized patients experience serious adverse drug reactions, accounting for 2216000 serious ADR cases in hospitalized patients, resulting in 106,000 deaths every year as per the U.S Food & Drug Administration.

• Increasing Incidence of Suicides Across the Globe- Acupuncture is applied in the treatment of mental disorders, considering the fact that it eases depression symptoms. Therefore, it is anticipated to drive the growth of the global acupuncture market. More than 7,00000 people die each year owing to suicide and considered the fourth leading cause of death among 15-19 years old

Challenges

• Lack of Scientific Evidence to Support the Acupuncture Treatment

• Need for a Proper Sterilization Process to Prevent Infections

• Lack of Skilled Professionals to Perform Acupuncture

The global acupuncture market is segmented and analyzed for demand and supply by end users into hospitals, wellness centers, and others, out of which, the hospitals' segment is estimated to hold the largest share of the market with a steady CAGR over the forecast period owing to advancements in hospital infrastructure and a rise in the availability of bed in hospitals.  For instance, according to the Organization for Economic Co-Operation and Development (OECD), the number of beds available in hospitals in the United States and Canada grew from 894574 and 93715 in the year 2016 to 919559 and 94748 in the year 2019.

Global Acupuncture Market Regional Synopsis

Regionally, the global acupuncture market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031. This can be attributed to the rise in chronic diseases, which has led to an awareness of acupuncture therapy among the populace and an increasing number of people indulging in unhealthy and sedentary lifestyles. According to the National Library of Medicine, approximately 45 percent of the total population in the U.S suffer from at least one chronic disease. In addition, a surge in the availability of hospitals is anticipated to drive the growth of the market in the region. According to the American Hospital Association, the number of all U.S hospitals has increased to 6,093 in 2020.

The acupuncture market in the Asia Pacific region is also expected to witness a moderate growth owing to the development of their healthcare infrastructure, the establishment of acupuncture therapy centers, and an increase in the number of patients seeking acupuncture treatment for chronic diseases.

Market Segmentation

Our in-depth analysis of the global acupuncture market includes the following segments:

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Key Companies Dominating the Global Acupuncture Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global acupuncture market that are included in our report are Aerin Medical Inc., APEX MEDICAL CORP. (Skylight), AcuMedic Ltd., Asia-med GmbH, Cymedics GmbH & Co. KG, DongBang AcuPrime, Dongguan Southstar Electronics LTD., Ito Co., Ltd., Wuxi Jiajian Medical Instrument Co., Ltd., Zepter International, and others.

Global Acupuncture Market: Latest Developments

• March, 2020: Aerin Medical Inc., announced that the RhinAerTM Procedure, an innovative non-surgical treatment for chronic rhinitis, has received FDA clearance and will be available in the United States.

• January, 2021: Skylight announced the acquisition of APEX MEDICAL CORP. (Skylight) for USD 2.5 million in Colorado. Moreover, the acquisition will strengthen the operations of the company in the state.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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