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(August 09, 2018)
The Global Acupuncture Market valuation is likely to exceed USD 24551.6 million by the end of 2023. The susceptibility of the feminine population to gynecological disorders such as PMS, PCOS, menstrual problems, pregnancy complaints, infertility, menopause, and others is anticipated to fuel the demand for acupuncture market across the Globe.
Pune, India, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Acupuncture Market Overview
The Global Market for Acupuncture is Expected to reach USD 24551.6 million by the end of 2023, as per a latest report by Market Research Future (MRFR). The Acupuncture Industry is projected to expand at 14.50 % CAGR during the forecast period (2018-2023). A form of alternative medicine, acupuncture is effective in treating pain by inserting needles into the skin. Acupuncture is usually used with other modes of treatment.
The ancient practice of acupuncture has been tested against the joint pain associated with early breast cancer treatment. Aromatase inhibitors are generally used to treat hormone-sensitive breast cancer. They produce unpleasant side effects such as stiffness and pain in the joints and arthralgias. It has been noticed that acupuncture might reduce side effects caused by cancer drugs.
Pets too can benefit from acupuncture treatment. Dr. Wittstein of Corvallis has a private veterinary practice where he uses Chinese herbal medicine and acupuncture to treat wide spectrum of ailments in pets.
Some of the key players operating the Global Acupuncture Market are Schwa-medico GmbH, Cymedics GmbH & Co. KG, AcuMedic Ltd., Asia-med GmbH, Zepter International, Wuxi Jiajian Medical Instruments Co. Ltd, MKW Laser System GmbH, SEIRIN Corporation, 3B Scientific GmbH, Qingdao Great Fortune Co. Ltd., and others.
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Acupuncture Therapy Adoption Rate to Rise
In recent times mainstream medical care is not the sole option to tackle modern healthcare issues. Various traditional therapies are also in the scenario. As people are becoming aware of the eccentric therapy, acupuncture is becoming popular in several parts of the world. Acupuncture helps in relieving mental stress, reduce chronic pain, and improve blood circulation in a human body. The susceptibility of the feminine population to gynecological disorders such as PCOS, PMS, menstrual problems, pregnancy complaints, infertility, menopause, and others is anticipated to push the demand for acupuncture market.
Occurrence of chronic diseases such as migraines and fibromyalgia has led to complications like psychological illness, insomnia, and body pain is anticipated to boost the adoption of acupuncture therapy across the globe. For instance, government initiatives like AYUSH ministry Canada and India’s effort to legalize alternative medicinal therapies are expected to fuel the market. With the advent of technologically advanced acupuncture treatment such as electroacupuncture and usage of laser devices owing to the increasing demand for painless treatment is expected to positively impact the market.
Meanwhile, the side effects associated with such therapies such as fatigue, soreness, bruising, muscle twitching, lightheadedness, emotional release, and others coupled with lack of approved clinical support is anticipated to hinder the market growth over the forecast period.
Innovation in Acupuncture Lasers to Boost the Market Growth
The lasers used in acupuncture are known as cold-lasers since they do not generate heat compared to hot lasers used during surgery. The cold lasers decrease pain, helps to regenerate cells, improve circulation, stimulate hair growth, and reduce inflammation. The new laser watch applies laser blood irradiation and laser acupuncture plays a large role.
Global Acupuncture Market Segmentation
The Acupuncture Market is segmented based on end-user, application, product & services, and region.
Services and products are the two segments under products & services discussed. The service sector is segmented into traditional Chinese medicine, moxibustion, scalp acupuncture, Japanese acupuncture, Korean hand acupuncture, cupping, auricular, non-insertion acupuncture, and others. The product segment is further bifurcated into electro-acupuncture device, laser pens, rod lasers, laser needle, needles, suction cups, and others. The service segment is predicted to control the acupuncture market owing to the increasing preference given to the traditional acupuncture therapies.
By mode of application, the market is segmented into psychological disorders, gynecological disorders, pain syndrome illness, and others. Pain syndrome is set to control the maximum market share with 33.5% during the assessment period. The segment is also likely to showcase a CAGR of 14.04% during the forecast period.
Major market end-users include wellness center, hospitals & specialty clinics, and research & academic institutes. Owing to the rising preferences for acupuncture as a mode of alternative medicine along with a high number of wellness center involved in such therapies, the wellness center segment is anticipated to dominate the market over the review period.
Europe to Maintain its Dominance
Geographically, the acupuncture market has been spanned across Europe, Asia Pacific (APAC), America, and the Middle East and Africa (MEA). The region analysis observes that Europe is expected to dominate the market and projected to expand at 13.53 % CAGR during the assessment period. The development of the market is this region is accredited to the increasing preferences for acupuncture therapies and occurrences of chronic diseases. Presence of major market contenders further adds to the growth of the market. The Asia Pacific region is expected to witness a swift growth and is projected to exhibit 15.02 % CAGR during the assessment period. The growth in this region is mainly credited due to the presence of countries such as Japan, Korea, and China with a high adoption rate for acupuncture therapies. Additionally, rising prevalence of chronic diseases and growing number of acupuncture product manufacturing companies are powering the market growth in this region.
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