Acupuncture Market expected to reach USD 24551.6 Mn By 2027 at CAGR of 14.60%
Research Reports
Jan 19, 2022
MRFR (Market Research Future) believes that the acupuncture market size should surpass USD 24551.6 Mn by 2027. Market Research Future also expects the market to soar at rate of 14.60?tween 2020 and 2027 (appraisal period).
Top Boosters and Deterrents
Accelerated cases of chronic diseases like obesity, diabetes, and various autoimmune diseases on account of antimicrobial resistance, prevalence of sedentary and unhealthy lifestyles, smoking, and alcohol consumption are cited as key factors pushing the market growth. The National Diabetes Statistic Report suggests that in 2018, over 100.0 million Americans were diabetic or prediabetic. Additionally, the WHO revealed that in 2018, close to 2.6 million lives were claimed by diabetes. This surging number needs urgent attention, and acupuncture is emerging as one of the most effective treatments. It not only relieves but also treats the pain resulting from chronic disorders. Plus, chances of adverse side-effects are relatively lesser than most other treatments, which also adds to its demand among patients and healthcare professionals alike.
Surge in hypertension cases is also fostering the need for effective treatment options like acupuncture. The WHO reported in 2019 that close to 2.13 billion people globally had hypertension. Diabetes is known for being a major reason for hypertension, which affects more than 1 billion people worldwide. Long term diabetes leads to leg ulcers and can be extremely painful. These cases require acupuncture treatment for pain reduction and bring down the suffering level among patients. The therapy also reduces hypertension by providing mental relief, which helps boost its demand and subsequent adds to the market worth.
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Market Segmentation
The acupuncture industry can be divided with respect to product & services, application, and end user.
Depending on product & services, the market caters to services as well as products. The services are traditional Chinese medicine, Japanese acupuncture, cupping, Korean hand acupuncture, scalp acupuncture, auricular, non-insertion acupuncture, moxibustion, and others.
The major applications of acupuncture are psychological illnesses, pain syndrome illnesses, gynecological disorders, and others. Pain syndrome illnesses command the highest share in the global market, which comes to 33.5 percent while it is projected to thrive at a rate of 14.04 percent in the years ahead.
The key end users of acupuncture are wellness center, research & academic institutes, and hospitals & specialty clinics. Wellness Centre can possibly take the lead in the acupuncture industry since most of them specialize in extensive acupuncture therapies and are increasingly being preferred by patients worldwide.
Regional Study
The acupuncture industry has been regionally considered for Europe, MEA or Middle East, the Americas along with APAC/Asia Pacific.
America stands as the market leader, as the region houses a huge population of people leading an unhealthy and sedentary lifestyle while obesity affecting over 80% of the total population. Plus, more than 20% of the total population suffers from chronic diseases, which has thrown light on the importance of acupuncture therapy among the consumers. The American market’s position is further cemented by the efforts given by the acupuncture device manufacturers and the rapid surge in the number of hospital and clinical trials. The escalation in hypertension and diabetes in the US and Canada also facilitates market expansion in the region.
The APAC market for acupuncture has been scaling the growth graph at a stunning pace, backed by the advances in the healthcare infrastructure. Mounting number of acupuncture therapy centers and more and more people actively seeking treatment for chronic pain and other health conditions could also add to the market value. Surging interest of international companies in setting up business in Asia Pacific should also ensure better prospects in the ensuing years.
Top Companies
The key contenders active in the worldwide market for acupuncture include MKW Laser System GmbH, Acumedic Limited, Qingdao Great Fortune Co. Ltd, Asia-Med Gmbh, Wuxi Jiajian Medical Instruments Co. Ltd., Zepter International, SIRIN Corporation, 3B Scientific GmbH, Schwa-medico GmbH, to name a few.
Major firms are working on commercializing the acupuncture treatment all over the world, by shedding light on its benefits and striving to spread awareness among people. Other strategical moves made by the players are partnerships, agreements, and acquisitions, to bolster their business and reach out to more consumers.
To cite a reference, in January 2021, Flint, a Michigan-based Forum Health acquired Healing Arts Center, which is an alternative medicine practice located in Valparaiso. Healing Arts Center offers an extensive line of alternative services including acupuncture, massage, reflexology, naturopathy, hypnotherapy, chiropractic, and more. The Center is known for treating conditions like Parkinson’s, dementia, Lyme disease, autism, ADD, depression, allergies, and anxiety, while also aiding patients in achieving weight loss goals.
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