Acupuncture Market Research Report: By Product & Services (Services, Product), Application (Pain Syndrome Illnesses, Gynecological Disorders, Others), by End-User (Wellness Center, Hospitals & Specialty Clinics, Others) – Global Forecast 2027
|ID: VPR/HC/1062||Publishing Year: January 2022||Pages: 89||Format:|
Acupuncture Market Overview:
The Acupuncture Market is projected to grow from USD 35.4 Billion in 2020 to reach USD 98.1Billion by 2027; it is expected to grow at a CAGR of 15.67% from 2020 to 2027.
The bulk of chronic diseases, such as pain, mental illness, and cancer-related symptoms, are caused by rapidly changing lifestyles and an ageing global population. The worldwide healthcare system is becoming increasingly concerned about the expanding unresolved chronic disease epidemic, leading to the acceptance of alternative therapies such as Acupuncture and traditional herbs.
Traditional Chinese Medicines (TCM) is a subset of complementary and alternative medicine that includes acupuncture, the most well-known and clinically effective TCM treatment for chronic disorders. Traditional herbs and Tui Na massage treatments are examples of TCM.
- Wuxi Jiajian Medical Instruments Co., Ltd,
- Schwa-medico GmbH,
- 3B Scientific GmbH,
- SEIRIN Corporation,
- Zepter International,
- Cymedics GmbH & Co. KG,
- MKW Laser system GmbH,
- Asia-Med GmbH,
- Qingdao Great Fortune Co., Ltd.,
- AcuMedic Ltd.
People nowadays have adopted a very unhealthy lifestyle as a result of changes in the type of employment and working hours, which is the primary cause of all health problems. Back difficulties, headaches, insomnia, bodily pain, alcoholism, obesity, and women's menstrual troubles are all common side effects of a disrupted routine. When paired with other forms of exercise such as yoga, running, walking, and meditation, acupuncture has proved to have positive and long-term impacts in dealing with all of these issues. As a result, the Global Acupuncture Needle Market has grown significantly, resulting in significant financial gains.
Acupuncture has been shown to be beneficial, but it takes a lot of time, patience, and treatment at regular intervals to see long-term results. If a patient does not receive Acupuncture on a regular basis, it may cause discomfort, infection owing to needle reuse without sufficient sterilisation, bleeding of pores where needles are put, itching, and other side effects in humans. Healthcare insurance companies do not cover the cost of Acupuncture because it is not considered a medical innovation. Many patients do not attend regular follow-ups due to the expensive cost of Acupuncture Therapy.
The market is divided into four categories: service type, application, end user, and geography. Needle acupuncture, electroacupuncture, auricular Acupuncture, moxibustion, cupping, and other services make up the service type sector. Musculoskeletal conditions, tiredness and CNS conditions, respiratory conditions, digestive conditions, and other conditions make up the application section. Due to a rapidly growing population suffering from stress-related disorders as a result of a sedentary lifestyle and irregular working hours, the musculoskeletal ailment sector is expected to hold the biggest acupuncture market share. Hospitals, clinics, and wellness centres make up the end user category. Because of developments in hospital infrastructure and an increase in the number of multispecialty hospitals, the hospitals category is expected to lead the market.
Because of people's increased acceptance of alternative medical treatments and the rising occurrence of chronic illnesses in the region, North America is currently the market leader for acupuncture. In 2016, 20.4 percent of Americans suffered chronic pain for various reasons, and this number is expected to climb given the predominance of sedentary lifestyles. Because allopathic medicine has few options for treating these cases, the acupuncture industry should benefit.
Since November of this year, the global prevalence of COVID-19 has slowed the global economy, socially, and politically. In terms of personnel, local business, corporates, and so on, we've experienced a setback. To restrict the infection in limited areas, the entire world was put on lockdown. Travel and communication were completely halted due to the virus's terror, as well as the fact that the virus's effect and cure were unknown to mankind. COVID-19 symptoms such as nausea, vomiting, sleeplessness, dyspnea, and other respiratory difficulties have been helped by acupuncture. Several clinical trials were undertaken last year to assess the efficacy of Acupuncture Therapy and reach a conclusion. During the COVID-19 period, the exponential curve for Acupuncture Market Growth Is at its highest point.
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