Market overview
Market Research Future (MRFR) has launched a new release on the global acupuncture market. The report provides comprehensive coverage of the market’s growth prospects over the forecast period till 2032, based on a detailed analysis of the market’s key growth drivers and markers derived from the market’s historical growth trajectory. The global acupuncture market size is projected to reach at USD 157.73 billion by 2032 at a CAGR 17.10% during forecast period 2023-2032, according to the report.
The acupuncture market, deeply rooted in Traditional Chinese Medicine (TCM), continues to witness significant growth and widespread acceptance worldwide. As an integral component of TCM, acupuncture involves the insertion of thin needles into specific points on the body to stimulate energy flow and restore balance. This ancient healing practice has garnered immense popularity not only in Asia, where it originated, but also in Western countries where it is increasingly recognized as an effective complementary therapy for various health conditions. With growing consumer awareness about holistic healthcare approaches, the acupuncture market is experiencing a surge in demand, fueled by factors such as rising prevalence of chronic diseases, increasing preference for non-invasive treatments, and the desire for personalized, holistic healthcare solutions.
The incorporation of acupuncture into mainstream healthcare systems and the integration of TCM principles into modern medical practices further contribute to the expansion of the acupuncture market. Moreover, ongoing research endeavors exploring the efficacy of acupuncture in treating a wide array of ailments, including pain management, mental health disorders, and fertility issues, are bolstering its credibility and fostering its adoption by healthcare professionals and patients alike. As the global population continues to seek alternative and complementary therapies that prioritize overall well-being, the acupuncture market, deeply rooted in the principles of Traditional Chinese Medicine, is poised for sustained growth and innovation in the years to come.Top of Form
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.
Competitive Analysis:
The acupuncture companies include Wuxi Jiajian Medical Instruments Co. Ltd., 3B Scientific GmbH, Zepter International, MKW Laser System GmbH, Qingdao Great Fortune Co. Ltd., AcuMedic Ltd., Asia-med GmbH, Cymedics GmbH & Co. KG, SEIRIN Corporation, and Schwa-medico GmbH.
Regional Analysis:
By region, the global acupuncture market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa. The Americas segment is sub-segmented into the U.S., Canada, and South America. Europe is further categorized into Western Europe, containing Germany, France, the UK, Spain, Italy, and the rest of Western Europe, and Eastern Europe. Asia Pacific is further segmented into Japan, China, India, Australia, South Korea, and the rest of Asia Pacific.
Asia Pacific is likely to retain a dominant share in the global acupuncture market over the forecast period due to the preeminent role played by China in the development and conception of acupuncture. The traditional popularity of acupuncture in China has seen the region hold on to the top spot in the global acupuncture market, while countries around China, such as India, Korea, Australia, and Japan have also emerged as key markets for acupuncture services in recent years. The growing popularity of alternative medicine in these countries and the growing healthcare expenditure, thanks to the growing disposable income of consumers in the region, are likely to drive the acupuncture market in the region over the forecast period.
North America is another leading regional market for acupuncture products and services thanks to the growing influence of the New Age movement, which has led to increasing resistance to conventional Western medicine and increasing acceptance of other, less invasive, and supposedly more effective forms of alternative medicine. The increasing healthcare expenses in the U.S. are also likely to remain a key driver for the acupuncture market, though the lack of insurance coverage could hinder the market from going mainstream.
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