In short, acupuncture is a traditional Chinese medical methodology with the use of needles. The treatment process helps to lower pain and relieve some health issues. There are certain points in the skin on the patient’s body where the acupuncture specialist inserts needles.
According to acupuncture experts, the very technique helps to align the energy of the patient body towards the way of healing. Nowadays, more and more people worldwide are showing interest, attention, and curiosity to acupuncture. Therefore, the demand for this treatment is advancing at a faster rate.
Acupuncture: The Current Market Scenario
- The Acupuncture Market worldwide is anticipated to reach USD 55,323.8 million at a 14.50% CAGR (Compound Annual Growth Rate) throughout the forecast period from 2018 to 2023.
- Acupuncture is a popular complementary medical treatment to work on certain points of the body. The technique helps to treat numerous health disorders, such as depression, weight loss, sciatica, anxiety, nausea, tinnitus, migraine, stress & anxiety, arthritis, sinus congestion, and so on.
- Furthermore, acupuncture also helps to address various types of chronic pain, such as headaches, back pain, and neck pain.
- Acupuncture is also used to address problems like smoking and alcoholism. The count of needles and insertion points on the body depends on the undergoing health condition. Moreover, these aspects are different for different patients.
Driving Forces of the Global Acupuncture Market
- Multiple factors are there to boost the growth of the global acupuncture market, including increasing cases of various gynecological problems, including pregnancy issues, chronic pain disorders, PMS, PCOS, and so on.
- The escalating prevalence of chronic diseases, such as fibromyalgia and migraine is also boosting the global acupuncture market.
- Nowadays, the demand for non-invasive and painless acupuncture has significantly increased. Hence, it is further growing the global acupuncture market.
- Other driving factors for the market growth include escalating health disorders in senior citizens, including sleep issues, emotional problems, and body aches.
- Furthermore, increasing demand for an alternative as well as complementary medicine is also boosting the acupuncture market.
- Investments of new market players and competitors are further fueling the worldwide acupuncture market.
Acupuncture: About Market Segmentation
- The global market segmentation of acupuncture is based on the application, end-user, product & services.
- In terms of services, the market is divided into many segments, such as traditional Chinese medicine, scalp acupuncture, cupping, Korean hand acupuncture, Japanese acupuncture, non-insertion acupuncture, auricular, and so on.
- When it comes to products, the global acupuncture market is classified into laser pens, needles, electro-acupuncture devices, laser needles, suction cups, rod lasers, and so on.
- Between services and products, the service segment has the highest contribution in the acupuncture market throughout the forecast period. It has been possible due to the escalating demand for conventional acupuncture therapies.
- When it is about the application, the market is segregated into pain syndrome illnesses, psychological illnesses, gynecological ailments, and so on. Among them, “pain syndrome illnesses” is going to have the largest market share throughout the forecast period at an anticipated CAGR of 14.04%.
- In terms of end-user, the market is divided into a wellness center, research & academic institutes, specialty clinics, and hospitals.