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 2023, 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 was valued at USD 24,551.6 mn in 2017, according to the report.
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Acupuncture is a part of traditional Chinese medicine (TCM) and consists of lightly piercing a patient’s body with small needles in order to influence and manipulate the flow of the patient’s life force, or “qi”, an essential concept in TCM. The needles are placed at strategic spots chosen due to their connection with the overall flow of qi within the patient’s body. The technique of acupuncture emerged in ancient China, but has gained significant popularity in modern-day U.S. The growth of the New Age movement has considerably helped spread the acupuncture market in Western regions, where it is now considered a pseudoscience but an established part of the wide spectrum of alternative medicine.
Acupuncture has been shown to have some effect in pain treatment; however, evidence demonstrating its efficacy in treating other medical conditions and even serious pain resulting from potentially terminal conditions is lacking. Acupuncture is now also being used in gynecological conditions related to menopause or PMS. Most of the clinical effects of acupuncture are thought to originate from the placebo effect and the overall calming effect of the setting, which may help in pain relief on its own. Nevertheless, the growing demand for alternative medicine in the U.S. has emerged as a significant driver for the global acupuncture market. On the other hand, the lack of insurance coverage for acupuncture and relatively expensive per-visit fees could hamper the market’s growth prospects in Western economies over the forecast period.
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.
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.
Competitive Analysis:
Leading players in the global acupuncture market 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.
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This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the botanicals & acupuncture market include Modern Acupuncture, Chiropuncture, Inc., ARC Acupuncture & Physical Therapy, Green Cross Corp., NatureKue, Inc., Columbia Nutritional, Herb Pharm, Herbal Hills, Pure Encapsulations, LLC, Ayush Ayurveda, Sheng Chang Pharmaceutical Company.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Botanicals & Acupuncture Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/botanicals-and-acupuncture-market/download-sampleMarket DynamicsGlobal botanicals and the acupuncture market promises potential growth in the coming years.
Botanicals held two shares of the market.
Botanicals and acupuncture promise a potential cure for cancer, and COVID-19 which is projected to bring a bunch of new opportunities for market growth.
However, a lack of public awareness and resistance from the medical associations hinder the growth of the market.
Market Insights:As per the report published by Market Research Future (MRFR), the global acupuncture market is anticipated to garner a notable CAGR of 14.50% over the assessment period of 2018 to 2023 and earn revenues worth USD 55323.8 million by 2023.The alternative medicine approach in which thin needles are inserted into the skin at strategic points of the body with the sole intention of pain management is termed acupuncture therapy.
Gynecological disorders like PCOS, dysmenorrhea, and pregnancy cause pain.
The non-invasive feature of acupuncture therapy is aiding in gaining popularity among people.
Industry News:In May 2019, Ashley Piderman and Christy Berger, two registered acupuncturists, launched Community Acupuncture in Vernon, that operates weekly.
The acupuncture market study has been segmented into application, end-user, and product and services.On the basis of application, the acupuncture market study has been segmented into pain syndrome illnesses, psychological illnesses, gynecological disorders, and others.
The product segment is further narrowed down to rod lasers, laser needle, needles, and laser pens, suction cups, electro-acupuncture device, and others.
