Global Acupuncture Market is poised to touch an exponential valuation by 2023, registering a phenomenal CAGR throughout the forecast period (2018-2023). In 2017, the size of the market had reached at USD 24551.6 MN.
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.
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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.
Global Acupuncture Market: Competitive Landscape
MRFR in its report has profiled some of the key players operating in the global market for Acupuncture, which include:
- Wuxi Jiajian Medical Instruments Co. Ltd
- Schwa-medico GmbH
- 3B Scientific GmbH
- SEIRIN Corporation
- Zepter International
- Cymedics GmbH & Co. KG
- MKW Laser system GmbH and more.
Global Acupuncture Market: Segmental Analysis
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.
Global Acupuncture Market: Regional Analysis
The European region heading with the presence of a large number of players accounts for the dominating market in the global Acupuncture market. The region is expected to exhibit a phenomenal growth prospect throughout the review period. The increasing number of occurrences of chronic diseases alongside the growing preference for Acupuncture therapies amongst the European population drives the growth of the regional market.
Furthermore, factors such as the escalating insurance coverage in nations like Austria, France, Spain, and others, by other private companies and government support for R&D activities, increase in geriatric population, and the increasing demand for Acupuncture therapies and devices add to the growth in the regional market. The European Acupuncture Market is expected to grow at a CAGR of 13.53 % over the forecast period.
The Acupuncture market in the Asia Pacific region is another lucrative market, globally. The market is primarily led by the growing inclination towards the alternative therapies and major markets in China and India which have emerged as the fastest growing market for Acupuncture devices. Additionally, increasing healthcare expenditures and the prevalence of various common disorders are positively impacting the growth of the regional market.
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