Acupuncture is a medical practice in which thin needles are placed at specific points in the body. It is a healing process performed by a specialized doctor having in-depth knowledge of pulse diagnosis. The growing prevalence of chronic diseases, secondary lifestyle, gynecological disorders, obesity, and alcohol dependency have led to complications such as insomnia, body pain, and emotional disorders which drive the growth of the global acupuncture market. According to a study published in the Drug and Alcohol Dependence Journal in 2017, more than 100 million adults are living with chronic pain in the Americas. Additionally, factors such as advancements in acupuncture therapy and the growing geriatric population are also promoting the growth of the acupuncture market globally. Moreover, the increasing demand for complementary and alternative medicines and growing funding activities for acupuncture are likely to support the growth of the market during the assessment period.
The global acupuncture market is expected to reach to a market value of USD 55,323.8 million by 2023 from USD 24,551.6 million in 2017 and is expected to register a CAGR of 14.50% during the forecast period from 2018 to 2023. In 2017, the market was led by Europe with a 32.7% share, followed by Asia-Pacific and the Americas with shares of 29.4% and 25.3%, respectively. The market growth of the European region is attributed to the rising acceptance of acupuncture therapy.
The global acupuncture market has been segmented based on product and service, application, end user, and region.
The global acupuncture market, by product and service, has been segmented into services and products.
The global acupuncture market, by application, has been segmented into pain syndrome illness, gynecological disorders, psychological illness, and others.
By end user, the global acupuncture market has been segmented into wellness centers, hospitals and specialty clinics, and research and academic institutes.
Seirin Corporation, Kanson, Zepter International, Cymedics GmbH & Co. KG, schwa-medico GmbH, MKW Lasersystem GmbH, Wuxi Jiajian Medical Instruments Co., Ltd, 3B Scientific GmbH, Asia-med GmbH, Qingdao Great Fortune Co., Ltd, and AcuMedic Ltd.
• To provide a comprehensive analysis of the acupuncture industry and its sub-segments in the global market, thereby providing a detailed structure of the industry
• To provide detailed insights into factors driving and restraining the growth of the global acupuncture market
• To estimate the market size of acupuncture from 2015 to 2023 for different regions. Wherein, 2015 to 2016 would be the historic period, 2017 shall be the base year, and 2018 to 2023 will be the forecast period for the study
• To analyze the global acupuncture market, on the basis of four main geographies, namely, the Americas, Europe, Asia-Pacific, and the Middle East and Africa
• To compare the products with respect to various players in the market
• To provide country-wise market value analysis for various segments of the acupuncture market
• To provide strategic profiling of key companies (manufacturers and distributors) present across the globe, and comprehensively analyze their competitiveness/competitive landscape in this market
• To provide distribution chain analysis/value chain for the acupuncture market
• Medical Device Manufacturers
• Medical Device Suppliers and Distributors
• Government Research Institutes
• Academic Institutes and Universities
• The global acupuncture market is expected to reach USD 55,323.8 million by 2023 from USD 24,551.6 million in 2017 and is expected to register a CAGR of 14.50% during the forecast period from 2018 to 2023
• On the basis of product and service, the services segment accounted for the largest market share and is projected to register a CAGR of 14.26% in 2023
• Based on application, the pain syndrome illness segment accounted for the largest market share and is anticipated to register a CAGR of 14.04% by the year 2023
• Based on end user, the wellness center segment held the largest market share of 44.6% in 2017 and is projected to register a CAGR of 14.32% during the forecast period
• Europe is expected to hold the largest share of the global acupuncture market at a CAGR of 13.53% in 2023
• The Americas is the fastest growing market, which is expected to register a CAGR of 14.94% by 2023
o North America
o Latin America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• Middle East & Africa
o Middle East