Acupuncture- Market Scope
Acupuncture is a traditional Chinese medicine. It is a non-pharmacological treatment option for multiple different diseases and symptoms. The acupuncture technique involves inserting thin, sterilized needles into specific points on the body. Instead of needles, other forms of stimulation are sometimes used, including heating, acupressure, cupping, friction, etc. Acupuncture is used for a wide range of conditions, such as back pain, nausea, allergies, menstrual cramps, headaches, etc. Acupuncture is a safe and effective treatment for a variety of conditions. Acupuncture may help alleviate symptoms of anxiety and depression, promoting relaxation and emotional well-being. Acupuncture is increasingly being integrated into the mainstream healthcare system.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Empecs medical device co., Ltd (Korea), Wuxi jiajian medical instruments co., Ltd (China), Asia med GmbH (Germany), Cloud and Dragon (China), Seirin (Japan), Suzhou hualun medical appliances co., Ltd (China), BMJ publishing group Ltd (United Kingdom), Morden acupuncture (United States), Schwa medico GmbH (Germany), MKW lasersystem GmbH (Germany), 3B scientific (Germany), Boen healthcare co., Ltd (China) and Dana co., Ltd (United States) |
CAGR | 15.7% |
"According to AMA, the Global Acupuncture- market is expected to see growth rate of 15.7% and may see market size of USD40563.0 Million by 2028."Competition among existing players is due to the stiff market share occupied by leading players. The companies are implementing strategic activities such as acquisition and mergers along with collaboration with companies in other industries to help them in improving sustenance and maintaining their competitive advantages.
Empecs medical device co., Ltd (Korea), Wuxi jiajian medical instruments co., Ltd (China), Asia med GmbH (Germany), Cloud and Dragon (China), Seirin (Japan), Suzhou hualun medical appliances co., Ltd (China), BMJ publishing group Ltd (United Kingdom), Morden acupuncture (United States), Schwa medico GmbH (Germany), MKW lasersystem GmbH (Germany), 3B scientific (Germany), Boen healthcare co., Ltd (China) and Dana co., Ltd (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Shinylink (China), Dongbang acupuncture Inc (South Korea), Zepter International (Switzerland), ACA Acupuncture and Wellness (United States) and Acumedic Limited (China).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Acupuncture- market by Type and Region with country level break-up.
On the basis of geography, the market of Acupuncture- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In May 2023, The World Health Organization (WHO) and the International Council of Traditional Chinese Medicine (ICTCM) signed a Memorandum of Understanding (MoU). This MoU aims to promote the integration of traditional Chinese medicine, including acupuncture, into healthcare systems worldwide.
In may 2023, reps Judy chu and Brian Fitzpatrick has launched the acupuncture for senior act. Acupuncture for Our Seniors Act would increase access to acupuncture in healthcare system by ensuring that licensed acupuncturists can participate as providers in Medicare so that seniors have this effective treatment option available to them.
Influencing Trend:
Increased use of heat based, photo based and electro acupuncture.
Market Growth Drivers:
Growing acceptance of alternatives and complementary medicine. and Increasing focus on preventative and holistic wellness.
Challenges:
Lack of standardization and regulatory hurdles and Misconception and negative stereo types abouts acupuncture.
Restraints:
Lack of consistent reimbursement policies for acupuncture procedures. and Lack of public awareness
Opportunities:
Increasing research and clinical trials for acupuncture treatment. and Increasing educational programs or workshops to train healthcare professional in acupuncture techniques.
Key Target Audience
Supplier, Manufacturer, Research organization, Government Regulatory, End-User Industries and Others