Increasing Geriatric Population Boost The Market Size of Acupuncture By $16.83 bn
The global acupuncture market size is estimated to grow by USD 16.83 billion from 2023-2027, according to Technavio. During the forecast period, the market is projected to grow at a Compound Annual Growth Rate of 14.09%. The increasing geriatric population is driving market growth, with a trend towards advancements in healthcare facilities. However, side effects associated with acupuncture treatment pose a challenge. Key market players include 3B Scientific GmbH, ACA, AcuMedic Ltd., Acupuncture Plus, Asia Med GmbH, Beijing Acupuncture and Herbal Clinic, Blue Branches Acupuncture, CUTTING EDGE CHIROPRACTIC, Dongbang Medical, Dongguan Southstar Electronics Ltd., Mayo Clinic, Meridius Medical GmbH, MKW Lasersystem GmbH, Modern Acupuncture, schwa medico GmbH, Sedatelec, Wuhan ZJZK Technology Co. Ltd., Wuxi Jiajian Medical Instrument Co. Ltd., Zepter International Poland sp. Z o. O., and Neo Acupunture.
Market Driver
Healthcare facilities are shifting from a supply-based infrastructure to a demand-driven service model. Due to rising individual demand and willingness to spend on various treatment stages. Additionally disease diagnostics, hospital-based therapies, and post-treatment care services. The growing demand enables providers to invest in advanced laboratories, patient wards, and medical equipment. This expansion of healthcare offerings now includes acupuncture treatments, which use acupuncture for holistic recovery from medical conditions. Basically, acupuncture involves various methods and equipment for drug-free pain management and muscle mobility improvement, fueling its increasing demand and the global market’s growth.
Market Challenges
The global acupuncture market may face challenges due to potential side effects from acupuncture treatment. Common adverse reactions include discomfort, bleeding, allergic reactions, skin rashes, nausea, vertigo, bruises, and fainting. More serious complications include nerve and blood vessel injuries, organ punctures, hemorrhages, and infections. To minimize risks, certified and trained practitioners must use sterile, disposable needles. Despite these risks, increasing demand for alternative therapies and advancements in technology are expected to grow the market. However, the negative side effects may limit market expansion during the forecast period.
Research Analysis
Acupuncture, an ancient Chinese practice, is gaining popularity as a complementary therapy for various lifestyle concerns and health conditions. Yoga, jogging, walking, and meditating are some lifestyle practices that can complement acupuncture in promoting overall wellness. Acupuncture Treatment Centers, Hospitals, and Clinics offer acupuncture services for a wide range of conditions, including surgical procedures, post-surgical trauma, hypertension, diabetes, diabetic ulcers, and syndrome illnesses. But Japanese Acupuncture, Cupping, Chinese Medicine, Korean Manual Acupuncture, Auricular, Head Acupuncture, and Non-Insertion Acupuncture are different techniques used in this practice. Endometriosis, Obesity, and other conditions are also treated with acupuncture. The global acupuncture market revenue is projected to grow significantly due to the increasing demand for non-invasive and holistic healthcare solutions. Wellness Centers, Specialty Clinics, and Private Acupuncture Hospitals are some of the key places where one can avail of these services.
Market Research Overview
The market revenue for acupuncture and related products & services is projected to grow significantly due to increasing healthcare costs and the rising prevalence of chronic conditions like Hypertension, Diabetes, and Diabetic Ulcers. M&A activity in the sector involves companies like 3B SCIENTIFIC GMBH, AcuMedic Ltd, and asia-med GmbH. Acupuncture uses materials like disposable and non-disposable needles made of Stainless steel and Silver. Design advancements include heat, pressure, friction, suction, and electromagnetic energy. Injuries, surgeries, musculoskeletal pain, nerves, muscles, and connective tissue influence buying behavior. Western practitioners integrate acupuncture with painkillers like NSAIDs and standardize syndrome differentiation for effective treatment.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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