Acupuncture is an ancient Chinese medical technique that makes use of needles to alleviate pain, cure some other ailments. The needles are inserted at specific points in the patient’s skin, as experts of this technique claim that this aligns the body’s energies along the direction towards healing. Western proponents and critics of this technique think pain alleviation can be attributed to stimulation of nerves at specific points in the body, owing to which the body releases specific pain neutralizing components. As awareness about the techniques catches on with more people across the world, its demand is growing at a steady pace, states Transparency Market Research. It further notes that from 2024 to 2030, numerous growth avenues will mark their presence in the global acupuncture market landscape.
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Global Acupuncture Market: Competitive Landscape
Manufacturers of acupuncture needles were earlier concentrated mainly in the oriental nations, but today globalization has brought it forward into the other parts of the world. These manufacturers recognize the increasing demand for acupuncture by a global population that is increasingly turning on alternative medicine for intractable conditions. A number of global manufacturers have entered into the acupuncture market. A few of these 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,
- Asia-Med GmbH,
- Qingdao Great Fortune Co., Ltd.,
- AcuMedic Ltd.
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Global Acupuncture Market: Key Trends and Drivers
- Allopathic medicine can be quite costly in terms of the number of investigations required, coupled with expensive modern imaging techniques which are called for in almost all cases by allopathic practitioners. As global poverty rises to 9% by the end of the year 2024, many people will have to forego expensive treatment for alternative medicine, from which acupuncture should benefit. Additionally, it is worth noting here that increase in awareness is also contributing to growth in global acupuncture market over the forecast period.
- A major hindrance to the growth of this market can be the lack of scientific evidence. Though effective for minor painful conditions like muscle spasms, joint pains, menstrual cramps and the like, it is majorly ineffective for severe pain as seen in various chronically debilitating conditions like cancer. Also, insertion of needles requires proper sterilization to prevent infections, and the practitioner of this technique must be properly trained so as to not do harm instead of good. A lack of proper, institutionalized training can lead to rampant quackery and disbelief among people regarding the technique itself. However, as specialists in the field get prominence and more people are motivated to take up the skill set, market would witness a strong counteracting force to mentioned restraint.
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Global Acupuncture Market: Regional Analysis
North America currently is the market leader for the acupuncture market owing to an increased acceptance of alternative medical techniques among people and a growing incidence of chronic conditions there. In 2016 alone, 20.4% of U.S. citizens had chronic pain due to various reasons, and given the prevalence of sedentary lifestyles, this number is set to rise. Since allopathic medicine has little to treat these cases with, the acupuncture market should benefit in this regard.
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Europe follows suit owing to the same factors.
The Asia Pacific region (APAC) is the fastest growing market for acupuncture therapy given a growing attention given to healthcare among a majorly working population and a mature base of ancient acupuncture techniques on which this market should grow in the future.
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