Acupuncture Market Size to Hit USD 113 Bn by 2031 | Growth Outlook

Last updated 23 days ago

Acupuncture Market Size to Hit USD 113 Bn by 2031 | Growth Outlook

Acupuncture Market Size:

size is growing with a CAGR of 17.6% during the forecast period (2024-2031), and the market is projected to be valued at USD 113,295.22 Million in 2031 from USD 31,203.14 Million in 2023.

Acupuncture Market Analysis Overview:

The acupuncture market encompasses the provision of acupuncture services, the sale of acupuncture needles and related supplies, and the training and education of acupuncturists. Acupuncture is a traditional Chinese medicine (TCM) technique involving the insertion of thin needles into specific points on the body to stimulate the flow of "qi" (energy) and promote healing. It is used to treat a wide range of conditions, including pain management, musculoskeletal disorders, stress, anxiety, and various chronic illnesses. The market is driven by increasing public awareness of complementary and alternative medicine (CAM), the growing acceptance of acupuncture by healthcare professionals, and the rising demand for non-pharmacological pain management solutions.

Key Drivers:

· Increasing Public Awareness and Acceptance of CAM: There is a growing global trend towards exploring complementary and alternative medicine therapies, including acupuncture, as people seek holistic approaches to health and wellness.

· Rising Demand for Non-Pharmacological Pain Management: Concerns about the side effects and potential for addiction associated with opioid painkillers are driving the demand for non-pharmacological pain management options like acupuncture.

· Growing Acceptance by Healthcare Professionals and Integration into Conventional Medicine: An increasing number of physicians and healthcare organizations are recognizing the potential benefits of acupuncture and integrating it into treatment plans, particularly for pain management.

· Evidence-Based Research Supporting Acupuncture's Efficacy: A growing body of scientific research, while still evolving, supports the effectiveness of acupuncture for certain conditions, lending credibility to the practice.

· Availability of Insurance Coverage in Some Regions: In some countries and healthcare systems, acupuncture treatments are covered by insurance, making it more accessible to patients.

· Pain is a common cause of Emergency Department (ED) visits and its control is still a challenge and global health priority.

· Organization has recognized it as a safe and effective therapy for a numerous conditions causing pain and discomfort such as headaches, back pain, osteoarthritis and more. Furthermore, studies also suggest that it has a potential role in controlling acute pain conditions presented to EDs.

Key Restraints:

· Lack of Universal Insurance Coverage: In many regions, acupuncture treatments are not covered by standard health insurance, limiting accessibility for some individuals.

· Skepticism and Lack of Understanding: Despite increasing acceptance, skepticism and a lack of comprehensive understanding about the mechanisms and efficacy of acupuncture persist among some healthcare professionals and the general public.

· Variability in Practitioner Skills and Training: The quality and effectiveness of acupuncture treatments can vary depending on the training, experience, and skill of the practitioner.

· Stringent Regulations and Licensing Requirements: The regulation and licensing of acupuncturists vary significantly across countries and even within regions, which can create barriers to practice and standardization.

· Competition from Other CAM Therapies: Acupuncture faces competition from other complementary and alternative medicine modalities such as chiropractic, massage therapy, and herbal medicine.

· The growth of the acupuncture market is hindered due to the availability of variety of alternatives such as, hypnosis pain relief, guided imagery pain relief, magnetic waves, chiropractic, and more. Due to the presence of alternatives, there is an increase in competition.

Future Opportunities:

· Integration into Mainstream Healthcare Systems: Continued efforts to integrate acupuncture into mainstream healthcare settings, such as hospitals and pain clinics, can significantly expand its reach and acceptance.

· Focus on Specific Health Conditions with Strong Evidence: Concentrating on the use of acupuncture for conditions where there is stronger evidence of efficacy can build greater confidence among healthcare professionals and the public.

· Development of Standardized Training and Certification Programs: Implementing more standardized and rigorous training and certification programs for acupuncturists can improve the quality and consistency of care.

· Expansion in Emerging Markets: Increasing awareness and adoption of TCM and acupuncture in emerging economies, including India, presents significant growth opportunities. Given our location in Pune, Maharashtra, India, the growing interest in traditional Indian medicine and the potential for synergy with TCM practices like acupuncture could drive local market growth.

· Acupuncture point selection and prescription is one of the key and fundamental steps in treatment. There are 361 acupoints located on 14 meridians within the human body.

· AI-based data mining methods reveal effective acupoint combinations, the laws of acupoints compatibility, and effective treatment plans, which have significantly improved its reliability and stability in clinical efficacy.

Segmentation:

The acupuncture market can be segmented based on:

Treatment:

· Arthritis

· Diabetes

· Allergies

· Anxiety

· Depression

· Others

End-Use Industry:

· Healthcare

· Skin care

· Personal care

· Sports

· Others

Region:

· North America

· Europe

· Asia-Pacific

· Latin America

· Middle East and Africa

Key Players:

· Kate Duggan Acupuncture and Naturopathy (Ireland)

· JSCM TCM Clinic (London)

· Care Cure Chinese Medicine & Acupuncture Clinic (Ireland)

· Dr. Lohiya acupuncture (India)

· Natural Healing Acupuncture Medical Center (Dubai)

· Kirkland Acupuncture & Integrative Medicine (United States)

· Mayo Foundation for Medical Education and Research (United States)

· ZHU's Neuro-Acupuncture and Rehabilitation Center (United States)

· Phydos Clinic (United States)

· Beijing Acupuncture and Herbal Clinic (United States)

Regional Analysis:

Asia-Pacific: This region, particularly China, Japan, and South Korea, has a strong historical and cultural foundation in acupuncture and TCM, making it a significant market. India, with its own ancient healing traditions, is also witnessing a growing interest in and adoption of acupuncture.

North America and Europe: These regions have seen increasing adoption of acupuncture, driven by the demand for alternative pain management and growing integration into healthcare systems.

Recent Developments:

Growing Research on Acupuncture's Mechanisms and Efficacy: Ongoing scientific research continues to explore the physiological effects and clinical effectiveness of acupuncture for various conditions.

Increased Integration into Healthcare Systems: More hospitals and medical centers are incorporating acupuncture services into their treatment offerings.

Development of Tele-Acupuncture and Remote Consultation: The rise of telehealth has led to the exploration of remote acupuncture consultations and guidance for self-administered acupressure or related techniques.

Contact no: (US) (505) 715-4344

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Last updated 23 days ago