Acupuncture Market by Product (Needles, Services), Application (Digestive Health, Pain Relief, Stress & Anxiety Reduction), End-User - Global Forecast 2024-2030

Acupuncture Market by Product (Needles, Services), Application (Digestive Health, Pain Relief, Stress & Anxiety Reduction), End-User - Global Forecast 2024-2030

The Acupuncture Market size was estimated at USD 663.91 million in 2023 and expected to reach USD 700.42 million in 2024, at a CAGR 5.63% to reach USD 974.23 million by 2030.

Acupuncture is a traditional Chinese medicine practice that involve inserting thin needles into the skin at specific points on the body to balance the body's energy flow or qi (chi). This practice is commonly used to treat pain, but it's also applied to a broader range of conditions, including stress management and overall wellness. The growing interest in holistic and alternative therapies is one of the principal factors expanding the use of acupuncture. As more individuals seek non-pharmaceutical treatments for chronic conditions and wellness, the demand for acupuncture has increased. However, the skepticism about its effectiveness, a lack of standardized credentialing for practitioners, which affects professional recognition, and varying insurance coverage for treatments affect accessibility for acupuncture treatments. Despite these issues, increased integration of acupuncture in clinical settings, alongside conventional medical practices, presents potential growth avenues for the market.

Regional Insights

In the Americas, particularly in the United States and Canada, there's rapid growth in the acupuncture market. This is attributed to increasing awareness of holistic and alternative therapies, rising healthcare costs prompting interest in less expensive treatment options, and supportive legislation related to traditional Chinese medicine practices. The popularity of acupuncture for pain management, stress reduction, and chronic conditions is helping drive this growth. Europe shows steady growth in the acupuncture market, driven by a growing acceptance of integrative medicine. The EMEA region is observing an increase in both practitioners and patients opting for acupuncture, backed by favorable healthcare policies and increasing evidence through clinical research supporting its efficacy. In the Asia-Pacific region, the acupuncture market is experiencing robust growth and is characterized by a rich tradition of acupuncture in many of its countries, especially China, Japan, and South Korea. In these areas, acupuncture is a popular form of treatment and a significant part of cultural heritage. The market in this region benefits from governmental support, extensive training institutions, and a high acceptance level among the population.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Acupuncture Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Growing interest and demand for holistic and alternative medical practices globally
• Increasing awareness of the efficacy of acupuncture in managing chronic pain

Market Restraints

• Regulatory issues associated with acupuncture

Market Opportunities

• Continuous improvements in acupuncture needles
• Partnerships between hospitals, clinics, and health insurance companies

Market Challenges

• Limited coverage of acupuncture in insurance

Market Segmentation Analysis

• Product: Growing demand for acupuncture services to reduce the sensitivity to pain and stress
• Application: Rising preferences for acupuncture in stress and anxiety reduction procedures

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Acupuncture Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Acupuncture Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Launch of the Acupuncture Practitioner Program at triOS College

triOS College has introduced an acupuncture practitioner program, which is now available at its campuses in Brampton, London, and Ottawa. This 83-week program integrates theoretical knowledge with 528 hours of practical clinical experience, aiming to develop proficient acupuncture practitioners. The curriculum covers advanced physiology, Traditional Chinese Medicine (TCM) theories, pain management, and diagnostic and treatment skills.

Expansion of SportsMed Physical Therapy Services Across New Jersey

SportsMed Physical Therapy has expanded its presence with the opening of three new clinics in West New York, Englewood, and Linden, NJ, during the first quarter of 2024. This expansion is expected to increase the company's total to 42 locations since its partnership with Hildred Capital Management in 2018. SportsMed offers a diverse range of services, including physical therapy, occupational therapy, chiropractic care, acupuncture, and pelvic floor physical therapy.

Establishment of Traditional Chinese Medicine Center in Tunis

Mongi Slim Hospital in Tunis inaugurated its new Traditional Chinese Medicine Center, which was established in collaboration with the Forum on China-Africa Cooperation (FOCAC). This initiative stems from longstanding beneficial interactions, highlighted by the service of Chinese medical teams to the Tunisian population since 1973 and over six million outpatient services expected to be delivered. The newly launched center holds the potential to enhance healthcare services, including acupuncture, and to foster ongoing cultural and scientific cooperation.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Acupuncture Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Acupuncture Market, highlighting leading vendors and their innovative profiles. These include ACA Acupuncture and Wellness, Acu585, AcuMedic, AcuPro Ltd, AcuSpa, asia-med GmbH, Beijing Zhongyan Taihe Medical Instrument Co., Ltd., Body Techniques LLC, Dongbang Medical, Meridius Medical GmbH, MN Spine and Sport, Phoenix Medical Ltd., Roland Lewis Acupuncture, SEIRIN Corporation, SportsMed Physical Therapy, Suzhou Zhongjing Life & Science Technology Co.,Ltd, Swasthya Santulan Medi Care Pvt. Ltd,, Tianjin Empecs Medical Device Co.,Ltd., Victory Health, Wujiang Cloud&Dragon Medical Device Co.,Ltd., and Wuxi Jiajian Medical Instrument Co.,Ltd..

Market Segmentation & Coverage

This research report categorizes the Acupuncture Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Product
• Needles
• Services
• Application
• Digestive Health
• Pain Relief
• Stress & Anxiety Reduction
• End-User
• Hospitals
• Specialty Clinics
• Wellness Centres
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year