CAGR: 8.4%Current Market Size: USD 118.6 MillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2022-2029Base Year: 2021
The Global Acupuncture Needles market is expected to grow from USD 118.6 million in 2021 to USD 226.10 million by 2029, at a CAGR of 8.4% during the Projection period 2022-2029. The growth of this market is mainly driven owing to the increasing demand for acupuncture treatment to relieve pain which is arising as a result of chronic diseases and wounds after surgery.
Acupuncture is a Chinese medicine-based treatment which involves the treatment of various problems by stimulating specific points on the skin with the help of acupuncture needles. Physiological and emotional well-being is promoted by acupuncture points stimulating the central nervous system, which releases biochemicals into the muscles, brain and spinal cord. Increasing geriatric populations may have a positive impact on the acupuncture needle market since geriatric populations are more likely to suffer from chronic conditions and chronic wounds. There are several major factors contributing to market growth, including the increase in chronic diseases such as diabetes, obesity, and autoimmune diseases due to antimicrobial resistance and sedentary lifestyles, alcohol consumption, and smoking. In most cases, surgical wounds are large and painful. The increasing demand for acupuncture in such cases makes it an effective physical and psychological therapy for patients, as well as a method for overcoming post-surgical trauma. Moreover, Acupuncture needles are more widely used in the geriatric population as they have a higher risk of chronic wounds and chronic illnesses. As the geriatric population increases, the acupuncture needle market may also benefit. Other growth-inducing factors include various product innovations, such as needles equipped with nano-sensors for measuring physical, chemical, and biological properties.
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Market Dynamics:
Drivers:
The high prevalence of chronic diseases has caused acute pain to affect populations around the globe. Consequently, chronic disease patients will benefit from acupuncture therapy. Acupuncture treatment involves the use of acupuncture needles to relieve the pain, this is achieved by inserting the acupuncture needles in the skin at specific points which will stimulate the central nervous system to release biochemicals to cure the pain. Acupuncture treatments are extensively used in the treatment of pain arising from surgery wounds, post-surgery pains, pain resulting from chronic diseases etc. Moreover, acupuncture treatments are also used to treat mental disorders.
Restraints:
Acupuncture is widely used to relieve pain but there are some factors which are restricting the growth of the acupuncture needle market. It has been observed in so many patients that acupuncture being beneficial in the treatment of various types of pain also has some side effects such as excessive bleeding in some cases and pain because of the needles which are inserted in the skin. The injury of blood vessels or nerves, injuries to the tissue and complications from needle breaks or haemorrhages that could be fatal are also some of the possible adverse effects associated with acupuncture.
Opportunities:
Patients are increasingly turning to technology-based therapies and practitioners are using cutting-edge equipment to boost the growth of the acupuncture market due to patient preferences and trust in these therapies. Moreover, additional treatments based on acupuncture are being added to spas, which promotes the growth of the segment. In addition to stress reduction, weight loss, relaxation, and aesthetic treatments, acupuncture is promoted as a spa service for energy enhancements and stress alleviation will help the acupuncture market to gain more popularity among customers and this will boost the growth of the acupuncture needles market.
Challenges:
One of the biggest challenges faced by the acupuncture needle market is the concern of patients about the needles used in acupuncture treatment. It is necessary to use sterilized and new needles for acupuncture every time to reduce the chances of infection. So many patients avoid acupuncture treatment due to the fear of infection which is hampering the growth of the market and consumers who avoid acupuncture treatment search for alternatives which will drastically impact the market’s growth in the long run. In order to resolve such misconceptions practitioners are advised to maintain hygienic conditions in the chamber where the treatment is done and sterilize the needles properly before inserting them in the patient’s skin to reduce the chances of infection.
Segmentation Analysis:
The global accupuncture market has been segmented based on product, application, end use and region.
By Product
The product segment includes non-disposable needles and disposable needles. The disposable needles segment led the smart farming market with a market share of around 57.28% in 2021. Disposable needles offer several advantages, including low transmission risk of diseases between patients and low cost. Moreover, healthcare professionals recommend using disposable needles because they are more convenient and safer which leads to increased demand for acupuncture needles in hospitals.
By Material
The application segment includes silver, stainless steel and gold. The stainless steel segment led the largest share of the smart farming market with a market share of around 40% in 2021. Stainless steel needles are readily accessible and affordable, they are widely used, and most major companies offer stainless steel needles across the globe, which contributes a large share in the growth of the acupuncture needles market.
By End Use
The end use segment includes clinics, hospitals and others. The hospital segment led the largest share of the smart farming market with a market share of around 38.83% in 2021. Medical institutions are expected to see rising demand for acupuncture needles due to the rise in the number of surgical wounds after performing surgery, which will drive the growth of acupuncture needles in hospitals. Additionally, acupuncture treatment may increase segment growth over the Projection period due to its ability to reduce the pain associated with SSI wounds.
Global Acupuncture Needles Market- Sales Analysis.
The sale of acupuncture market product, material, end-use expanded at a CAGR of 3.9% from 2015 to 2021.
One of the main drivers of market expansion is the rise in chronic illnesses like diabetes, obesity, and other autoimmune diseases throughout the world as a result of things like antibiotic resistance, unhealthy and sedentary lifestyles, alcohol use, and smoking. Over 100.0 million Americans were living with diabetes or prediabetes conditions in 2017, according to the Centers for Disease Control and Prevention's (CDC) National Diabetes Statistic Report. Additionally, according to the WHO, diabetes was directly responsible for nearly 1.6 million deaths worldwide in 2016. Chronic disease-related pain can be effectively treated and managed with acupuncture.
The frequency of procedures has also grown as a result of the rise in chronic illnesses. The majority of surgical wounds are painful, deep, and somewhat big in size. Acupuncture effectively relieves the patients' bodily and emotional suffering in these situations. The demand for this therapy is rising internationally as a result of the fact that it also aids in the recovery from post-surgical trauma. As a result, it is projected that the growing number of surgeries would raise demand for acupuncture treatments, driving the market for acupuncture needles to expand.
Thus, owing to the aforementioned factors, the global Acupuncture Needles Market is expected to grow at a CAGR of 8.4% during the Projection period from 2022 to 2029.
By Regional Analysis:
The regions analyzed for the gloves market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the acupuncture needles market and held a 37.8% share of the market revenue in 2021.
Global Acupuncture Needles Market- Country Analysis:
Germany's acupuncture needles market size was valued at USD 9.01 million in 2021 and is expected to reach USD 17.3 million by 2029, at a CAGR of 8.5% from 2022 to 2029. Germany is one member among the twelve member states of the European Union with distinct therapeutic systems for acupuncture. The rising demand for acupuncture treatment in the region boosts the growth of the acupuncture needles market.
China’s acupuncture needles market size was valued at USD 12.1 million in 2021 and is expected to reach USD 23.93 million by 2029, at a CAGR of 8.9% from 2022 to 2029. Acupuncture is a Chinese treatment to reduce pain by stimulating specific points by inserting acupuncture needles into the skin. Additionally, acupuncture is a traditional Chinese medicine, as a result of which it is more widely practised in China.
India's acupuncture needles market size was valued at USD 9.8 million in 2021 and is expected to reach USD 19.24 million by 2029, at a CAGR of 8.8% from 2022 to 2029. Rising cases of chronic diseases and surgeries in the country are triggering the demand for acupuncture treatment to get rid of pain without using medications propelling the growth of the market in the country.
Key Industry Players Analysis:
To increase their market position in the global acupuncture needles business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
8.4% |
Market Size |
118.6 million in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Material, By End-Use And By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Boen Healthcare Co., Ltd., MeyerDC, 3B Scientific, Suzhou Hualun Medical Appliances Co., Ltd., DongBang AcuPrime, asia-med GmbH, Wuxi Jiajian Medical Appliances Co., Lrd., Changchun Aikang Medical Devices Co., Ltd., Dana Medical Co., Ltd., AcuMedic, Shinlink Industrial, Inc., Suzhou Zhongjing Life & Science Technology Co., Ltd., SEIRIN, 3B SCIENTIFIC GMBH. |
By Product |
|
By Material |
|
By End-Use |
|
Regional scope |
|
Scope of the Report
Global Acupuncture Needles Market by Product:
Global Acupuncture Needles Market by Material:
Global Acupuncture Needles Market by End Use:
Global Acupuncture Needles Market by Region:
Global Acupuncture Needles market size was USD 118.6 million in 2021
Based on End Use, the acupuncture needles market is segmented into Clinics, Hospitals and Others.
Chances of infection from needles if not sterilized properly challenges the market’s growth.
The growth of this market is mainly driven owing to the increasing demand for acupuncture treatment to relieve pain which is arising as a result of chronic diseases and wounds after surgery.
Based on material, the global acupuncture needles Market has been segmented into Non-Disposable Needles and Disposable Needles.
Political Factors- These elements establish the scope of a government's ability to affect the economy or a particular sector. For instance, a new tax or duty imposed by the government may cause the entire revenue-generating systems of businesses to shift. Political factors can have a significant impact on the business environment (economic environment) and include tax policies, fiscal policies, trade tariffs, etc. that a government may levy throughout the fiscal year. These determine the potential impact of the government and government policy on a company or an industry. In addition to trade, fiscal, and taxation policies, this would also include political stability and policy.
Economical Factors- These elements affect a company immediately and have long-lasting reverberations in terms of how well an economy performs. For instance, a rise in any economy's inflation rate would have an impact on how much businesses charge for their goods and services. Additionally, it would have an impact on consumer purchasing power and alter the demand and supply patterns for that economy. Inflation, interest rates, foreign exchange rates, economic development patterns, etc. are all examples of economic factors. It also takes into account foreign direct investment, depending on the particular industries being examined. An economic component directly affects the economy's performance, which directly affects the organization's profitability.
Social Factor- These variables examine the market's social environment and evaluate influencing variables including societal trends, demography, population statistics, etc. This may be seen in the purchasing patterns of Western nations like the US, where there is a lot of demand around the holiday season. Here, recognizing new trends and the social environment are the main concerns. This aids a marketer in better comprehending the requirements and desires of customers in a social context. Changing family demographics, educational attainment, cultural fads, attitudinal shifts, and lifestyle changes are among the contributing factors.
Technological Factors- The rate of technological innovation and development that could have an impact on a market or sector is one of the technological aspects. Changes in digital or mobile technologies, automation, and research and development may all be factors. It is common to merely pay attention to technological advancements in the digital realm, but distribution, manufacturing, and logistical innovations must also be taken into account. These elements relate to technological advancements that could have a positive or negative impact on how the market and industry operate. This relates to technology knowledge levels within a market, automation, and research and development.
Environmental Factors- Environmental factors are those that are impacted by ecological factors and the environment around them. This component is becoming more crucial to how businesses should operate as CSR (Corporate Sustainability Responsibility) and sustainability become more and more important. Climate, recycling practices, carbon footprint, garbage disposal, and sustainability are all factors. Both internal and exterior aspects of these elements exist. While businesses maintain certain policies for themselves, there are certain laws that have an impact on the business climate in a given nation. Both of these perspectives are taken into account in legal analysis, which subsequently lays out the tactics in light of these laws. For instance, labor restrictions, safety requirements, and consumer laws.
Legal Factors- Both internal and exterior aspects of these elements exist. While businesses maintain certain policies for themselves, there are certain laws that have an impact on the business climate in a given nation. Both of these perspectives are taken into account in legal analysis, which then lays out the tactics in light of these laws. For instance, labor laws, safety requirements, and consumer laws. An organization needs to be aware of the rules and regulations in the countries where it conducts business. They also need to be aware of any changes in the law and how they might affect how their business is run. Employment law, consumer law, health and safety laws, international trade regulations, and other factors are among them.
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