Acupuncture Needles Market by Type (Disposable, Non-disposable), Handle Material (Stainless-steel, Gold), End User (Clinics, Hospitals), Distribution Channel (Online Pharmacies, Hospital Pharmacies, Retail Pharmacies) & Region - Global Forecast to 2027
The global acupuncture needles market in terms of revenue was estimated to be worth $240 million in 2022 and is poised to reach $308 million by 2027, growing at a CAGR of 5.1% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growing number of injuries and surgeries and rising prevalence of musculoskeletal pain are the major factors driving the market’s growth.
Attractive Opportunities in the Acupuncture needles Market
e- estimated, p-projected
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Acupuncture Needles Market Dynamics
Driver: Increasing prevalence of back, muscle, and neck pain
The research suggests that acupuncture may be an effective way for the treatment of chronic low back pain. According to western practitioners the acupuncture points are the places to stimulate nerves, muscles, and connective tissue. It is believed that this stimulation boosts the body's natural painkillers. According to Practical Pain Management, it is estimated that up to 80% of the US population will experience back pain at some point in their lives. The treatment of low back pain (LBP), in particular, runs at least USD 50 billion in US healthcare costs each year. According to the WHO (July 2022), approximately 1.71 million people have musculoskeletal conditions worldwide.
Restraint: Alternative methods and medicines
In several cases, instead of needles, alternative methods for stimulation are used over the acupuncture points. These include heat (moxibustion), pressure (acupressure), friction, suction (cupping), and impulses of electromagnetic energy, among others. Non-steroidal anti-inflammatory drugs (NSAIDs) are among the most commonly used drugs and have a wide range of uses in muscle and back pain. The use of alternative methods and medications (such as NSAIDs) to reduce or relieve headaches, sore muscles, arthritis, and other aches and pains is a key factor restraining the growth of the market.
Opportunity: Use of acupuncture in rehabilitation of COPD patients
Acupuncture is potential in preventing, treating, and rehabilitation of COPD patients. The acupuncture may help relieve COPD by reducing bronchial immune-mediated inflammation and by promoting the release of vascular and immunomodulatory factors. Acupuncture is a component of Traditional Chinese Medicine (TCM), which is commonly used to treat respiratory illnesses. Findings such as the potential of acupuncture in the rehabilitation of COPD patients are resulting in the potential for profit for businesses in the acupuncture needles sector.
Challenge: Issues related to acupuncture standardization
Due to the unique features of acupuncture treatment based on syndrome differentiation, there are various disagreements or even problems that are misunderstood in the acupuncture and moxibustion sector. These factors are slowing down the development of standardization in these fields. A survey showed that 36.1% of participants thought that standardizing acupuncture and moxibustion would restrict the characteristics of treatments based on syndrome distinction and customized care.
The market is moderately consolidated. The top players—Seirin Corporation (Japan), Suzhou Hualun Medical Appliance Co., Ltd. (China), Boen Healthcare Co., Ltd. (China), Wuxi Jiajian Medical Instruments Co., Ltd. (China)-in the market accounted for a combined majority market share in 2021.
Disposable segment accounted for the largest share of the acupuncture needles industry, by type
Based on type, the acupuncture needles market is segmented into disposable and non-disposable needles. Disposable needles accounted for a larger share of the market. The use of disposable needles will decrease the risk of transmission of diseases.
Stainless-steel segment accounted for the largest share in the acupuncture needles industry, by portability
Based on handle material, the acupuncture needles market is segmented into stainless steel, gold, silver, plastic, and copper. The stainless-steel handle needles segment is accounted for the largest share during the forecast period owing to the lesser price of stainless steel and these are easily available.
Clinics segment accounted for the largest share in the acupuncture needles industry, by end user
Based on end user, the acupuncture needles market is segmented into hospitals and clinics. The clinics segment dominated the market. The rising number of private acupuncture clinics worldwide is the key factor driving the growth of this market segment.
Online pharmacies segment accounted for the largest share in the acupuncture needles industry, by distribution channel
Based on distribution channel, the acupuncture needles market has been segmented into hospital, retail, and online pharmacies. The online pharmacies segment accounted for the largest share of 49.0% of the market. This can be attributed to factors such as the easy accessibility to a wide range of products in online pharmacies.
Asia Pacific is the largest region for acupuncture needles industry.
The global acupuncture needles market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. The Asia Pacific accounted for the largest share of the market, followed by Europe. The active number of local and global companies has grown in the Asia Pacific in recent years is the major the factor that will drive the market.
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The key players of this market are:
- Seirin Corporation (Japan)
- Suzhou Hualun Medical Appliance Co., Ltd. (China)
- Boen Healthcare Co., Ltd. (China)
- Wuxi Jiajian Medical Instruments Co., Ltd. (China)
- Suzhou Zhongjing Life & Science Technology Co., Ltd. (China)
Scope of the Acupuncture Needles Industry
|
Report Metric |
Details |
|
Market Revenue in 2022 |
$240 million |
|
Projected Revenue by 2027 |
$308 million |
|
Revenue Rate |
Poised to grow at a CAGR of 5.1% |
|
Market Driver |
Increasing prevalence of back, muscle, and neck pain |
|
Market Opportunity |
Use of acupuncture in rehabilitation of COPD patients |
This report categorizes the acupuncture needles market to forecast revenue and analyze trends in each of the following submarkets:
By Type
- Disposable
- Non-disposable
By Handle Material
- Stainless-steel
- Gold
- Silver
- Plastic
- Copper
By End User
- Hospitals
- Clinics
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global acupuncture needles market?
The global acupuncture needles market boasts a total revenue value of $308 million by 2027.
What is the estimated growth rate (CAGR) of the global acupuncture needles market?
The global acupuncture needles market has an estimated compound annual growth rate (CAGR) of 5.1% and a revenue size in the region of $240 million in 2022.
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This study involved four major activities in estimating the current size of the acupuncture needles market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate segments and subsegments' market size.
Secondary Research
In the secondary research process, various secondary sources such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to identify and collect information for this study.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources were mainly industry experts from the core and related industries and preferred suppliers, manufacturers, distributors, service providers, technology developers, researchers, and organizations related to all segments of this industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects.
The following is a breakdown of the primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the acupuncture needles market's total size. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research
- The revenues generated by leading players operating in the acupuncture needles market have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
Market Size: Top-Down Approach
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Data Triangulation
After arriving at the overall market size applying the process mentioned above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
- To define, describe, segment, and forecast the global acupuncture needles market by type, handle material, end user, distribution channel, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall acupuncture needles market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, and Rest of the World.
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
- To track and analyze company developments such as product launches, agreements, partnerships, and acquisitions in the acupuncture needles market
- To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
Country Information
- Acupuncture needles market size and growth rate estimates for countries in the Rest of Europe, the Rest of Asia Pacific, and Rest of the World.
Company profiles
- Additional five company profiles of players operating in the acupuncture needles market.
Generating Response ...
Growth opportunities and latent adjacency in Acupuncture Needles Market