Acupuncture Needles Market Size Is Poised To Reach $187.8 Million By 2027: Grand View Research Inc.

 

The global acupuncture needles market size is expected to reach USD 187.8 million by 2027, expanding at a CAGR of 8.0%, according to a new report by Grand View Research, Inc. The increase in the adoption of sedentary lifestyles, growing geriatric population, and rising incidence of emotional disorders are the key factors driving the market.

Acupuncture is a traditional healing practice derived from traditional medical practice in China. The treatment involves placing thin needles at specific pressure points of the body. This technique helps in reducing the pain caused due to several conditions such as joint conditions, headache, body pain due to surgeries and chronic disorders, migraines, menstrual cramps, and paralysis. It is also known for treating certain major issues such as emotional disorders, nausea, speech disorders, digestive disorders, respiratory conditions, and insomnia. Acupuncture also helps to get rid of certain harmful addictions such as smoking and alcohol consumption.

The rising cases of emotional disorders and chronic conditions are the major factors boosting the market growth. According to the report published by the National Council for Behavioral Health in 2020, in the U.S. almost half of the population suffers from some kind of mental illness throughout their lifetime. It also reported that around 5.0% of the adults in the country experience mental disorder in any one year, which is almost 43.8 million people in the U.S. As per the National Center for Biotechnology Information (NCBI), acupuncture and energy psychology together work efficiently in the treatment and diagnosis of emotional disorders without causing any severe side-effects. Therefore, such advantages and usefulness of this technique have encouraged many people across the globe, to opt for this technique for the treatment of such emotional conditions. Thus, considerable market growth is anticipated over the forecast period.

A global increase in the incidence of chronic diseases such as diabetes, obesity, and other autoimmune diseases due to factors such as antimicrobial resistance, adoption of unhealthy and sedentary lifestyles, alcohol consumption, and smoking are some of the major factors contributing to market growth. According to the National Diabetes Statistic Report 2017, published by the Centers for Disease Control and Prevention (CDC), more than 100.0 million people in the U.S. were living with diabetes or prediabetes conditions. In addition, the WHO reported that in 2016 approximately 1.6 million deaths globally were directly caused due to diabetes. Acupuncture is very much effective in treating and relieving the pain caused due to chronic diseases. In addition, the risk of any severe side-effects is comparatively less as compared to other treatments.

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Due to the rising prevalence of chronic conditions, the number of surgeries being performed has also increased. Most surgical wounds are relatively large in size and deep and are also painful. In such cases, acupuncture provides effective relief to the patients both physically and mentally. It also helps to overcome post-surgical trauma owing to which the demand for this procedure is increasing globally. Thus, the rising number of surgeries is anticipated to increase the demand for acupuncture procedures, thereby propelling the growth of the market for acupuncture needles.

Acupuncture Needles Market Report Highlights

• In terms of revenue, the disposable needles segment held the largest share in 2020. The low risk of transmission of any disease from one person to another is the major factor driving the segment over the forecast period
• The stainless steel segment held the largest market share in 2020 owing to the easy availability of raw materials and low cost
• The hospital segment is anticipated to witness the fastest growth rate over the forecast period owing to the rising complications caused due to chronic disorders
• Asia Pacific is anticipated to witness the fastest growth over the forecast period owing to the rising number of surgeries and the presence of many local key players

Key companies are constantly making efforts to commercialize the acupuncture treatment across the globe by emphasizing the benefits of the treatment. For instance, as per the journal published by the JAMA Oncology in 2020, acupressure and acupuncture are helpful in reducing the pain in patients suffering from cancer. The increasing demand for acupuncture treatment has influenced many local players to enter the market for acupuncture needles. For instance, in March 2020, a new acupuncture center, Ora Acupuncture was inaugurated in the U.S. Some of the prominent players in the acupuncture needles market include:

• 3B SCIENTIFIC GMBH
• AcuMedic Ltd. 
• asia-med GmbH
• SEIRIN
• Dana Medical Co.
• Boen Healthcare Co., Ltd.
• Suzhou Hualun Medical Appliance Co., Ltd.
• WUXI JIAJIAN MEDICAL DEVICES CO., LTD.
• Suzhou Zhongjing Life & Science Technology Co., Ltd.
• Shinylink (Shanghai) Industrial Inc.