Acupuncture Needles Market worth $308 million by 2027
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 according to a new report by MarketsandMarkets™. The reimbursement for acupuncture treatment, insurance policies for acupuncture services, and the greater number of acupuncture clinics are the major factors driving the growth of this market.
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The disposable segment accounted for the largest share of the acupuncture needles market, by type segment, in 2021
The acupuncture needles market is segmented into disposable and non-disposable needles, based on type. Disposable needles accounted for a larger share of the acupuncture needles market in 2021. The disposable needles are priced lower than non-disposable needles which are the key factors driving the growth of the disposable needles segment.
Stainless-steel segment to register the highest growth rate during the forecast period
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 expected to grow at the highest CAGR during the forecast period owing to its rust-free properties and flexibility under tension.
Clinics segment accounted for the largest share of the acupuncture needles, by end user segment, in 2021
Based on end user, the acupuncture needles market is segmented into hospitals and clinics. The clinics segment dominated the acupuncture needles market in 2021. The increasing number of acupuncturists worldwide is the key factor driving the growth of this market segment.
Online pharmacies segment accounted for the largest share of the acupuncture needles, by distribution channel segment, in 2021
Based on distribution channel, the acupuncture needles market has been segmented into hospital, retail, and online pharmacies. In 2021, the online pharmacies segment accounted for the largest share of the acupuncture needles market. This can be attributed to factors such as the growing penetration of online pharmacies.
Asia Pacific is the largest regional market for acupuncture needles market
The global acupuncture needles market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, the Asia Pacific accounted for the largest share of the acupuncture needles market, followed by Europe. The demand for acupuncture needles in the Asia Pacific is mainly driven by the increasing elderly population and the significant incidence of orthopedic and diabetes-related diseases in this population segment.
Europe is estimated to be the fastest-growing regional market for acupuncture needles, majorly due to initiatives by the government, and increasing healthcare expenditure.
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Acupuncture Needles Market Dynamics:
Drivers:
- Increasing prevalence of back, muscle, and neck pain
- Growing incidence of chronic diseases
- Growing geriatric population
- Increasing incidence of injuries and surgeries
Restraints:
- Alternative methods and medicines
- Use of acupuncture pens
- Risk of injuries and infections
Opportunities:
- Use of acupuncture in rehabilitation of COPD patients
Challenges:
- Issues related to acupuncture standardization
Key Market Players:
The key players in this market are Boen Healthcare Co., Ltd. (China), 3B Scientific GmbH (Germany), Suzhou Zhongjing Life & Science Technology Co., Ltd. (China), Wuxi Jiajian Medical Instruments Co., Ltd. (China), AcuMedic Ltd. (UK), Changchun AIKANG Medical Devices Co., Ltd. (China), HEGU Svenska AB (Sweden), Suzhou Hualun Medical Appliance Co., Ltd. (China), asia-med GmbH (Germany), SEIRIN Corporation (Japan), DongBang Medical Co., Ltd. (South Korea), Haeng Lim Seo Won Medical Company (South Korea), Suzhou Medical Appliance Factory (Suzhou Hwato) Co., Ltd. (China), Shinylink (Shanghai) Industrial Inc. (China), schwa-medico GmbH (Germany), Phoenix Medical Ltd. (UK), EU PEAK International Co., Ltd. (Taiwan), Meridius Medical GmbH (Germany), and Dana Medical (South Korea).
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