Acupuncture Needles Market: Introduction
According to the report, the global acupuncture needles market was valued at US$ 114.8 Mn in 2020 and is projected to expand at a CAGR of 5% from 2021 to 2031. Acupuncture promotes balance and harmony on all levels by stimulating the energy flow, the CHI, with tiny needles placed on energy spots. Acupuncture is the most common type of traditional healing system. It originated in China more than 2,000 years ago. Acupuncture needles are thin, solid metallic needles used to stimulate body surface for treatment of pain. Acupuncture is most commonly used in the treatment of pain such as headache, migraine, joint conditions, post-operative pain, nausea, and paralysis.
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Acupuncture increases the body’s natural ability to produce more melatonin. This hormone when present in optimal amounts regulates the sleep-wake cycles. Presently, melatonin is often under produced due to modern lifestyle and poor sleep habits, leading to insomnia, frequent waking up at night, or exhaustion. If these symptoms persist, it could lead to other future health problems. Acupuncture helps restore the natural ability to fall and remain asleep easily, once again.
Increase in Incidence of Chronic Diseases
The increase in cases of chronic diseases such as obesity, diabetes, and other autoimmune diseases globally, owing to factors such as antimicrobial resistance, alcohol consumption, adoption of unhealthy & sedentary lifestyles, and smoking is a key factor boosting the growth of the global acupuncture needles market. According to the National Diabetes Statistic Report 2017 published by the Centers for Disease Control and Prevention (CDC), over 100 million people in the U.S. were living with diabetes or prediabetes. Additionally, the WHO reported that in 2016 around 1.6 million deaths globally were directly caused due to diabetes. The rise in prevalence of hypertension and diabetes is the other factors driving demand for acupuncture. A report published by the WHO in 2019 stated that around 1.13 billion people worldwide had hypertension. Diabetes is the primary cause of hypertension, which is estimated to affect around one billion individuals globally.
Long-term diabetes often results in diabetic leg ulcers and it is quite painful for patients. Acupuncture treatment assists in reducing the pain in patients suffering from such conditions. It also helps in lowering hypertension by providing mental relief. These factors are expected to fuel the growth of the global acupuncture needles market during the forecast period.
High Demand for Disposable Acupuncture Needles
In terms of type, the global acupuncture needles market has been bifurcated into disposable and reusable. The disposable segment accounted for 75% share of the market in 2020. The segment is likely to expand at a CAGR of 5.3% from 2021 to 2031. The growth of the segment can be attributed to advantages associated with disposable acupuncture needles such as low risk of transmission of diseases from one patient to another and low cost.
Stainless Steel to Dominate Acupuncture Needles Market
Based on material, the global acupuncture needles market has been classified into silver, copper, tinplate-galvanized iron, stainless steel, and others. The stainless steel segment held 34% share of the market in 2020. The segment is projected to expand at a CAGR of 6.3% from 2021 to 2031. Stainless steel acupuncture needles are widely used owing to easy availability and low cost. Additionally, most of the major players offer stainless steel needles across the globe compared to other needles.
Use of Acupuncture Majorly for Curing Back Pain, Neck Pain, or Muscle Pain
In terms of application, the global acupuncture needles market has been categorized into arthritis, back pain, neck pain, or muscle pain; headaches & migraines, knee pain, menstrual cramps, sports injuries, and others. The back pain, neck pain, or muscle pain segment accounted for 20.0% share of the market in 2020. The segment is anticipated to gain market share marginally to reach 23.0% in 2031. In a large study, KPWHRI researchers found that acupuncture was more effective than usual care alone in helping people with chronic low back pain.
Hospitals to be Key End Users
Based on end user, the global acupuncture needles market has been divided into hospital, acupuncture clinics, and others. The hospitals segment accounted for 60.4% share of the market in 2020. The segment is expected to gain market share marginally to reach 62.9% in 2031. Increase in cases of diabetic foot ulcers and venous leg ulcers are the major factors driving the segment. Additionally, rise in cases of surgical wounds due to surge in number of surgeries propels the segment.
Asia Pacific to Lead Acupuncture Needles Market
In terms of region, the global acupuncture needles market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific is projected to be a highly attractive market for acupuncture needles during the forecast period, with attractiveness index of 2.4. Acupuncture is a traditional treatment of China, and this treatment is widely availed in China and Japan. Additionally, the rapidly growing medical tourism industry in these countries drives the demand for acupuncture treatment in this region. According to a report on Export Health Services by Directorate-General of Commercial Intelligence and Statistics of India, India had 58,300 medical tourists on medical visas in 2015–2016.
Competition Landscape
The global acupuncture needles market is fragmented due to the presence of a large number of leading players. Key players operating in the global market include 3B Scientific, AcuMedic, asia-med GmbH, Dana Medical Co., Ltd., 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., Changchun Aikang Medical Devices Co., Ltd., MeyerDC, and DongBang AcuPrime.
