New York, June 08, 2022 (GLOBE NEWSWIRE) -- Owing to the high observance rate of prevalent the side effects associated with medicinal drugs, the global acupuncture treatment market is growing and recorded a value of US$ 27.1 Bn in 2021. It is further expected that this market will expand at a CAGR of 16.3% over the forecast period (2022-2032).
The global acupuncture treatment market demand is set to witness a growth over the decade owing to the high prevalence of chronic diseases worldwide. This factor was further given a push in terms of prevalence rate because of the advent of the global COVID-19 pandemic.
As per the International Association for the Study of Pain (2021), using a chronic pain module introduced in the 2019 edition of the National Health Interview Survey, it was found that 50.2 million adults (20.5%) reported recurrent chronic pain in the United States.
With a rise in the global burden of chronic pain, the adoption of alternative therapeutic approaches as means to manage pain and other associated disease indications has witnessed a rise in terms of volumes.
The development of wellness centers and pain management clinics across the world, especially in Europe and East Asia, has displayed a high opportunistic approach for acupuncture treatment providers in terms of an expansive patient base. The emergence of clinical efficacy data comparing the effectiveness of alternative therapy, such as acupuncture, will further initiate the acceptance of such complementary approaches into the primary healthcare system.
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Key Takeaways from Market Study
- Musculoskeletal conditions held 48.6% market share by application in 2021.
- Needle acupuncture, as a service type, contributed 46.2% revenue share, in 2021, in the global market.
- Under the end-user segment, hospitals are preferred by most patients, and the segment held a market share of around 44.1% in 2021.
- East Asia held the highest market share of 31.5% by region in 2021.
“Rising adoption of alternative therapeutic treatments and increasing government support for acupuncture effectiveness awareness will drive the acupuncture industry going forward,” says an analyst of Persistence Market Research.
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Market Competition
Strengthening the service portfolio by collaborating with recognized traditional Chinese medicines associations to achieve effective treatment outcomes, is a key strategy used by leading acupuncture service providers.
Discounts & offers, collaborations, recognitions, expansion, and agreements are the key strategies adopted by market players to increase their service revenue in different geographies.
- The American College of Traditional Chinese Medicine (ACTCM) is focusing on research activities taking place in China, which are relevant as mental health treatments, opioid alternatives, and treatment of kidney disease.
- Personalized services are at the core of TCM Australia’s service strategies. The two broad categories of its services include Illness and wellbeing programs, which indicate extended coverage of both, patients and the healthy human population.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the acupuncture treatment market in its latest study, presenting historical demand assessment of 2014 – 2021 and projections for 2022 – 2032.
The research study is based on application (musculoskeletal conditions, fatigue & CNS conditions, respiratory conditions, digestive conditions, and other conditions), service type (needle acupuncture, electro-acupuncture, auricular acupuncture, moxibustion, cupping, and others), and end user (hospitals, clinics, and wellness centers), across seven key regions of the world.
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