Northbrook, IL 60062 -- (SBWIRE) -- 06/15/2023 -- The acupuncture needles industry is expected to continue to grow in the near future. This is due to the fact that more people are turning to acupuncture as an alternative form of medicine. As the industry continues to expand, more companies are entering the market and offering a variety of products. In addition, regulatory changes are making it easier for practitioners to use and purchase acupuncture needles, allowing for more people to benefit from this form of medicine. The increased popularity of acupuncture is also creating more opportunities for research and development in the industry. As research advances, the quality and effectiveness of acupuncture needles are expected to improve, resulting in better outcomes for patients.
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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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).

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.

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:
1. Increasing prevalence of back, muscle, and neck pain
2. Growing incidence of chronic diseases
3. Growing geriatric population
4. Increasing incidence of injuries and surgeries

Restraints:
1. Alternative methods and medicines
2. Use of acupuncture pens
3. Risk of injuries and infections

Opportunities:
1. Use of acupuncture in rehabilitation of COPD patients

Challenges:
1. Issues related to acupuncture standardization

Report Link: Acupuncture Needles Market

Table of Content:

1 INTRODUCTION (Page No. - 22)
1.1 STUDY OBJECTIVES
1.2 ACUPUNCTURE NEEDLES & INDUSTRY DEFINITION
1.3 STUDY SCOPE
1.4 CURRENCY CONSIDERED

2 RESEARCH METHODOLOGY (Page No. - 25)

2.1 RESEARCH DATA
2.2 ACUPUNCTURE NEEDLES & INDUSTRY SIZE ESTIMATION
2.3 MARKET: BREAKDOWN AND DATA TRIANGULATION
2.4 MARKET SHARE ESTIMATION
2.5 STUDY ASSUMPTIONS

3 EXECUTIVE SUMMARY (Page No. - 35)

4 PREMIUM INSIGHTS (Page No. - 39)

4.1 ACUPUNCTURE NEEDLES MARKET OVERVIEW
4.2 ASIA PACIFIC: ACUPUNCTURE NEEDLES & INDUSTRY, BY METHOD AND COUNTRY (2021)
4.3 REGIONAL GROWTH OPPORTUNITIES IN MARKET

5 MARKET OVERVIEW (Page No. - 42)

5.1 INTRODUCTION
5.2 ACUPUNCTURE NEEDLES & INDUSTRY DYNAMICS