According to Precision Business Insights (PBI), the latest report, the market value of acupuncture needles is valued at USD 118.6 million in 2021 and is expected to grow at a CAGR of 8.3% in 2022-2028. The primary factors that drive the market are the growing prevalence of chronic disorders such as diabetes, obesity, and hypertension, use of acupuncture as an effective pain managing solution in post-surgical trauma, increase in healthcare expenses, as well as the adoption of acupuncture for treating substance addiction and emotional problems.
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Disposable Needle to Dominate the Acupuncture Needles Market:
Based on product type, disposable needles hold the highest market share because it is cost-effective and easy to operate. The major factor for the rise of this segment is the advantages associated with this product. Disposable needles are inexpensive and have low chances of spreading of diseases from one patient to another. In addition, many healthcare experts endorse the use of disposable products as they are safe and easily available. Thus, disposable needles are expected to grow significantly during the forecast period.
North America Acupuncture Needle Market:
The North American region is expected to grow significantly in the global acupuncture needle market over the forecast period. The North American region is expanding as more and more people are adopting the acupuncture treatment method for pain relief. Apart from this, the increase in the prevalence of diseases such as lower back pain, osteoarthritis, and migraine is one of the reasons for the potential growth of the market in these regions. In recent times, acupuncture methods have been widely accepted by the United States. The Asia Pacific leads the global market due to the growing adoption of acupuncture methods in this region. Moreover, the acupuncture treatment method is included in the private insurance of certain countries such as China, Japan, and India. Moreover, medical tourism is commonly seen in these areas. As per the report of Export Health Services, India, 2015-2016, India approved 58,300 medical visas for medical tourism.
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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.
The acupuncture needles market is segmented based on product type, material type, end-user, and region:
Based on the product type:
• Disposable Needles
• Non-disposable Needles
Based on the material type:
• Stainless Steel
Based on the end users:
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Key players’ profiles in the acupuncture needle market report are 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.
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This release was published on openPR.