According to a new report published by Allied Market Research, “Acupuncture Needles Market by Type, Material and End-User: Global Opportunity Analysis and Industry Forecast, 2018-2026,” the global acupuncture needle market was valued at $95.8 million. It is expected to reach $177 million between 2018 and 2026, registering a CAGR of 8.2% in value terms during the period 2019 to 2026.
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Acupuncture is a method of treatment in which thin needles are inserted into a person’s skin at different depths, at specific points on the body. Acupuncture can help relieve pain and is used for neck pain, osteoarthritis, headaches and migraines, and many other complaints. Additionally, in 2003, the World Health Organization (WHO) listed several conditions in which acupuncture has been shown to be effective, including high and low blood pressure, chemotherapy-induced nausea and vomiting, some gastric conditions including peptic ulcers, and painful periods, dysentery, allergic rhinitis, facial pain, morning sickness, arthritis, sprains and tennis elbow.
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Increase in adoption of sedentary lifestyle, rise in obesity and alcohol addiction are the major factors driving the growth of acupuncture needles market. Additionally, growth in the geriatric population worldwide and increasing awareness of acupuncture treatments are fueling the growth of the acupuncture needle market. No side effects and less dependence on drugs increases the demand for acupuncture, which in turn increases the market for acupuncture needles. However, the need for regular follow-up such as bleeding, infection and pain due to needles and lack of any insurance coverage for acupuncture treatment are the factors hindering the growth of the market.
Asia-Pacific accounted for the majority of the market share in 2018 and is expected to continue this trend during the forecast period. This has led to the growing adoption of acupuncture treatments in the region. Moreover, the market is growing due to preference for traditional treatment methods including acupuncture in this region. Additionally, acupuncture treatments are covered under private health insurance in countries such as Japan, China, and India. Thereby, the adoption of acupuncture and insurance coverage plans in Asia-Pacific is expected to drive the market growth in the future.
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- By type, the disposable needle segment accounted for the highest market share of 98% in 2018 and is anticipated to grow at the fastest rate during the forecast period.
- By region, Asia-Pacific was the major shareholder and accounted for the highest share of 48% in 2018.
- By material, stainless steel segment is expected to grow at a CAGR of 8.2% during the forecast period.
- By end user, the hospital segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.
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Comprehensive competitive analysis and profiles of major market players such as Seirin Corporation, Empecs Medical Co. Ltd., Suzhou Tianxie Acupuncture Instruments Co., Ltd., AcuMedic Ltd., Qingdao Great Fortune Co., Ltd., AcuSupply Inc., 3B Scientific GmbH, Lhasa OMS, Inc., and Asia Med GMbH, Cogmedix, Inc. are provided in this report.
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