Acupuncture Market-Overview
The popularity of traditional therapies due to their limited side effects is estimated to bolster the acupuncture market. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. The Acupuncture Market is estimated to earn an income worth USD 55 323.8 Mn by the end of the assessment period.
The increased awareness of acupuncture practices is estimated to motivate the acupuncture market companies in the coming period. The relatively fewer side effects are estimated to enhance the global acupuncture market’s development in the coming period.
Segmental Analysis
The segmental study of the acupuncture market is carried out on the basis of product and services, application, end user and region. The products service segment of the acupuncture market consists of services and products. The acupuncture market’s application segment consists of gynecological disorders, pain syndrome illnesses, psychological illnesses, and others. The regions included in the acupuncture market are Europe, Asia Pacific, North America and other important regions. The acupuncture market’s end-user segment consists of hospitals specialty clinics, wellness centers, and research academic establishments.
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Detailed Regional Analysis
The acupuncture market’s regional assessment includes Europe, Asia Pacific, North America, and other important regions. The European region’s market currently holds the biggest share of the global acupuncture market due to the occurrence of prolonged diseases and the growing fondness among the European residents for acupuncture therapies. Moreover, improving insurance coverage in European countries is likely to facilitate growth for the regional market. The Asia Pacific acupuncture market is projected to be the speediest increasing region in the global market and is anticipated to face a CAGR of 15.02% in the coming period. The regions’ speedy growth is credited to countries’ incidence have an elevated implementation rate of such therapies due to acupuncture stemming from this region. The occurrence of long-lasting diseases has influenced the region and augmented the need for acupuncture in the region.
Competitive Analysis
The emphasis on creating reserves of resources to deal with unexpected situations is estimated to shape future market developments. The global market is estimated to see diversification in operating practices as newer models for operation and delivery come into place. The aid from government institutions is estimated to stimulate the global market’s development in the coming years. The market may show restrained development due to the second wave of COVID cases resurgence in several regions. The continuance of lockdowns intermittently in several regions may cause obstacles to the market’s development as resources such as labour and supply chains to become seriously impacted. The innovations and research being undertaken in the market are estimated to create promising growth options in the coming period. The reliance on online commerce for sales is estimated to show a significant spike in the forecast period, leading to more investment in its development by market stakeholders.
The significant contenders in the acupuncture market are Qingdao Great Fortune Co. Ltd, MKW Lasersystem GmbH, Asia med GmbH, Wuxi Jiajian Medical Instruments Co., Ltd, Schwa-medico GmbH Cymedics GmbH Co. KG, Zepter International, 3B Scientific GmbH, Kanson, SEIRIN Corporation, and AcuMedic Ltd.
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Industry Updates:
Feb 2021 A group of 14 approved acupuncturists with at least five years of professional experience individually managed 20 acupuncture treatments in a randomized controlled test for migraine medication. Patients obtained acupuncture treatments every other day for the initial ten sessions, trailed by a 9-day break, and then undertook another ten sessions of acupuncture every other day. The entire sample size was 147 patients. Patients having taken acupuncture had increasing rates of progress over time. Improvements were noteworthy in the first four weeks of acupuncture handling.
Mar 2021 Nuubu, a cleansing foot patch prepared from Japanese herbs, has been launched. The patch claims to benefit with insomnia, brain fog, headaches, body odor, muscle aches, and many other issues. Nuubu was inspired by centuries-old conventional Asian knowledge. The company affirms its product was based on Japanese acupuncture practices passed on by generations and verified by passing a test of time.
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