CHICAGO, April 18, 2023 (GLOBE NEWSWIRE) — The acupuncture needle trade is anticipated to expertise robust progress over the following 5 years. Rising demand for acupuncture needles and rising consciousness about the advantages of acupuncture are driving the expansion of the trade. With life-style illnesses akin to weight problems and diabetes on the rise, increasingly more persons are turning to acupuncture in its place type of therapy. This has led to a rise in demand for acupuncture needles, significantly in rising markets. Producers are responding to rising demand by introducing new merchandise and increasing manufacturing capability. Moreover, technological advances are a lift to the trade as new supplies and designs allow producers to supply extra exact and safer needles.
Marketplace for acupuncture needles By way of income, it was estimated at $240 million in 2022 and is ready to achieve $308 million by 2027, rising at a CAGR of 5.1 % from 2022 to 2027, in accordance with a current report revealed by MarketsandMarkets. Rising aged inhabitants and rising prevalence of accidents and surgical procedures are the foremost components fueling the expansion of the acupuncture needle markets.
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Acupuncture needles market Circle.
|Market revenues in 2022||$240 million|
|Estimated value till 2027||$308 million|
|Progress fee||Poised to develop at a CAGR of 5.1%|
|Market measurement obtainable||20202027|
|Prediction models||Worth (million USD)|
|Report protection||Income Forecast, Aggressive Panorama, Progress Components and Developments|
|Sections lined||Kind, deal with materials, finish person, distribution channel and area|
|Geographies lined||North America, Europe, Asia Pacific and the remainder of the world|
|Report highlights||Up to date monetary data / product portfolio of gamers|
|Key market alternative||The usage of acupuncture within the rehabilitation of COPD sufferers|
|Principal market drivers||Elevated prevalence of again, muscle and neck ache|
Primarily based on sort, the acupuncture needles market is segmented into disposable and non-disposable needles. In 2021, the disposable needles of the acupuncture needles market accounted for the share of the acupuncture needles market. Utilizing disposable needles helps scale back the danger of patient-to-patient transmission.
On the premise of deal with materials, the acupuncture needle market is segmented into stainless-steel, gold, silver, plastic, and copper. The stainless-steel deal with needles section is anticipated to develop on the highest CAGR through the forecast interval as a result of straightforward availability and low value of stainless-steel.
Primarily based on end-user, the acupuncture needles market is segmented into hospitals and clinics. The clinics section dominated the acupuncture needles market in 2021. The rising variety of clinics worldwide is the principle issue driving the expansion of this market section.
On the premise of distribution channel, the acupuncture needles market has been segmented into hospital, retail, and on-line pharmacies. In 2021, the web pharmacy section accounted for the biggest share of the acupuncture needles market. This may be attributed to components akin to the supply of all acupuncture needles on on-line platforms.
The worldwide acupuncture needles market is segmented into North America, Europe, Asia Pacific, and Remainder of the World. Asia Pacific accounted for the biggest share of the acupuncture needles market in 2021, adopted by Europe. The variety of lively native and world firms has elevated within the Asia Pacific area lately, whereas the area’s healthcare infrastructure has witnessed speedy growth and modernization is an element that can drive the market.
Europe is estimated to be the quickest rising regional marketplace for acupuncture needles, primarily as a result of supportive authorities insurance policies and a well-established medical system trade.
Principal market gamers:
Main gamers on this market are Boen Healthcare Co., Ltd. (China), 3B Scientific GmbH (Germany), Suzhou Zhonngjing Life & Science Expertise Co., Ltd. (China), Wuxi Jiajian Medical Devices Co., Ltd. China), AcuMedic Ltd. (UK), Changchun AIKANG Medical Units Co., Ltd. (China), HEGU Svenska AB (Sweden), Suzhou Hualun Medical Equipment Co., Ltd. (China), asia-med GmbH (Germany), SEIRIN Company (Japan), DongBang Medical Co., Ltd. (South Korea), Haeng Lim Search engine marketing Received Medical Firm (South Korea), Suzhou Medical Equipment Manufacturing unit (Suzhou Hwato) Co., Ltd. (China), Shinylink (Shanghai). Industrial Inc. (China), schwa-medico GmbH (Germany), Phoenix Medical Ltd. (Nice Britain), EU PEAK Worldwide Co., Ltd. (Taiwan), Meridius Medical GmbH (Germany) and Dana Medical (South Korea).
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Hypothetical Challenges of Acupuncture Needles Market in Close to Future:
- Elevated competitors from pharmaceutical merchandise and different types of various therapy; As acupuncture needles proceed to develop in reputation, extra pharmaceutical firms and various therapy suppliers are coming into the market. This could result in elevated competitors and decrease costs for acupuncture needles, making it tough for suppliers to stay worthwhile.
- Problem discovering high quality needles. High quality management is necessary in the case of acupuncture needles, and discovering high quality needles might be tough because the demand for them will increase. This could result in greater costs as suppliers are compelled to pay extra for higher high quality needles.
- Lack of regulation. acupuncture needles will not be regulated in lots of elements of the world, making it tough to make sure the protection and constant high quality of the needles offered. This may increasingly result in a rise within the variety of product recollects and will have a unfavorable impression in the marketplace.
- Enhance in materials prices. Together with the rise in demand for acupuncture needles, the price of the uncooked supplies used to make them additionally will increase. This could result in greater costs for customers, making it more durable for them to purchase needles.
- The rise of the counterfeit market. As the recognition of acupuncture needles will increase, so does the danger of counterfeit merchandise coming into the market. This could result in greater costs and decrease total needle high quality.
Prime 3 Acupuncture Needle Market Instances:
- Ache administration. Acupuncture needles are used to alleviate continual and acute ache, akin to again ache, neck ache, and complications.
- Reduction from stress. acupuncture needles can be utilized to scale back stress and enhance total psychological well being.
- Habit therapy. acupuncture needles can be utilized to assist people get well from addictions akin to nicotine, alcohol, and opioid use problems.
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