New York, June 08, 2022 (GLOBE NEWSWIRE) — Due to the high observation rate of the prevalence of drug-associated side effects, the global acupuncture treatment market is growing and recorded a value of $27.1 billion. US Dollars in 2021. This market is further expected to grow at a CAGR of 16.3% during the forecast period (2022-2032).
The overall acupuncture treatment market demand is expected to grow over the decade due to the high prevalence of chronic diseases worldwide. This factor has been further pushed in terms of prevalence rates due to the advent of the global COVID-19 pandemic.
According to the International Association for the Study of Pain (2021), using a module on chronic pain introduced in the 2019 edition of the National Health Interview Survey, it was found that 50.2 million adults ( 20.5%) reported recurrent chronic pain in the United States. .
With an increase in the global burden of chronic pain, the adoption of alternative therapeutic approaches as a means of managing pain and other associated disease indications has seen an increase in volumes.
The development of wellness centers and pain management clinics around the world, particularly in Europe and East Asia, has shown a highly opportunistic approach for acupuncture treatment providers in terms of a large patient base. The emergence of clinical effectiveness data comparing the effectiveness of alternative therapies, such as acupuncture, will further initiate the acceptance of these complementary approaches in the primary health care system.
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Key insights from market research
- Musculoskeletal conditions held 48.6% market share by application in 2021.
- Needle acupuncture, as a type of service, contributed 46.2% revenue share, in 2021, in the global market.
- In the end-user segment, hospitals are preferred by most patients, and the segment held a market share of approximately 44.1% in 2021.
- East Asia held the highest market share of 31.5% by region in 2021.
“The growing adoption of alternative therapeutic treatments and increasing government support for awareness of the effectiveness of acupuncture will drive the acupuncture industry forward,” says analyst market research on persistence.
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Strengthening the service portfolio by collaborating with recognized traditional Chinese medicine associations to achieve effective treatment results is a key strategy used by leading acupuncture service providers.
Discounts and offers, collaborations, recognitions, expansion and agreements are the key strategies adopted by market players to increase their service revenue across different geographies.
- The American College of Traditional Chinese Medicine (ACTCM) focuses on ongoing research activities in China that are relevant as mental health treatments, alternatives to opioids, and treatment for kidney disease.
- Personalized services are at the heart of TCM Australia’s service strategies. The two broad categories of its services include sickness and wellness programs, which indicate extensive coverage of both patients and the healthy human population.
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What does the report cover?
Persistence Market Research offers a unique perspective and actionable insights into the Acupuncture Treatment Market in its latest study, presenting a historical demand assessment from 2014 to 2021 and projections for 2022 to 2032.
The research study is based on application (musculoskeletal conditions, fatigue and CNS conditions, respiratory conditions, digestive conditions and other conditions), type of service (needle acupuncture, electro-acupuncture, auricular acupuncture, moxibustion , cupping and others) and the end user (hospitals, clinics and wellness centers), in seven key regions of the world.
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