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Global Acupuncture Market: Overview

Acupuncture is an ancient Chinese medical technique that makes use of needles to alleviate pain, cure some other ailments. The needles are inserted at specific points in the patient's skin, as experts of this technique claim that this aligns the body's energies along the direction towards healing. Western proponents and critics of this technique think pain alleviation can be attributed to stimulation of nerves at specific points in the body, owing to which the body releases specific pain neutralizing components.  As awareness about the techniques catches on with more people across the world, its demand is growing at a steady pace, states Transparency Market Research. It further notes that from 2020 to 2030, numerous growth avenues will mark their presence in the global acupuncture market landscape.

Global Acupuncture Market: Competitive Landscape

Manufacturers of acupuncture needles were earlier concentrated mainly in the oriental nations, but today globalization has brought it forward into the other parts of the world. These manufacturers recognize the increasing demand for acupuncture by a global population that is increasingly turning on alternative medicine for intractable conditions. A number of global manufacturers have entered into the acupuncture market. A few of these include-

  • Wuxi Jiajian Medical Instruments Co., Ltd, 
  • Schwa-medico GmbH, 
  • 3B Scientific GmbH, 
  • SEIRIN Corporation, 
  • Zepter International, 
  • Cymedics GmbH & Co. KG, 
  • MKW Laser system GmbH, 
  • Asia-Med GmbH, 
  • Qingdao Great Fortune Co., Ltd., 
  • AcuMedic Ltd.

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Global Acupuncture Market: Key Trends and Drivers

  • Allopathic medicine can be quite costly in terms of the number of investigations required, coupled with expensive modern imaging techniques which are called for in almost all cases by allopathic practitioners. As global poverty rises to 9% by the end of the year 2020, many people will have to forego expensive treatment for alternative medicine, from which acupuncture should benefit. Additionally, it is worth noting here that increase in awareness is also contributing to growth in global acupuncture market over the forecast period.
  • A major hindrance to the growth of this market can be the lack of scientific evidence. Though effective for minor painful conditions like muscle spasms, joint pains, menstrual cramps and the like, it is majorly ineffective for severe pain as seen in various chronically debilitating conditions like cancer. Also, insertion of needles requires proper sterilization to prevent infections, and the practitioner of this technique must be properly trained so as to not do harm instead of good. A lack of proper, institutionalized training can lead to rampant quackery and disbelief among people regarding the technique itself. However, as specialists in the field get prominence and more people are motivated to take up the skill set, market would witness a strong counteracting force to mentioned restraint.

Global Acupuncture Market: Regional Analysis

North America currently is the market leader for the acupuncture market owing to an increased acceptance of alternative medical techniques among people and a growing incidence of chronic conditions there. In 2016 alone, 20.4% of U.S. citizens had chronic pain due to various reasons, and given the prevalence of sedentary lifestyles, this number is set to rise. Since allopathic medicine has little to treat these cases with, the acupuncture market should benefit in this regard.

Europe follows suit owing to the same factors.

The Asia Pacific region (APAC) is the fastest growing market for acupuncture therapy given a growing attention given to healthcare among a majorly working population and a mature base of ancient acupuncture techniques on which this market should grow in the future. 

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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Acupuncture Market

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