Acupuncture Needles Market is Expected to Reach $308 million | MarketsandMarkets.

Chicago, April 18, 2023 (GLOBE NEWSWIRE) — The acupuncture needles industry is expected to experience strong growth over the next five years. Increased demand for acupuncture needles and increased awareness of the benefits of acupuncture are driving the growth in the industry. With the rise in lifestyle diseases, such as obesity and diabetes, more and more people are turning to acupuncture as an alternative form of treatment. This has resulted in an increase in demand for acupuncture needles, particularly in emerging markets. Manufacturers are responding to the increasing demand by introducing new products and expanding production capacities. Furthermore, technological advancements are providing an impetus to the industry, as new materials and designs are enabling manufacturers to produce needles with better accuracy and safety.

Acupuncture Needles market in terms of revenue was estimated to be worth $240 million in 2022 and is poised to reach $308 million by 2027, growing at a CAGR of 5.1% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The surge in geriatric population, and the rising prevalence of injuries and surgeries are the major factors driving the acupuncture needles market’s growth.

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Acupuncture Needles Market Scope:

Based on type, the acupuncture needles market is segmented into disposable and non-disposable needles. Disposable needles accounted for a larger share of the acupuncture needles market in 2021. The use of disposable needles helps reduce the risk of transmission of diseases from patient to patient.

Based on handle material, the acupuncture needles market is segmented into stainless steel, gold, silver, plastic, and copper. The stainless-steel handle needles segment is expected to grow at the highest CAGR during the forecast period owing to the easy availability and low cost of stainless steel.

Based on end user, the acupuncture needles market is segmented into hospitals and clinics. The clinics segment dominated the acupuncture needles market in 2021. The increasing number of clinics worldwide is the key factor driving the growth of this market segment.

Based on distribution channel, the acupuncture needles market has been segmented into hospital, retail, and online pharmacies. In 2021, the online pharmacies segment accounted for the largest share of the acupuncture needles market. This can be attributed to factors such as the availability of all essential acupuncture needles on online platforms.

The global acupuncture needles market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, the Asia Pacific accounted for the largest share of the acupuncture needles market, followed by Europe. The number of active local and global companies has grown in the Asia Pacific in recent years, while the healthcare infrastructure in the region has witnessed rapid expansion and modernization, are the factor that will drive the market.

Europe is estimated to be the fastest-growing regional market for acupuncture needles, majorly due to supportive government policies and a well-established medical device industry.

Key Market Players:

The key players in this market are Boen Healthcare Co., Ltd. (China), 3B Scientific GmbH (Germany), Suzhou Zhongjing Life & Science Technology Co., Ltd. (China), Wuxi Jiajian Medical Instruments Co., Ltd. (China), AcuMedic Ltd. (UK), Changchun AIKANG Medical Devices Co., Ltd. (China), HEGU Svenska AB (Sweden), Suzhou Hualun Medical Appliance Co., Ltd. (China), asia-med GmbH (Germany), SEIRIN Corporation (Japan), DongBang Medical Co., Ltd. (South Korea), Haeng Lim Seo Won Medical Company (South Korea), Suzhou Medical Appliance Factory (Suzhou Hwato) Co., Ltd. (China), Shinylink (Shanghai) Industrial Inc. (China), schwa-medico GmbH (Germany), Phoenix Medical Ltd. (UK), EU PEAK International Co., Ltd. (Taiwan), Meridius Medical GmbH (Germany), and Dana Medical (South Korea).

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Hypothetic Challenges of Acupuncture Needles Market in Near Future:

• Increasing competition from pharmaceuticals and other forms of alternative treatments: As the popularity of acupuncture needles continues to grow, more pharmaceutical companies and providers of alternative treatments are entering the market. This can result in increased competition and lower prices for acupuncture needles, making it more difficult for suppliers to remain profitable.
• Difficulty in sourcing quality needles: Quality control is key when it comes to acupuncture needles, and it can be difficult to source quality needles as the demand for them increases. This could result in an increase in prices, as suppliers are forced to pay more for higher quality needles.
• Lack of regulation: Acupuncture needles are not regulated in many parts of the world, making it difficult to ensure that the needles being sold are safe and of a consistent quality. This can lead to an increase in the number of recalled products and can have a negative effect on the market.
• Rising costs of materials: As the demand for acupuncture needles increases, so does the cost of the raw materials used to make them. This can lead to an increase in prices for consumers, making it more difficult for them to afford the needles.
• Growing counterfeit market: As the popularity of acupuncture needles increases, so too does the risk of counterfeit products enter the market. This can result in an increase in prices and a decrease in the overall quality of the needles.

Top 3 Use Cases of Acupuncture Needles Market:

• Pain Management: Acupuncture needles are used to provide relief from chronic and acute pain, such as back pain, neck pain, and headaches.
• Stress Relief: Acupuncture needles can be used to help reduce stress and improve overall mental health.
• Addiction Treatment: Acupuncture needles can be used to help individuals break addictions, such as nicotine, alcohol, and opioid use disorders.

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