Acupuncture Needles Market Analysis Report By Product, By Material, By End-use, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17620165  |  Published: October 2020  |  No of Pages: 90
Format: Electronic (PDF)  |  Industry: Laboratory Equipment  |  Publisher: Grand View Research

Industry Insights

The global acupuncture needles market size has generated a revenue of USD 102.1 million in 2019. It is also estimated to register an 8.0% CAGR from 2020 to 2027. The rising prevalence of chronic diseases like obesity, autoimmune diseases, and diabetes among the millennial population is expected to drive the growth of the market.

Several factors like the adoption of sedentary and unhealthy lifestyles, excessive alcohol consumption, and smoking are the root cause of the increase in the number of chronic diseases. For instance, the WHO stated that around 1.6 million deaths across the globe were caused due to diabetes in 2016. As the acupuncture method is effective against the treatment of chronic diseases, the adoption of acupuncture needles is estimated to increase rapidly in the upcoming years.

The U.S. acupuncture needles market

The increasing number of chronic diseases has increased to the number of surgeries associated with them. As surgical wounds have larger areas and are deeper in pain, the need for needles is foreseen to provide relief to the patients. Moreover, the benefit of these acupuncture needles in overcoming post-surgical trauma is further estimated to augment their demand.

Product Insights

The product segment of disposable needles accounted for the dominant share of 56.1% across the global market in 2019. It is estimated to continue dominance in the upcoming years. This growth can be attributed to the reduction in risk associated with disease transmission among patients and its cost-effective nature. Several healthcare professionals are recommending the usage of disposable needles owing to ease of availability and safety issues.

The segment of non-disposable acupuncture needles is projected to witness moderate growth in the upcoming years. An increase in the risk associated with disease transmission among patients is estimated to hamper the growth of this segment. But, due to the lack of knowledge among patients, such needles are still being used across underdeveloped countries.

End-use Insights

The end-user segment of hospitals accounted for the highest share of around 44.0% across the global market in 2019. The rising number of ulcer cases related to venous leg and diabetic foot are projected to propel the market growth for this segment. Moreover, the rising number of surgical wounds while carrying out surgeries is expected to augment the market growth for acupuncture needles in hospitals.

The clinical end-user segment is expected to register significant growth in the upcoming years. The exponentially rising number of clinics across developed and developing regions are expected to augment the growth for this segment. Also, propelling the need for clinical treatment of several diseases is expected to generate demand for acupuncture needles.

Material Insights

The stainless steel material segment accounted for the largest share of 44.1% across the global market in 2019. It is also estimated to account for the highest CAGR in the upcoming years. This can be attributed to its features such as low cost and ease of availability.

Global acupuncture needles market

The segment of silver needles is expected to witness substantial growth from 2020 to 2027. This can be associated with advantages like enhanced thermal effect in the warm acupuncture procedure due to its more thermal conductivity. Moreover, rapid and better relief offered to the patients by the usage of this material is further expected to fuel up the market growth.

Regional Insights

The Asia Pacific held the dominant share of around 45.3% across the global acupuncture needles market in 2019. It is also projected to witness the highest CAGR of 8.4% in the upcoming years. Acupuncture is widely accepted as an effective and authentic medical treatment across Japan and China. Moreover, the growing industry of medical tourism is expected to further fuel up market growth.

North America is also projected to register significant growth from 2020 to 2027. The surging number of hypertension and diabetes problems among the millennial population due to work-life imbalance has contributed majorly towards the market growth across this region. Moreover, the rising number of surgical procedures across the U.S. and Canada are also triggering up the demand for acupuncture procedures.

COVID-19 Impact Analysis

The acupuncture needles market has been positively impacted due to the COVID-19 pandemic. The number of hospitalized and high-risk patients has increased significantly during the pandemic period. Since the COVID infected severe cases require clinical or hospitalized treatment, the need for disposable equipment like needles, PPE kits and gloves had increased exponentially. As the supply chain of key players was hampered due to restrictions over cargo movement, many local players had started leveraging this situation to widen their geographical presence. Moreover, rapid innovation and product development is undertaken by the key players to enhance the user experience among patients is projected to augment the market growth in the upcoming post-pandemic years.

Acupuncture Needles Market Share Insights

The key players operating in the market are AcuMedic Ltd., SEIRIN, 3B SCIENTIFIC GMBH, Boen Healthcare Co., Ltd., Dana Medical Co., and Shinylink (Shanghai) Industrial Inc. They are continuously focusing to commercialize the treatment of acupuncture across the globe.

Thus, they have started launching programs that would generate awareness about the benefits associated with this treatment. For example, according to the JAMA Oncology 2019 journal, acupuncture and acupressure help in reducing the pain of cancer patients. This awareness among the millennial population has opened up many avenues for new entrants willing to enter the emerging market.

Report Scope

Attribute

Details

The market size value in 2020

USD 109.4 million

The revenue forecast in 2027

USD 187.8 million

Growth Rate

CAGR of 8.0% from 2020 to 2027

The base year for estimation

2019

Actual estimates/Historic data

2015 - 2018

Forecast period

2020 - 2027

Quantitative Units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, material, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

The U.S.; Canada; The U.K.; Germany; Japan; China; Brazil; Mexico; South Africa; Saudi Arabia

Key companies profiled

3B SCIENTIFIC GMBH; AcuMedic Ltd.; Asia-med GmbH; SEIRIN; Dana Medical Co.; Suzhou Hualun Medical Appliance Co., Ltd; Shinylink(Shanghai)Industrial Inc.; Boen Healthcare Co., Ltd.; WUXI JIAJIAN MEDICAL DEVICES CO.; LTD.; Suzhou Zhongjing Life & Science Technology Co., Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2015 to 2027 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global acupuncture needles market on the basis of product, material, end-use, and region:

• Product Outlook (Revenue, USD Million, 2015 - 2027)
    • Disposable Needles
    • Non-disposable Needles

• Material Outlook (Revenue, USD Million, 2015 - 2027)
    • Stainless Steel
    • Gold
    • Silver

• End-use Outlook (Revenue, USD Million, 2015 - 2027)
    • Hospital
    • Clinics
    • Others

• Regional Outlook (Revenue, USD Million, 2015 - 2027)
    • North America
        • The U.S.
        • Canada
    • Europe
        • Germany
        • The U.K.
    • The Asia Pacific
        • Japan
        • China
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa
        • South Africa
        • Saudi Arabia

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