-- The global acupuncture needles market has witnessed significant growth in recent years, and this trend is expected to continue in the forecast period. According to a report, the market size was valued at USD 145.2 million in 2022 and is expected to reach USD 227.9 million by 2032, registering a revenue CAGR of 4.5%. One of the major factors driving this growth is the increasing use of acupuncture therapy as an alternative treatment for medical disorders such as chronic pain, depression, and anxiety.
The growing inclination towards non-invasive and drug-free treatment options is also contributing to the demand for acupuncture therapy. Patients are increasingly showing interest in traditional Chinese medicine-based therapy, which has resulted in an increase in acupuncture needle sales. Moreover, the prevalence of chronic conditions like arthritis, back pain, and migraines is increasing, which is driving the demand for acupuncture treatment and, in turn, contributing to the revenue growth of the market.
The development of disposable and painless acupuncture needles is another significant factor driving revenue growth. With the advancements in technology, the introduction of disposable needles has led to an increase in their demand. The safety and hygienic advantages of disposable needles are particularly beneficial in clinical settings, which is further driving demand. Additionally, the introduction of painless needles has improved patient comfort and satisfaction, which has also led to an increase in their demand
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Market Segments: -
The global acupuncture needles market is segmented based on type outlook, material outlook, end-use outlook, and regional outlook.
By type outlook, the market is further divided into disposable and non-disposable acupuncture needles. Disposable needles are gaining popularity due to their lower risk of infections, while non-disposable needles are preferred by traditional acupuncturists.
Based on material outlook, the market is segmented into stainless steel, gold, silver, and others. Stainless steel needles are the most commonly used type of acupuncture needles due to their durability and low cost. However, gold and silver needles are gaining popularity due to their potential therapeutic benefits.
By end-use outlook, the market is segmented into hospitals, clinics, and others. The hospitals segment is expected to account for a significant share of the market, owing to the increasing number of hospitals and the rising demand for minimally invasive therapies.
Geographically, the global acupuncture needles market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market, owing to the strong presence of traditional Chinese medicine practitioners and the high prevalence of chronic pain and other diseases that can be treated with acupuncture therapy.
Strategic developments in the market:
The global acupuncture needles market has witnessed several strategic developments in recent years, which have contributed to its growth and success. These developments include product launches, partnerships, and collaborations, among others.
One of the significant strategic developments in the acupuncture needles market is the introduction of new products. Manufacturers are focusing on developing innovative and advanced acupuncture needles that are more effective, safe, and comfortable for patients. For instance, in 2021, SEIRIN Corporation launched the J-Type needle, which has a highly polished surface, improved needle tip geometry, and enhanced flexibility, providing more comfort to patients during acupuncture treatment.
Partnerships and collaborations have also played a crucial role in the growth of the acupuncture needles market. Companies are entering into strategic partnerships to expand their product offerings and geographical reach. For instance, in 2020, Seirin Corporation entered into a strategic partnership with Shinko Trading Co. Ltd, a Japan-based medical device distributor, to distribute acupuncture needles in Japan.
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Competitive Landscape:
The acupuncture needles market is a highly fragmented industry with a large number of players competing for market share. Major companies operating in the global acupuncture needles market are focusing on various strategies to maintain their market position. One of the key strategies adopted by major companies is mergers and acquisitions. For instance, in 2017, SEIRIN Corporation, a Japanese company that manufactures acupuncture needles, was acquired by Moxibustion and Acupuncture Needle Manufacturer Co. Ltd (MAN), a leading manufacturer of acupuncture needles in China.
In addition to mergers and acquisitions, companies are also focusing on strategic agreements and contracts to strengthen their market position. For example, in 2021, Suzhou Medical Appliance Factory, a Chinese manufacturer of acupuncture needles, entered into a strategic cooperation agreement with Shanghai University of Traditional Chinese Medicine (TCM) to develop acupuncture needles and related products for the global market.
Furthermore, major players are investing in research and development to develop more effective and innovative products. For instance, in 2019, Seirin Corporation launched a new line of acupuncture needles called the "Seirin J-type" needles. These needles are designed to be painless and easy to use, which has increased their popularity among healthcare providers and patients.
Other major companies operating in the global acupuncture needles market include Dongbang Acupuncture Inc., Wuxi Jiajian Medical Instruments Co., Ltd., and AcuMedic Ltd. These companies are focusing on introducing new products and expanding their geographical presence to gain a competitive advantage in the market.
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