Dublin, April 02, 2024 (GLOBE NEWSWIRE) -- The "Global Acupuncture Needles Market Analysis & Forecast to 2024-2034: Market By Product; By Material; By End-user; and By Region" report has been added to ResearchAndMarkets.com's offering.
Market Overview
The global acupuncture needles market is undergoing a significant expansion and is projected to witness substantial growth over the next decade. With an initial valuation of USD 141.6 million in 2023, the market is anticipated to reach USD 338.3 million by 2034. This forecast period from 2024 to 2034 is expected to see a robust Compound Annual Growth Rate (CAGR) of 8.24%, driven primarily by increasing chronic health issues, lifestyle changes, and advancements in acupuncture needles.
Product Innovation and Collaborative Efforts Fueling Market Expansion
An increase in the use of disposable needles has been a major factor in the surge of market growth. These needles offer benefits such as reduced transmission risk and cost-effectiveness, which has led to widespread recommendations by healthcare professionals across the globe. Equally notable are the enhancements in non-disposable needles, with an expectation of rapid market growth due to heightened awareness of hygiene practices and infection control.
Furthermore, strategic partnerships have played a crucial role, with collaborations aimed at increasing the proficiency of acupuncture practitioners. Such initiatives are enhancing the scope and accessibility of acupuncture services, thus contributing to market expansion.
Advances in Material and End-user Applications
In terms of materials, stainless steel maintains the lead due to its availability and cost-effectiveness. However, the impressive growth rate predicted for silver needles suggests a shifting preference towards materials offering specific therapeutic advantages. On the end-user front, hospitals remain the dominant segment, but clinics are fast catching up, likely attributed to the increasing number of such establishments and an uptick in surgical procedures.
Regional Market Insights
The Asia Pacific region claims the highest revenue share, capitalized by the burgeoning medical tourism market and rising demand for acupuncture treatments. In contrast, North America is projected to grow swiftly, supported by disease prevalence, elevated surgical procedures, and governmental initiatives to integrate acupuncture services more widely into healthcare systems.
Such developments underscore a dynamic and swiftly evolving global acupuncture needles market, which offers a plethora of opportunities for various market participants amidst increasing global demand for holistic and alternative medical procedures.
Conclusion
As the global acupuncture needles market forges ahead, the anticipation of growth heralds a promising future for the integration of traditional and modern healthcare. The coming years are likely to witness enhanced quality, increased availability, and more innovative products in the global acupuncture needles market, creating value for health practitioners and patients alike.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value (USD) in 2023 | $141.6 Million |
| Forecasted Market Value (USD) by 2034 | $338.3 Million |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Companies Featured
- AcuMedic Ltd.
- asia-med GmbH
- Suzhou Zhongjing Life & Science Technology Co. Ltd.
- WUXI JIAJIAN MEDICAL DEVICES CO. Ltd.
- Dana Medical Co.
- Shinylink (Shanghai) Industrial Inc.
- 3B SCIENTIFIC GMBH
- Boen Healthcare Co. Ltd.
- SEIRIN
- Suzhou Hualun Medical Appliance Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/pciguw
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