Rapidly changing lifestyles and global aging population are key factors behind majority of chronic conditions such as pain, mental disease, and cancer-associated symptoms. This rising unresolved chronic disease epidemic is becoming a great concern in the global healthcare system, leading to the adoption of alternative therapies such as acupuncture and traditional herbs.
Traditional Chinese Medicines (TCM) is a specialized category of complementary and alternative therapy, which includes acupuncture as the most recognized and clinically-effective TCM to treat chronic diseases. Other TCMs include traditional herbs and Tui Na massage techniques.
In the U. S., since 1998, there has been a 3X increase of acupuncture services in hospitals. Currently, chronic musculoskeletal conditions are major health conditions (more than ~50%) where most acupuncture sessions carried out, worldwide.
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- Traditional Chinese Medicines Australia
- American College of Traditional Chinese Medicine (ACTCM)
- Jingshen Acupuncture and Chinese Medicine Clinic (Jingshen TCM Clinic)
- Professional Register of Traditional Chinese Medicine (PRTCM)
- ChinaMed Charlottesville
- New Zealand Chinese Medicine & Acupuncture Society (NZCMAS)
- Traditional Chinese Medicine & Acupuncture
- European Traditional Chinese Medicine Association (ETCMA)
- Beijing Acupuncture and Herbal Clinic
- Flow Acupuncture & Osteopathy
WHO Push for Worldwide Recognition Boosting Acupuncture Market Growth
A survey conducted by WHO indicated that, nearly 80% of 129 WHO member states officially recognize the use of acupuncture. National policies and regulations on traditional medicine or complementary medicine (T&CM) have been established by most of these member states.
A survey revealed that, the use of TCMs has significantly increased (annually 15% or higher). In addition, 43.5% of the member states established T&CM practitioner regulations. The upper-level TCM learning programs providing member states has grown to 39 from only a few, representing 30% of the surveyed countries.
For example, the U. K. government recognized acupuncture therapy by legalizing it as a standard healthcare system in 2000. In the process, the Department of Health, U. K., set the acupuncture regulatory working group to make recommendations on the regulation of acupuncturists. In response, the group published a report on statutory regulations of the acupuncture profession in 2003.
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Independent and Hospital Integrated Acupuncture Services Gaining Traction
Rising demand for acupuncture services by patients in hospitals and overall insufficient treatment outcomes of current medications are increasing alternative complementary treatments adoption by medical-professionals. Independent acupuncture clinics and wellness centers are growing as a result of patient dissatisfaction of costly medications and related side effects.
In addition, local government initiative for offering high-level acupuncture educational and training programs to non-medical professionals are increasing private acupuncture practice.
For example, in 2006, Brazilian National Health System (SUS) enacted law to allow non-medical professionals to act as acupuncturists within the Brazilian National Health System (SUS). This new reform recorded significant annual increase of non-medical professional acupuncture consultations (account 28%) between 1999 and 2007.
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Acupuncture Market: Analysts’ Viewpoint
An extensive analysis of the acupuncture market has brought our analysts to a conclusion that, the global acupuncture market is growing at a significant pace. Currently, needle acupuncture is the target segment for major players, hence, this segment dominates the global acupuncture market by service type in terms of revenue. North America and East Asia collectively hold more than 60% of revenue share due to the high adoption of acupuncture in these region. Developing countries such as Brazil, South Africa, and Argentina are expected to offer lucrative opportunities for the growth of the acupuncture market, owing to increasing awareness and local government regulatory reforms in education and practice law of acupuncture.
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Key Segments of Acupuncture Market
PMR’s study on the acupuncture market offers information divided into four important segments-service type, application, end user, and region. This report offers comprehensive data and information about the important market dynamics, and growth parameters associated with these categories.
Key Questions Answered in PMR’s Acupuncture Market Report
- Which regions will continue to remain the most profitable regional markets for acupuncture market players?
- Which factors will induce a change in the demand for acupuncture therapy during the assessment period?
- How will changing trends impact the acupuncture market?
- How can market players capture the low-hanging opportunities in the acupuncture therapy in developed regions?
- What are the winning strategies of stakeholders in the acupuncture market to upscale their position in this landscape?
- What are the restraints that investors need to be aware of and might tackle while investing in the acupuncture market?
- What are the developmental trends in acupuncture sectors that will impact the market?
- How businesses in the acupuncture market can avail growth opportunities in developed and emerging economies?