Electric Acupuncture Devices Market

Market Study on Electric Acupuncture Devices: Analysing Expanding Applications in Healthcare, Growing Awareness Regarding Alternative Therapies, and Rising Demand for Non-invasive Pain Relief Solutions, PMR Foresees a Wealth of Revenue Generation Opportunities Ahead

A Detailed Analysis of the Electric Acupuncture Devices Market Based on Increasing Adoption in Areas Like Pain Management and Wellness, Coupled with Notable Technological Advancements

Report ID: PMRREP33996

Number of Pages: 216

Format: PPT*, PDF, EXCEL

Industry: Healthcare

Published Date: February-2024

Report Price

$4900*

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Electric Acupuncture Devices Market

The global electric acupuncture devices market is forecast to expand at a CAGR of 6.9% and thereby increase from a value of US$15 Mn in 2023, to US$23.9 Mn by the end of 2030.

Attributes

Key Insights

Electric Acupuncture Devices Market Size (2023E)

US$15.0 Mn

Projected Market Value (2030F)

US$23.9 Mn

Global Market Growth Rate (CAGR 2023 to 2030)

6.9%

Historical Market Growth Rate (CAGR 2018 to 2022)

7.0%

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Market Introduction and Definition

Electric acupuncture devices utilize pulsating electrical currents to stimulate acupoints, employing specialized therapeutic techniques for pain management and treating various indications. These devices are designed to address conditions such as Wei syndrome, Bi syndrome, and injuries to muscles, joints, and ligaments.

In the context of electric acupuncture devices, different waveforms, including dense waves, sparse waves, and dense sparse waves, are employed for pain relief. The selection of specific waveforms depends on the nature of the disease or condition being treated. For example, dense waves are utilized to provide a continuous frequency of 50 to 100 pulsations per second, particularly effective for addressing vessel and muscle spasms.

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Market Growth Drivers

Expansion of Aging Population Worldwide, and Escalating Demand for Healthcare Services

According to data from the Centers for Medicare and Medicaid Services, the national healthcare expenditure in the US exceeded US$4.1 Tn in 2020 and is projected to reach US$6.2 Tn by 2028. The Commonwealth Fund reports that in 2018, the US allocated nearly 17% of its gross domestic product (GDP) to healthcare, making it the highest among countries studied. Switzerland ranked second, spending 12.2%, while New Zealand, and Australia allocated only 9.3%.

The US Bureau of Labor Statistics predicts a 16% growth in employment in healthcare fields from 2020 to 2030, surpassing the average for all occupations and creating approximately 2.6 million new jobs. This growth is attributed to an aging population, leading to increased demand for healthcare services. As of May 2021, the median annual wage for healthcare practitioners and technical fields, including registered nurses, physicians and surgeons, and dental hygienists, was US$75,040, exceeding the median annual wage for all occupations in the economy, which stood at US$45,760.

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Market Restraints

Insufficient Training, and Education

The growth of electric acupuncture devices faces challenges due to financial constraints prevalent in developing countries, coupled with a preference for alternative therapeutic methods. The adoption rate of these devices is hindered by the necessity for substantial data showcasing their benefits, thereby restricting market growth. Additionally, insufficient training and education on the proper utilization of electric acupuncture devices pose obstacles to the development of the market.

Highs Cost of Acupuncture Treatment, and Lack of Reimbursement Policies

The application of acupuncture treatment is on the rise, but several factors are hindering its adoption. The absence of favorable reimbursement policies for patients is expected to have a detrimental effect on expansion opportunities. Additionally, the limited availability of compensation policies for acupuncture is projected to result in higher costs for patients, negatively impacting market growth prospects.

Opportunities

Rapid Advancements in Technology

Electric acupuncture devices represent conventional treatment methods with diverse applications. This treatment modality is recognized for its efficacy and minimal side effects compared to pharmaceutical therapies. Studies have demonstrated the effectiveness of electric acupuncture in pain relief, enhancing blood flow, and alleviating stasis. Recent research has highlighted its potential in improving gut health, particularly in addressing chronic constipation.

Notably, electric acupuncture has been associated with improvements in hypothalamic functional connectivity and the release of mesenchymal stem cells into the bloodstream. This approach is characterized by its non-invasiveness and cost-effectiveness when compared to alternative treatment options. The continuous evolution of technology has further facilitated the development of electric acupuncture devices with real-time control over pulsating electric frequencies.

Analyst’s Viewpoint

In recent times, there has been a notable surge in the demand for complementary and alternative therapies. Acupuncture is gaining popularity among both healthcare professionals and patients alike. Individuals seeking non-pharmacological approaches to address health issues, such as stress reduction, pain management, and overall well-being, can consider acupuncture treatment options. Potential players are likely to leverage the opportunity to introduce innovative techniques, technologies, or equipment to enhance the overall patient experience.

Supply-side Dynamics

Several factors, including the increasing awareness of alternative therapies and the rising prevalence of chronic conditions, all contribute to the dynamic and rapid expansion of the global Electric Acupuncture Devices market. B Cymatics, Pantheon Research, Haifu Medical Technology Co. Ltd., Shinylink (Shanghai) Industrial Inc., and Hangzhou Ruicheng Medical Device Tech Limited are market leaders in the manufacturing sector.

The countries of Germany, Japan, China, France, and the US are significant producers of various goods. In Europe, Germany stands out as one of the prominent 12 member states where acupuncture is recognized as a distinctive therapeutic system. Additionally, the European Medical Association has acknowledged acupuncture as an additional qualification in the medical sector, thereby fostering growth opportunities in the market. In China, the growing prevalence of diseases such as migraine, lower back pain, and osteoarthritis is driving the demand for electric acupuncture devices

Several corporations are investing in research and development activities to provide more convenient solutions to industry verticals. It is anticipated that these expansions will substantially alter the dynamics of the market, resulting in heightened competition, reduced prices, and an influx of innovative products.

Market Segmentation

Which is the Largest Indication-wise Segment of the Market?

Skeletomuscular Conditions Drive a Majority of Global Demand

The sales of electric acupuncture devices have been significantly driven by skeletomuscular conditions, given their widespread prevalence and the effectiveness of acupuncture in managing related symptoms. Conditions like chronic back pain, arthritis, and sports injuries are common, resulting in a high demand for non-invasive and drug-free treatment options.

Electric acupuncture devices provide targeted stimulation to muscles and trigger points, facilitating pain relief, muscle relaxation, and enhanced blood circulation. The ease of use and portability of these devices have further contributed to their popularity, making them a preferred choice for individuals seeking at-home pain management solutions for skeletomuscular conditions.

Which is the Most Prominent Market Segment Based on Application?

Hospitals Top the List on Account of a Larger Budget for Medical Equipment Procurement

The leading driver of sales in the electric acupuncture devices market is hospitals, influenced by several factors. Hospitals frequently cater to patients with diverse medical conditions, including chronic pain and musculoskeletal issues, making electric acupuncture a versatile and sought-after treatment option.

Hospitals typically have a larger budget for medical equipment procurement compared to clinics or homecare settings, enabling them to invest in more advanced and costly electric acupuncture devices. Moreover, hospitals benefit from well-established healthcare professionals, such as physiotherapists and pain management specialists, who can proficiently use and endorse these devices, thereby enhancing their adoption and sales within hospital settings.

Top Regional Markets

Notably Increasing Prevalence of Arthritis Secures Top Rank for North America

The surge in pain-related disorders and the increasing prevalence of arthritis serve as the primary drivers for the expansion of the electric acupuncture devices market in North America. According to data from the National Health Interview Survey (NHIS) covering the period from 2019 to 2021, an estimated 53.2 million adults in the US (21.2%) had received a doctor's diagnosis for various conditions such as arthritis, rheumatoid arthritis, gout, lupus, or fibromyalgia. Over this period, the unadjusted prevalence of doctor-diagnosed arthritis in the US was 24.2% among women and 17.9% among men. The dominance of the market in this region can be attributed to heightened research and development activities by key players, an increase in product offerings, enhanced affordability, and a growing demand for early treatment.

Europe Accelerates Growing Adoption of Acupuncture Devices to Advance Growth

Europe is poised to offer significant growth prospects for the electric acupuncture devices industry, driven by the growing adoption of acupuncture devices, particularly electric acupuncture pens. The region is experiencing an uptick in the incidence of muscle, joint, and ligament injuries, and this, coupled with increased regulatory approvals, technological advancements in acupuncture devices, favorable reimbursement policies, and government support, is fueling the demand for electric acupuncture devices. The expanding geriatric population, more susceptible to pain-related disorders, is expected to further propel the global electric acupuncture devices market.

Competitive Intelligence and Business Strategy

Prominent organizations, including B Cymatics, Pantheon Research, and Haifu Medical Technology Co. Ltd, are at the vanguard of this sector, providing inventive solutions by capitalizing on their technological prowess and vast experience in the medical industry. Organizations operating within this sector prioritize technological advancements, strategic alliances, and user experience improvement.

Major companies are continually working towards promoting the global commercialization of acupuncture treatment by highlighting its benefits. To distinguish themselves in this highly competitive market, these businesses strive to differentiate their products. They achieve this by providing distinctive attributes, enhanced precision, and more extensive health observations.

Key Recent Developments

New Product Launch

In March 2020, Ora Acupuncture, a recently established acupuncture center, commenced operations in New York, USA. The center specializes in providing high-quality acupuncture treatment options to its clientele.

Market Impact The expansion of the electric acupuncture devices market is anticipated to be aided by the opening of new acupuncture centers like Ora Acupuncture, especially those that emphasize high-quality treatment alternatives. This growth suggests that there is a growing need for acupuncture services, which may encourage these centers to include electric acupuncture devices in their treatment programs. The use of electric acupuncture devices may increase in tandem with the opening of more acupuncture centers, hence bolstering the market growth.

Electric Acupuncture Devices Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Indication
  • Application
  • Region

Key Companies Profiled

  • Cymatics
  • Pantheon Research
  • Haifu Medical Technology Co. Ltd.
  • Shinylink (Shanghai) Industrial Inc.
  • Hangzhou Ruicheng Medical Device Tech. Limited
  • Wuxi Jiajian Medical Instrument Co. Ltd.
  • Hubei YJT Technology Co. Ltd.
  • Wujiang Win Game I/E Co. Ltd.
  • Zhengzhou Sunshine Medical Equipment Co.
  • Guangzhou GHC International Trade Company

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Electric Acupuncture Devices Market Research Segmentation

By Indication:

  • Neurological Conditions

  • Gastrointestinal Conditions

  • Skeletomuscular Conditions

  • Others

By Application:

  • Hospitals

  • Clinics

  • Homecare

By Region:

  • North America

  • Europe

  • East Asia

  • South Asia & Oceania

  • Latin America

  • Middle East & Africa

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Companies Covered in This Report

  • Cymatics

  • Pantheon Research

  • Haifu Medical Technology Co. Ltd.

  • Shinylink (Shanghai) Industrial Inc.

  • Hangzhou Ruicheng Medical Device Tech. Limited

  • Wuxi Jiajian Medical Instrument Co. Ltd.

  • Hubei YJT Technology Co. Ltd.

  • Wujiang Win Game I/E Co. Ltd.

  • Zhengzhou Sunshine Medical Equipment Co.

  • Guangzhou GHC International Trade Company

Frequently Asked Questions

The market is anticipated to grow at a CAGR of 6.9% during the projected period.

The electric acupuncture devices market was valued at US$15 million in 2023.

The US held the largest market share in 2023.

Some of the prominent players in the market include B Cymatics, Pantheon Research, Haifu Medical Technology Co. Ltd., Shinylink (Shanghai) Industrial Inc., and Hangzhou Ruicheng Medical Device Tech Limited.

The skeletomuscular conditions segment is expected to grow at the fastest rate during the forecast period.

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