USD 82.27 billion
Report ID: SQMIG35I2163 | Region: Global | Published Date: February, 2024 | Pages: 263 | Tables: 62 | Figures: 70
Complementary and Alternative Medicine Market size was valued at USD 82.27 billion in 2021 and is poised to grow from USD 100.39 billion in 2022 to USD 493.67 billion by 2030, growing at a CAGR of 22.03% during the forecast period (2023-2030).
The market is expected to pick up in the upcoming years as a result of the shifting regulatory environment and vigorous government initiatives, which will lead to the establishment of solid transnational connections across healing pathways connecting international, national, and local movements regarding alternative medicine. Furthermore, government efforts looking at standards relating to the right to health in all of its manifestations are planned to support service providers' and patients' involvement in the field of complementary and alternative medicine.
By increasing targeted spending, establishing government facilities, and providing guidelines to assure proper use of complementary and alternative medicine, government activities significantly contribute to the growth of integrative health and complementary medical practices (CAM).
The promotion of medical tourism, which draws individuals from outside and enables them to get top-notch alternative medical care, is a priority of regulatory organizations. For instance, the development and standardization of alternative medical facilities in several of the states has received major funding from Indian regulatory bodies. In order to oversee the teaching, product creation, research, and other services related to yoga, Ayurveda, homeopathy, and naturopathy in India, a government organization called the "Ministry of Ayush" has been established.
US Complementary and Alternative Medicine Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 82.27 billion
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The global complementary and alternative medicine market is segmented based on intervention, distribution channel and region. Based on intervention, the market is subdivided into traditional alternatives or botanicals, mind healing and body healing. Based on distribution channel, the market is subdivided into E-sales, direct sales, distance correspondence and others. By region, The market is divided into North America, Europe, Asia Pacific, Latin America and Middle Eastern Africa.
Complementary and Alternative Medicine Market Analysis by Intervention
In 2021, the sector of traditional alternatives/botanicals held a market share of around 38%. The alternative medicines that are most frequently recognized across the world are those made from herbs and other botanicals. The importance of this market sector has grown over the last few decades as a consequence of the rising demand for different herbal medications, herbal supplements, homeopathic medicines, and various natural items. Additionally, botanicals are utilized in conjunction with conventional medications and foods to treat diseases.
On the other hand, it is anticipated that over the projected period, the external energy segment would be the most opportune. This is a result of the rising demand for bio-magnetic treatment and magnetic resonance therapy. The popularity of this market is rising as more physicians, patients, and naturopaths acknowledge the use of external energy intervention.
Complementary and Alternative Medicine Market Analysis by Distribution Channel
According to the distribution channel, the direct sales channel segment will hold over 72% of the market in 2021. The rapid expansion of medical tourism has aided in the expansion of this market. The expansion of this market is being aided by government support for the development of healthcare facilities and the promotion of complementary and alternative therapies. The dependence of the numerous ayurvedic and acupuncture practitioners on direct sales has aided in the segment's expansion. According to Michelle Grasek's post for Seneca Falls Acupuncture PLLC, the popularity of acupuncture therapy among patients has risen as a result of the effective methods to treatment used in acupuncture therapy.
On the other hand, it is anticipated that over the projection period, distant correspondence would have the quickest growth. The growing popularity of distant learning, yoga training, meditation, and mind-healing programs among practitioners is anticipated to fuel the expansion of distance correspondence in the ensuing years.
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Europe held the largest share of the global complementary and alternative medicine market in 2021. The rise of the CAM business in Europe has been aided by consumers' greater use of alternative therapies and declining reliance on current pharmaceuticals. Additionally, as consumers become more aware of the long-term negative consequences of chemically based medications, they are turning to herbal, Ayurvedic, and naturopathic remedies. Additionally, it is predicted that the growing popularity of acupuncture and yoga in Europe will maintain the region's prominence in the market for the duration of the projected period. In addition, during the past 20 years, hospitals offering complementary and alternative treatment have increased in number across Europe.
During the projection period, the Middle East and Africa region is anticipated to be the fastest-growing market. From 2022 to 2028, it is anticipated to grow at the fastest CAGR of 24.78%. This is linked to a sharp rise in the number of practitioners of alternative medicine in the area. Additionally, the Middle East's growing demand for herbal treatments is anticipated to have a substantial influence on market expansion.
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Complementary and Alternative Medicine Market Drivers
Increased Healthcare Spending to Boost Market Growth
Complementary and Alternative Medicine Market Restraints
High Cost to Hinder Market Growth during Forecast Period
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The increasing number of players in the worldwide complementary and alternative medicine market is anticipated to increase investments in the development, marketing, and distribution of CAM products on a global scale. Additionally, the market expansion is anticipated to be fueled by a variety of development methods used by these market competitors, such as new product launches, partnerships, collaborations, and mergers. Market participants are always looking for ways to dominate the industry and get an advantage over rivals.
Complementary and Alternative Medicine Market Top Player's Company Profiles
Complementary and Alternative Medicine Market Recent Developments
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According to our global complementary and alternative medicine market analysis, the growing need for herbal medicines, vitamins, homeopathic medicines, and other natural products, this market has become more significant over the past several decades. globalIn addition to the growing use of complementary and alternative treatments and therapies, numerous chronic diseases including cancer and cardiovascular illnesses are becoming increasingly common. The global market is expanding as a result of the rising expense of traditional pharmaceuticals and their adverse effects. It is projected that investments in the creation, promotion, and distribution of CAM products would rise as a result of the growing number of companies in the global industry. The patient's use of self-medication without consulting a physician and general ignorance would act as constraints and further slow the rate of growth.
|Market size value in 2021
|USD 82.27 billion
|Market size value in 2030
|USD 493.67 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
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For the Global Complementary and Alternative Medicine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Complementary and Alternative Medicine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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