USD 82.27 billion
Complementary and Alternative Medicine Market Size, Share, Growth Analysis, By Intervention(traditional alternatives or botanicals, mind healing and body healing), By distribution channel(E-sales, direct sales, distance correspondence and others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2163 |
Region:
Global |
Published Date: February, 2024
Pages:
263
|Tables:
62
|Figures:
70
Complementary and Alternative Medicine Market Insights
Complementary and Alternative Medicine Market size was valued at USD 82.27 billion in 2019 and is poised to grow from USD 100.39 billion in 2023 to USD 493.67 billion by 2031, growing at a CAGR of 22.03% during the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Direct Sales
Fastest Growth
Direct Sales
Growth Rate
22.03% CAGR
Global Complementary and Alternative Medicine Market ($ Bn)
Country Share for Europe Region (%)
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Complementary and Alternative Medicine Market Segmental Analysis
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.
Global Complementary and Alternative Medicine Market By Distribution Channel
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Complementary and Alternative Medicine Market Regional Insights
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.
Global Complementary and Alternative Medicine Market By Region
- Largest
- Fastest
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Complementary and Alternative Medicine Market Dynamics
Complementary and Alternative Medicine Market Drivers
Increased Healthcare Spending to Boost Market Growth
- The prevalence of various chronic diseases like cancer and cardiovascular diseases is increasing, and complementary and alternative medicines and therapies are becoming more and more popular. These factors, along with the rising costs of conventional medications and their side effects, are what are driving the growth of the global complementary and alternative medicine market.
- On the other side, the increasing use of tactics like partnerships, mergers, and acquisitions by major organizations may open up new chances in the years to come.
- The increasing healthcare spending, which helps to improve its infrastructure, is a crucial element affecting the growth rate of the complementary and alternative medicine industry. The market dynamics will be further impacted by different government organizations' efforts to strengthen the healthcare infrastructure by boosting financing.
- Additionally, growing awareness-raising campaigns by public and private groups will grow the complementary and alternative medicine sector. The market for complementary and alternative medicine will grow as a result of changing lifestyles and a growing elderly population.
Complementary and Alternative Medicine Market Restraints
High Cost to Hinder Market Growth during Forecast Period
- The expensive cost of the drug will hinder the market's expansion. The market for complementary and alternative medicine will face difficulties due to a shortage of trained specialists and inadequate healthcare infrastructure in underdeveloped nations. Additionally, during the projection period of 2022–2029, the patient's self-medication without visiting a doctor and the general lack of knowledge would function as restraints and further limit the growth rate of the market.
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Complementary and Alternative Medicine Market Competitive Landscape
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
- Columbia Nutritional
- Herb Pharm
- Herbal Hills
- Ramamani Iyengar Memorial Yoga Institute
- John Schumacher Unity Woods Yoga Centre
- Yoga Tree Studios, Inc.
- Helio USA Inc.
- NatureKue
- Nordic Nutraceuticals
- Pure encapsulations, LLC.
- The Healing Company Ltd.
- Quantum-Touch
- BIOTAILOR
- Bikram Yoga
- True Yoga
Complementary and Alternative Medicine Market Recent Developments
- In December 2020, Modern Acupuncture opened its 54th clinic in the United States and second in Florida in Pinecrest, Florida. This is anticipated to boost this clinic's market position and broaden the scope of the acupuncture services it provides to the nation.
- In July 2020, Colombia Nutritional introduced a new process solution that had a multi-phase onboarding feature created for the successful online launch of the newest items. Maintaining a minimum order quantity (MOQ) that would raise the standard of the services offered was the major goal of this strategic product development.
Complementary and Alternative Medicine Key Market Trends
- The focus of CAM medicine will almost definitely remain on creating fresh cancer treatments. Oncological conditions are treated with CAM medicine 30% more frequently than the next most common use. Applications of CAM medicine in cancer are more prevalent in Europe and the US, where research is done. Government funding is expected to hasten the growth of the CAM medicine sector in the field of sickness treatment.
- Using technologies that support precision medicine decision-making, clinical practitioners will be able to decide whether tests are necessary and how to apply genetic data to the outcomes. Patients will benefit from CAM medicine by avoiding delays and service rejections.
Complementary and Alternative Medicine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 82.27 billion |
| Market size value in 2031 | USD 493.67 billion |
| Growth Rate | 22.03% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Complementary and Alternative Medicine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Complementary and Alternative Medicine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Complementary and Alternative Medicine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Complementary and Alternative Medicine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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