Global Complementary and Alternative Medicine Market

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 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.

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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 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. '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'

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.

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.

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.

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Global Complementary and Alternative Medicine Market

Report ID: SQMIG35I2163

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