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

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.