Complementary and Alternative Medicine Market

Complementary and Alternative Medicine Market by Interventions (Traditional Alternative Medicine/Botanicals [Ayurveda, Apitherapy, Traditional Chinese Medicine, Bach Flower Therapy, Traditional Mongolian Medicine, Naturopathic Medicine, Traditional Korean Medicine, Traditional Tibetan Medicine, Traditional Japanese Medicine, and Zang Fu Theory], Mind Healing [Autosuggestion, Self-hypnosis, Neuro-linguistic Programming, Hypnotherapy, Spiritual Mind Treatment, and Transcendental Meditation], Body Healing [Alexander Technique, Auriculotherapy, Acupuncture, Autogenic Training, Acupressure, Chiropractic, Cupping Therapy, Kinesiology, Pilates, Osteomyology, Osteopathy, Reflexology, Qigong, and Yoga], External Energy [Magnetic Therapy {Bio-magnetic Therapy and Magnetic Resonance Therapy}, Radionics, Reiki, Therapeutic Touch, and Chakra Healing], and Sensory Healing [Aromatherapy, Music therapy, Sonopuncture, and Sound Therapy]), Distributions (Direct Sales, E-sales, and Distance Correspondence), and Regions (Asia Pa

  • Report ID: HC-1492
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 2
  • No. Of Pages: 215
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global complementary and alternative medicine market size was valued at USD 82.13 billion in 2020 and is anticipated to reach USD 404.55 billion by 2028 expanding at a CAGR of 21.2% during the forecast period, 2021–2028. The growth of the market is attributed to the rising frequency of cancer and other deadly diseases globally, and developing markets across developed regions.

Complementary and Alternative Medicine Market

Complementary and alternative medicine (CAM) are the types of non-conventional therapy approaches used to maintain or improve human health. However, these approaches are not included in standard medical care and are primarily adopted for the treatment of such diseases including jaundice, neurological disorders, and digestive problems. For such diseases, alternative medicines are widely recommended by health professionals such as psychiatrists and physiotherapists along with some dietary supplements instead of standard drugs. Complementary medicines, are also known as allopathic or biomedicines, are used in combination with standard treatments and alternative medicine is used in place of standard medical treatment. Some examples of the use of alternative medicines can be the treatment of jaundice using special diet including multivitamins along with herbs with performing some home treatment.

The increasing incidence of deadly diseases and the alternative and complimentary therapies are used for which the medical science is yet to find a proper cure in such diseases. As per World Health Organization (WHO) the new cancer cases is going to rise from 18 million in 2018 to 29.4 million by 2040. The Global Initiative for Chronic Obstruction Disease’s 2018 reported, the chronic illness is anticipated to cause 4 million deaths yearly by 2030, globally. So, alternative medicines are increasingly popular over the years and as per a global statistics, there are around 300 million people practicing yoga daily to keep and maintain good health.

The COVID-19 pandemic has positively impacted the market as a large number of the global population are realized the need of maintaining health and developing own immune system against the infectious diseases. This helps to promote people to opt of complementary or alternative medicines and several studies are published encouraging people to practice yoga and hot water as part of complimentary medicines to fight the coronavirus. The research studies on the potential of various medicinal plants have reported effective treatment to the COVID-19 patients, which is likely to bolster the market during the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

  • Government initiatives encouraging the use of alternative and complimentary medicines for improving health and prevent from chronic illness are expected to boost the market growth.   
  • Establishing several rnment facilities, consolidating targeted expenditure, and publishing guidelines for appropriate as well as systematic usage of complementary and alternative medicine are some key drivers for the market.
  • Regulatory bodies are promoting medical tourism aiming at attracting people from other places and helping them learn world-class alternative medical treatment. This is projected to fuel the market expansion.
  • Prevailing numbers of neurological disorders, cancer, and serious surgeries that require special therapies such as ayurveda, acupuncture, aromatherapy, nutritional therapy, meditation, naturopathy along with front line treatment motivates the CAMs market. This present a crucial driver for the market.
  • Self-medication without physician’s consultation as well as lack of awareness regarding the herbal supplements are major challenges that can restrict the global complementary and alternative medicine market.
  • Inadequate clinical data to supplement the claims of these medicine practitioners has proved to be a restraining factor for CAMs practitioners.

Scope of the Report

The report on the global alternative and complimentary medicines market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Alternative and Complimentary Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Interventions (Traditional Alternative Medicine/Botanicals [Ayurveda, Apitherapy, Traditional Chinese Medicine, Bach Flower Therapy, Traditional Mongolian Medicine, Naturopathic Medicine, Traditional Korean Medicine, Traditional Tibetan Medicine, Traditional Japanese Medicine, and Zang Fu Theory], Mind Healing [Autosuggestion, Self-hypnosis, Neuro-linguistic Programming, Hypnotherapy, Spiritual Mind Treatment, and Transcendental Meditation], Body Healing [Alexander Technique, Auriculotherapy, Acupuncture, Autogenic Training, Acupressure, Chiropractic, Cupping Therapy, Kinesiology, Pilates, Osteomyology, Osteopathy, Reflexology, Qigong, and Yoga], External Energy [Magnetic Therapy {Bio-magnetic Therapy and Magnetic Resonance Therapy}, Radionics, Reiki, Therapeutic Touch, and Chakra Healing], and Sensory Healing [Aromatherapy, Music therapy, Sonopuncture, and Sound Therapy]), Distributions (Direct Sales, E-sales, and Distance Correspondence)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Columbia Nutritional; AYUSH Ayurvedic Pte Ltd.; Sheng Chang Pharmaceutical Company; Nordic Nutraceuticals; The Healing Company Ltd.; John Schumacher Unity Woods Yoga Centre; Ramamani Iyengar Memorial Yoga Institute; Pure encapsulations, LLC.; and Herb Pharm.

Market Segment Insights

Traditional alternative medicine/botanicals segment to grow at a rapid pace

Based on interventions, the global alternative and complimentary market is divided into traditional alternative medicine/botanicals, mind healing, body healing, external energy, and sensory healing. The traditional alternative medicine/botanicals segment is further segregated into ayurveda, apitherapy, traditional Chinese medicine, bach flower therapy, traditional Mongolian medicine, naturopathic medicine, traditional Korean medicine, traditional Tibetan medicine, traditional Japanese medicine, and zang fu theory. The mind healing segment in classified as autosuggestion, self-hypnosis, neuro-linguistic programming, hypnotherapy, spiritual mind treatment, and transcendental meditation. The body healing is separated into alexander technique, auriculotherapy, acupuncture, autogenic training, acupressure, chiropractic, cupping therapy, kinesiology, pilates, osteomyology, osteopathy, reflexology, qigong, and yoga. The external energy is further segmented into magnetic therapy, radionics, reiki, therapeutic touch, and chakra healing, in which the magnetic therapy is bifurcated into bio-magnetic therapy and magnetic resonance therapy. The sensory healing is sub-divided in aromatherapy, music therapy, sonopuncture, and sound therapy.

The traditional alternative medicine/botanicals segment is expected to grow at a rapid pace in the coming years and held a share of 39% of the total market in 2020. Both in developed and developing nations, botanicals are the most widely preferred alternative medicines. They are mostly used as homeopathic medicines, herbal supplements, and natural products. Additionally, they are used comprehensively in the form of dietary supplements along with medicine and standard food in the majority of the countries. Herbs and medicinal plants have gained substantial attention as they can be transformed in different formulations such as teas, tablets, syrups, ointments, and herbs. Along with it teas and herbal oils are widely preferred in the industrialized nations.
The bio-magnetic therapy and magnetic resonance segment is expected to grow at a fast pace during the projected period attributed to its high recognition among naturopaths, doctors, and patients. The therapy offers certain advantages such as highly effective form of complementary and alternative medicine therapy. The transformation of chemistry-oriented healthcare to surgery orientated services has boosted the bio-magnetic therapy segment.

Complementary and Alternative Medicine Market

Direct sales segment is projected to expand at a substantial rate

On the basis of distribution methods, the market is divided into direct sales, e-sales, and distance correspondence. The direct sales segment is projected to expand at a substantial rate owing to the factors of government funding, promotion of alternative medicines, and considerable growth in medical tourism. The segment accounted for more than 70.3% of revenue share in 2020. The direct sales focuses on doctors to get profit through counseling them and encouraging sales. Meanwhile, the distance correspondence segment is anticipated to exhibit a promising growth rate during the forecast period. The lockdown and COVID-19 restrictions has developed preference for distance learning and online education for yoga training programs and meditation, which is driving this segment growth.

Complementary and Alternative Medicine Market

Europe is anticipated to hold a major market share

In terms of regions, the global alternative and complimentary medicines market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to hold a major market share during the forecast period and held a prominent share of over 30.3% in 2020. The CAM has increased in popularity in the region, which is a major contributing factor for the segment growth. Meanwhile, the market of Middle East & Africa is anticipated to perform a robust CAGR of nearly 25% during the forecast period, 2021-2028 due to high number of research activities. These activities involved investigation of factors, such as availability, consumption, and affordability of medicinal plants, resulting in the segment growth.

Complementary and Alternative Medicine Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Complementary and Alternative Medicine Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Complementary and Alternative Medicine Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Complementary and Alternative Medicine Market - Supply Chain
  4.5. Global Complementary and Alternative Medicine Market Forecast
     4.5.1. Complementary and Alternative Medicine Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Complementary and Alternative Medicine Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Complementary and Alternative Medicine Market Absolute $ Opportunity
5. Global Complementary and Alternative Medicine Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Complementary and Alternative Medicine Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Complementary and Alternative Medicine Demand Share Forecast, 2019-2026
6. North America Complementary and Alternative Medicine Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Complementary and Alternative Medicine Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Complementary and Alternative Medicine Demand Share Forecast, 2019-2026
7. Latin America Complementary and Alternative Medicine Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Complementary and Alternative Medicine Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Complementary and Alternative Medicine Demand Share Forecast, 2019-2026
8. Europe Complementary and Alternative Medicine Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Complementary and Alternative Medicine Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Complementary and Alternative Medicine Demand Share Forecast, 2019-2026
9. Asia Pacific Complementary and Alternative Medicine Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Complementary and Alternative Medicine Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Complementary and Alternative Medicine Demand Share Forecast, 2019-2026
10. Middle East & Africa Complementary and Alternative Medicine Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Complementary and Alternative Medicine Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Complementary and Alternative Medicine Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Complementary and Alternative Medicine Market: Market Share Analysis
  11.2. Complementary and Alternative Medicine Distributors and Customers
  11.3. Complementary and Alternative Medicine Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Columbia Nutritional AYUSH Ayurvedic Pte Ltd. Sheng Chang Pharmaceutical Company Nordic Nutraceuticals The Healing Company Ltd. John Schumacher Unity Woods Yoga Centre  

Segments Covered in the Report

The global alternative and complimentary medicines market has been segmented on the basis of

Interventions

  • Traditional Alternative Medicine/Botanicals
    • Ayurveda
    • Apitherapy
    • Traditional Chinese Medicine
    • Bach Flower Therapy
    • Traditional Mongolian Medicine
    • Naturopathic Medicine
    • Traditional Korean Medicine
    • Traditional Tibetan Medicine
    • Traditional Japanese Medicine
    • Zang Fu Theory
  • Mind Healing
    • Autosuggestion
    • Self-hypnosis
    • Neuro-linguistic Programming
    • Hypnotherapy
    • Spiritual Mind Treatment
    • Transcendental Meditation
  • Body Healing
    • Alexander Technique
    • Auriculotherapy
    • Acupuncture
    • Autogenic Training
    • Acupressure
    • Chiropractic
    • Cupping Therapy
    • Kinesiology
    • Pilates
    • Osteomyology
    • Osteopathy
    • Reflexology
    • Qigong
    • Yoga
  • External Energy
    • Magnetic Therapy
      • Bio-magnetic Therapy
      • Magnetic Resonance Therapy
    • Radionics
    • Reiki
    • Therapeutic Touch
    • Chakra Healing
  • Sensory Healing
    • Aromatherapy
    • Music therapy
    • Sonopuncture
    • Sound Therapy

Distributions

  • Direct Sales
  • E-sales
  • Distance Correspondence

Regions

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

Key Players

  • Columbia Nutritional
  • AYUSH Ayurvedic Pte Ltd.
  • Sheng Chang Pharmaceutical Company
  • Nordic Nutraceuticals
  • The Healing Company Ltd.
  • John Schumacher Unity Woods Yoga Centre
  • Ramamani Iyengar Memorial Yoga Institute
  • Pure encapsulations, LLC.
  • Herb Pharm.

Key players competing in the global alternative and complimentary market include Columbia Nutritional; AYUSH Ayurvedic Pte Ltd.; Sheng Chang Pharmaceutical Company; Nordic Nutraceuticals; The Healing Company Ltd.; John Schumacher Unity Woods Yoga Centre; Ramamani Iyengar Memorial Yoga Institute; Pure encapsulations, LLC.; and Herb Pharm.

Various strategies are adopted by key players of the market to grow and compete in the market includes strategic business expansions, marketing programs, and portfolio expansions. For example, Modern Acupuncture established a new clinic in Pinecrest, which is the second Modern Acupuncture clinic in Florida.

Complementary and Alternative Medicine Market

Buy Report