Complementary and Alternative Medicine Market Trends [2031]

Report Description

The global complementary and alternative medicine market size was valued at USD 120.64 billion in 2022 and is anticipated to reach USD 680.79 billion by 2031 expanding at a CAGR of 21.2% during the forecast period, 2023–2031. 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 (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.

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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 Complementary and Alternative Medicine Market 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.

Complementary and Alternative Medicine 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.

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.

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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.

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