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Complementary And Alternative Medicine Market

Complementary and Alternative Medicine Market

by Type (Medicines, Therapy), by Disease Indication (Diabetes, Cardiovascular, Neurology, Cancer, Arthritis, Others), by Distribution Channels (Direct Sales, Online Sales, Distance Correspondence): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A11182
Pages: 342
Jul 2022 | 2044 Views
Author(s) : Vikita Thakur , Onkar Sumant
Tables: 208
Charts: 57
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Complementary And Alternative Medicine Market Research, 2031

The global Complementary and Alternative Medicine Market Size was valued at $102 billion in 2021, and is projected to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031. Complementary and alternative medicines are medicines and health practices that are not usually used by doctors to treat cancer. Complementary medicine is used in addition to standard treatments. Whereas, alternative medicine is used instead of standard treatments. Some of examples of complementary medicine include massage, meditation, biofeedback, tai chi, reiki, music therapy, guided imagery, and dietary supplements. Some of the most commonly used complementary therapies are manipulation therapies and body-based therapies. The body-based therapies involve massage, chiropractic or osteopathic manipulation, reflexology, and cupping. Whereas another type of therapy that is used is a mind-body therapy. Mind-body therapy includes meditation, yoga, relaxation & deep breathing, music therapy, biofeedback, animal-assisted therapy, hypnotherapy, guided imagery or visualization, and prayer therapy. The energy force therapies involve tai-chi, qi gong, therapeutic touch, acupuncture, reiki, and magnet therapy. Other complementary approaches include dietary supplements, herbal medicines, and aromatherapy

The overall impact of COVID-19 remains positive on the complementary and alternative markets. Owing to the increase in COVID-19 infection across the world and due to a lack of therapeutics available for the treatment against COVID-19, which led to turn people's interest in complementary and alternative medicines for treatment and preventive measures. For instance, according to the research study published by Mahlagha Dehghan et. al., in January 2022 it was estimated that about 84% of the participants used at least one type of complementary and alternative medicines (CAMs) during the outbreak of COVID-19 in Iran. Therefore, the COVID-19 pandemic is expected to have a positive impact on the complementary and alternative medicines market

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The key factors that drive the growth of the complementary and alternative medicine market are the rise in the geriatric population and an increase in the prevalence of various chronic diseases such as cancer and others. For instance, according to National Center for Biotechnology Information (NCBI), chronic diseases account for about 60% of deaths and 43% of the global disease burden. Whereas, according to the report by World Health Organization (WHO), people of all age groups, regions, and countries are affected by non-communicable diseases (NCDs). Moreover, the rise in popularity of complementary and alternative medicines and therapies due to the high cost of traditional medicines and their side effects leads to the growth of the market. Furthermore, an increase in strategic initiatives such as mergers, collaborations, and acquisitions by leading players, are the key factors that drive theComplementary and Alternative Medicine Market Growth.

However, the side effects associated with self-medication or with the use of complementary medicine along with traditional treatment are expected to hinder the growth of the Complementary Medicine Market during the forecast period.

Complementary Medicine Market segmentation

The global Complementary and Alternative Medicine Market Size was valued at $102 billion in 2021, and is projected to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031. The complementary and alternative medicine market is segmented on the basis of type, disease indication, distribution channel, and region. By type, the market is segmented into medicine and therapies. On the basis of disease indication, the market is segmented into diabetes, cardiovascular, neurological, cancer, arthritis, and others. By distribution channel, the market is segmented into direct sale, online sale, and distance correspondence. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Type Segment review

Complementary and Alternative Medicine Market
By Type

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Medicines segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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By product, the complementary and alternative medicine market is segmented into medicines and therapy. In 2021, the medicines segment accounted for the largest Complementary and Alternative Medicine Market Share. The dominance of this segment can be attributed to the rise in the prevalence of chronic and autoimmune disorders and the increase in the adoption of natural remedies such as herbal supplements and ayurvedic medicines.

The therapy segment is anticipated to grow at a significant rate during the forecast period. Owing to the rise in adoption of complementary and alternative therapy such as yoga and meditation for the treatment of chronic diseases such as neurological disorders.

Disease Indication Segment Review

Complementary and Alternative Medicine Market
By Disease Indication

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Diabetes segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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By disease indication, theComplementary and Alternative Medicine Industry is segmented into diabetes, cardiovascular neurology, cancer, arthritis, and others, the diabetes segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to rise in prevalence of diabetes and rise in geriatric population across the world are the key factors that drive the growth of the market in upcoming years.

The cardiovascular segment is anticipated to grow at a significant rate during the forecast period. Owing to the rise in the prevalence of cardiovascular disease and the geriatric population.

Distribution channel segment Review

Complementary and Alternative Medicine Market
By Distribution Channels

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Direct Sales segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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By distribution channel, the direct sales segment was the highest revenue contributor to the market. Owing to rise in the prevalence of chronic disease along with the geriatric population in developing countries are the key factors that drive the growth of the market in upcoming years.

The online sales segment is anticipated to grow at a significant rate during the forecast period. Owing to the rise in the prevalence of chronic and autoimmune disorders and the increase in the adoption of natural remedies such as herbal supplements and ayurvedic medicines.

Region Segment Review

Complementary and Alternative Medicine Market
By Region

2031
North America 
Europe
Asia-pacific
Lamea

North America segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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Region-wise, the Complementary and Alternative Medicine Industryis analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America market was dominant, in terms of revenue among other regions in 2021, Owing to the increase in the healthcare expenditure of this region and presence of major players in the country, and the strategies they adopt for their product development.

Asia-Pacific is estimated to grow at the fastest rate during the forecast period. Owing to the rise in prevalence of chronic diseases and an increase in the geriatric population.

Key players that operate in the complementary and alternative medicine market are All and one Medical, AYUSH Ayurvedic Pte Ltd., Douglas Laboratories, Herbal Hills, Herb Pharm LLC, John Schumacher Unity Woods Yoga Center, Juvenon LLC, New Life Chiropractic, Nordic Naturals, Nordic Nutraceuticals, Pure Encapsulations LLC, Quality of Life Labs, Ramamani Iyengar Memorial Yoga Institute, Sheng Chang Pharmaceutical Company, The Chicago Body Works, The Nature’s Bounty Co, and Valensa International

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the complementary and alternative medicine market analysis from 2021 to 2031 to identify the prevailing complementary and alternative medicine market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the complementary and alternative medicine market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global complementary and alternative medicine market trends, key players, market segments, application areas, and market growth strategies.

Complementary and Alternative Medicine Market Report Highlights

Aspects Details
Type
  • Medicines
    • Type
      • Ayurvedic Medicines
      • Dieatry Supplements
      • Homeopathic Medicines
      • Traditional Chinese Medicine
      • Traditional Korean Medicine
      • Others
  • Therapy
    • Type
      • Mind Therapy
      • Body Therapy
      • Sensory Therapy
      • Magnetic Therapy
Disease Indication
  • Cancer
  • Arthritis
  • Others
  • Diabetes
  • Cardiovascular
  • Neurology
Distribution Channels
  • Direct Sales
  • Online Sales
  • Distance Correspondence
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (Japan, China, Australia, India, South Korea, Rest Of Asia Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players Columbia Nutritional, Herb Pharm, Herbal Hills, Helio USA Inc., NatureKue, Nordic Nutraceuticals, Pure encapsulations, LLC., The Healing Company Ltd., AYUSH Ayurvedic Pte Ltd., Sheng Chang Pharmaceutical Company, Bikram Yoga, Amrita Ayurveda and Yoga, Body and Soul Yoga Club, ALCES LLP, Yoga Tree Studios, Inc., LKK Health Products Group Limited
Other Players Quantum-Touch
 

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This section provides various opinions of top-level CXOs in the complementary and alternative medicine market. In accordance to several interviews conducted, the complementary and alternative medicine market is expected to witness significant growth in the future, owing to the rise in the adoption of alternative medicine and therapies to treat or cure various chronic diseases such as cancer.

According to the perspectives of CXOs, the global complementary and alternative medicine market is expected to witness steady growth in the future. The rise in the geriatric population and the increase in the number of chronic and various other diseases, and the growing healthcare expenditure are the key factors driving the growth of the market. In addition, the surge in medical tourism further propels the growth of the market. However, the high cost of therapies and lack of awareness are expected to hamper the growth of the market to some extent over the forecast period.

On the contrary, the growing demand for yoga and meditation centers and various therapies such as mind-body therapy, sensory therapy, and others are expected to provide opportunities for the growth of the global Complementary and alternative medicine market in the future.

Further, North America is expected to witness the highest growth, in terms of revenue, owing to the increase in healthcare expenditure in the region are the factors which propel the growth of the market.

Asia-Pacific was the second largest contributor to the market in 2021 and is expected to register the fastest CAGR during the forecast period, owing to the rise in prevalence of chronic diseases and an increase in the geriatric population

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FREQUENTLY ASKED QUESTIONS?

A. The upcoming trends in the Complementary and Alternative Medicine Market are the rise in the geriatric population and the increase in the prevalence of various chronic diseases such as cancer and other.

A. The total market value of the complementary and alternative medicine market is 437,864.92 million in 2031

A. North America is the largest regional market for Complementary and Alternative Medicine?

A. The market value of complementary and alternative medicine market in 2021 was 101,995.95 Million

A. The top companies to hold the market share in Complementary and Alternative Medicine are AYUSH Ayurvedic Pte Ltd., Douglas Laboratories, Herbal Hills, Herb Pharm LLC, John Schumacher Unity Woods Yoga Center

A. The base year for the report is 2021

A. No, there is value chain analysis provided in the complementary and alternative medicine market report

A. The forecast period in the report is from 2022 to 2031

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