Complementary and Alternative Medicine Market

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

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

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

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

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

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