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Complementary and Alternative Medicine Market Expected to Reach $437.9 Billion by 2031—Allied Market Research

 
2022
Complementary and Alternative Medicine Market

Report Code : A11182

quote Increase in prevalence of chronic diseases, rise in geriatric population, and change in lifestyle fuel the growth of the complementary and alternative medicine market quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Complementary and Alternative Medicine Market," The Complementary and Alternative Medicine Market Size was valued at $102 billion in 2021, and is estimated to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031.

Complementary and alternative medicines are medicines that are used for the medical health of a person without the doctor’s prescriptions. It is not a part of standard care. Further, complementary therapies are used alongside conventional medicines or treatments. Whereas, alternative therapies are used instead of conventional medicines or treatments. Although, still there is no scientific or medical evidence for some complementary therapies and many alternative therapies.

Some of the commonly used CAM methods are ayurvedic medication and traditional Chinese medicines. Acupuncture is a common practice in Chinese medicine that involves stimulating certain points in the body to promote health, or to lessen disease symptoms and treatment side effects. Whereas, the ayurvedic system of medicines involves the use of herbal medicines along with proper diet, a physical therapy like exercise, yoga, meditation, and others to maintain the balance between body and mind. 

The Complementary and Alternative Medicine Market Size was valued at $102 billion in 2021 and is estimated to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031. The key Complementary and Alternative Medicine Market Trends are an increase in the prevalence of cancer and chronic disease such as diabetes, neurological disorders, arthritis, and various others surge in demand for medical tourism is also anticipated to boost the growth of the market. The rise in the geriatric population in developing countries such as China, Japan, and India would propel the complementary and alternative medicine industry. However, patients’ self-medication without consulting physicians, and the high cost of various therapies hamper the market growth. Conversely, the emerging healthcare market in developing countries is expected to provide lucrative opportunities in the Complementary and Alternative Medicine Market Forecast period. 

On the basis of type, 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.

On the basis of disease indication, the Complementary 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 the 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.

By distribution channel, the Complementary and Alternative Medicine Industry is segmented into direct sales, online sales, and distance correspondence, the direct sales segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to the rise in 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.

Region-wise, the Complementary and Alternative Medicine Market Analysis is done 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 was the second largest contributor to the market in 2021 and is expected to register the fastest CAGR during the forecast period, owing to rise in the prevalence of chronic diseases and the increase in the geriatric population.

The 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, Valensa Inernational.

KEY FINDINGS OF THE STUDY

  • By type, the medicines segment was the highest contributor to the market in 2021.
  • By disease indication, diabetes was the highest contributor to the market in 2021.
  • By distribution channel, the direct sales segment is projected to grow at a significant CAGR of 16.1% from 2022 to 2031.
  • By region, North America garnered largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 16.7% during the review period.

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quote 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 quote

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