IMARC Group, a leading market research company, has recently releases report titled “Complementary and Alternative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global complementary and alternative medicine market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Complementary and Alternative Medicine Market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 120.2 Billion |
| Market Forecast in 2028 | US$ 365.2 Billion |
| Growth rate (2023 to 2028) | CAGR of 20% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is Complementary and Alternative Medicine?
Complementary and alternative medicine (CAM) is a diverse range of medical and healthcare practices, products, and therapies that are not considered part of conventional medicine. CAM is often used alongside conventional medicine to complement or enhance its effects. It encompasses various modalities, such as herbal medicine, acupuncture, chiropractic care, naturopathy, and mind-body practices, such as yoga and meditation. CAM is typically derived from natural sources and employs a holistic approach, focusing on the body’s innate ability to heal itself. Its components include herbal remedies, dietary supplements, physical manipulations, energy therapies, and psychological interventions.
Herbal medicine, for instance, uses plant-based substances, such as roots, leaves, or extracts, for medicinal purposes. These substances are carefully selected and prepared to harness their therapeutic properties. One of its primary advantages is its emphasis on individualized care and the consideration of a person’s physical, emotional, and spiritual well-being. CAM practitioners often spend more time with their patients, allowing for comprehensive assessments and personalized treatment plans. Currently, there are umpteen types of CAM therapies available, such as Ayurveda, Traditional Chinese Medicine (TCM), and mind-body interventions. Other variants include homeopathy, massage therapy, aromatherapy, and energy healing practices.
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What Are the Growth Prospects and Trends in the Complementary and Alternative Medicine Market?
The global complementary and alternative medicine market is primarily influenced by various factors, including the increasing preference for natural and holistic healing approaches among individuals. Moreover, the rising prevalence of chronic diseases, coupled with the limitations and side effects associated with conventional medicines, has led to a surge in demand for CAM therapies, further boosting the market growth. This is also supported by the expanding geriatric population and the growing awareness about CAM through digital platforms and social media. In line with this, the integration of CAM therapies into mainstream healthcare systems, driven by collaborations and partnerships between conventional medical practitioners and CAM professionals, is acting as another key driver. Furthermore, the surging research and development (R&D) activities to validate the efficacy and safety of CAM treatments and favorable government initiatives and regulatory frameworks are creating a positive outlook for the market.
Apart from this, the availability of a wide range of CAM practices, including acupuncture, herbal medicine, chiropractic, and naturopathy, and significant technological advancements, such as telemedicine and mobile health applications, have facilitated the accessibility and delivery of CAM services, which, in turn, is propelling the market growth. Besides this, the growing disposable incomes of individuals, the escalating influence of cultural and traditional practices, and the rising trend of self-care and preventive healthcare are positively supporting the market growth. Other factors, such as the inclusion of CAM treatments in employee wellness programs and insurance coverage, the surging interest in integrative medicine, and the expansion of CAM education and training programs, are facilitating the market growth.
Who Are the Key Players Operating in the Complementary and Alternative Medicine Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Ayush Ayurvedic Pte Ltd.
- Columbia Nutritional LLC
- Helio USA Inc.
- Herb Pharm LLC
- Herbal Hills
- Nature’s Bounty
- Nordic Naturals
- Pure Encapsulations LLC (Nestlé S.A.)
- Quantum-Touch
- The Healing Company Ltd.
- Unity Woods Yoga Center
What is Included in Market Segmentation?
The report has categorized the market based on type, disease indications and distribution channel.
Breakup by Type:
- Traditional Alternative Medicine Therapy
- Body Therapy
- Diet and Herbs Based Therapy
- Energy Healing Therapy
- Mind Therapy
- Others
Breakup by Disease Indications:
- Arthritis
- Cancer
- Asthma
- Diabetes
- Cardiology
- Neurology
- Others
Breakup by Distribution Channel:
- Special Clinics/Centres
- Distance Correspondence
- Direct Sales
- Online Sales
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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