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
The global complementary and alternative medicine market was valued at $101,995.95 million in 2021 and is projected to reach $437,864.92 million by 2031, registering a CAGR of 15.6% from 2022 to 2031 The term complementary and alternative medicines are used for those medicines which are not part of standard medical care. It can be used for various diseases such as cancer and chronic diseases. People with cancer can use complementary and alternative medicine (CAM) for various purposes such as it helps in coping up with the side effects of cancer treatment such as nausea, pain, and fatigue. Also, such therapies help cancer patients to reduce treatment-related stress and comfort themselves.
Some of the various types of complementary and alternative medicines are mind-body therapies which further include meditation, biofeedback, hypnosis, yoga, tai-chi, imagery, and various others. The biologically based CAM which are most commonly available includes vitamins, dietary supplements, botanicals (such as turmeric and cinnamon), and special diets and food. Energy healing CAM procedure involves reiki and therapeutic touch. And some other types of CAM procedures involve massage therapy, chiropractic therapy, and reflexology.
The key factors that drive the growth of the market are the rising prevalence of chronic and cancer disease, rise in the geriatric population, change in lifestyle, and an increase in adoption of natural ingredients such as herbs, food supplements, and ayurvedic formulations as alternative medicine and therapy. According to the World Health Organization report it has been estimated that around 80 % of individuals utilize herbal medication globally. Additionally, Ayurveda medicine has grown significantly in popularity during the pandemic as people turned to herbal or ayurvedic remedies to increase body immunity. Moreover, ayurvedic preventive, therapeutic, and convalescent care efforts for the COVID-19 pandemic were also expanded through the establishment of 1206 Ayur Raksha Clinics and accompanying task forces by the Kerala government in India in April 2020.
Moreover, the increase in the number of yoga and meditation centers in the last several years are also contributing in the growth of the complementary and alternative medicine market. For instance, post-COVID-19 pandemic there’s a huge increase in demand of yoga and meditation centers to keep mind & body relax, stress has been linked to the strengthening or weakening of the immune cells.
However, patients’ self-medication without consulting to physicians, and the high cost of various therapies hamper the market growth. Conversely, the emerging healthcare market in developing countries is expected to provide a lucrative opportunity during the forecast period.
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 a direct sale, online sales and distance correspondence. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By type, on the basis of medicine, the market is further sub-segmented into ayurvedic, dietary supplements, homeopathic, traditional Chinese medicine, traditional Korean medicine, and others. On the basis of therapy, complementary and alternative medicine is further bifurcated into mind therapy, body therapy, magnetic therapy, and sensory therapy.
Furthermore, mind therapy is divided into autosuggestion, hypnotherapy, neuro-linguistic programming, self-hypnosis, spiritual mind treatment, and transcendental meditation. The body therapy is sub-segmented into acupressure, acupuncture, yoga, alexander technique, auriculotherapy, autogenic training, cupping therapy, osteopathy, and others. Magnetic therapy is bifurcated into bio-magnetic therapy and magnetic resonance therapy. And sensory therapy is further categorized into aroma therapy, music therapy, sonopuncture, and sound therapy.
North America accounted for a majority of the complementary and alternative medicine market share in 2021 and is anticipated to remain dominant during the forecast period. Owing to the increase in the healthcare expenditure of this region and the 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 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.
Key Market Segments
By 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
By Disease Indication
Cancer
Arthritis
Others
Diabetes
Cardiovascular
Neurology
By 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
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