Complementary and Alternative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Complementary and Alternative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global complementary and alternative medicine market size reached US$ 120.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 365.2 Billion by 2028, exhibiting a growth rate (CAGR) of 20.3% during 2022-2028.

Complementary and alternative medicine (CAM) refers to medical products and practices that are not considered a part of conventional or standard medical treatment. It comprises a combination of self-administered products and activities, such as herbal medicines, homeopathic remedies, dietary supplements, and yoga, with chiropractic care, massage therapy, and acupuncture. It also includes manipulative and body-based practices, biofield therapy, and whole medical systems. At present, CAM is widely used to treat individuals with cancer and alleviate common side effects like nausea, pain, and fatigue.

The rising consumer preferences for natural products and gentle therapies represent one of the key factors catalyzing the demand for CAM worldwide. Moreover, as it provides comfort and reduces the stress of patients, CAM is gaining widespread adoption in the diagnosis and prevention of various medical ailments. The growing prevalence of chronic diseases, along with the rising geriatric population, is positively influencing the market. Furthermore, due to its increasing popularity, several health insurance companies are offering CAM coverage in their medical plans, which is contributing to market growth. Apart from this, governing agencies of numerous countries are focusing on promoting medical tourism, which is fueling the demand for CAM around the world. Additionally, there is a significant rise in the need for natural or alternative medicines to treat coronavirus disease (COVID-19) patients. This, in turn, is anticipated to promote the usage of CAM and offer lucrative opportunities to market players for expanding their consumer reach.


Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global complementary and alternative medicine market report, along with forecasts at the global, regional and country level from 2023-2028. Our 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



Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Unity Woods Yoga Center.

Key Questions Answered in This Report:

How has the global complementary and alternative medicine market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global complementary and alternative medicine market?

What are the key regional markets?

What is the breakup of the market based on the type?

What is the breakup of the market based on the disease indications?

What is the breakup of the market based on the distribution channel?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global complementary and alternative medicine market and who are the key players?

What is the degree of competition in the industry?