Complementary and Alternative Medicines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Complementary and Alternative Medicines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The complementary and alternative medicines (CAM) market is expected to register a CAGR of 19.5% during the forecast period.

COVID-19 has impacted the growth of the complementary and alternative medicines market. The pandemic has led to a surge in the demand and supply of CAMs and practices. For instance, according to an article published by the Elsevier Public Health Emergency Collection, in March 2022, it has been observed that up to 70% of low- and middle-income nations (LMICs) were estimated to employ CAM exclusively or primarily to treat their medical issues. In addition, the government has approved various traditional medicines to treat COVID-19 during the pandemic. For instance, the China FDA approved Xuebijing with a treatment indication of new coronavirus pneumonia with severe and critical systemic inflammatory response syndrome or/and multiple organ failure.

Moreover, product launches and clinical trials are increasing globally, which has increased the adoption of various CAMs and therapies among the population. For instance, in July 2022, the Government Nizamia Tibbi College and General Hospital are conducting clinical trials on cupping therapy to treat low back pain among patients. With such developments, the studied market is expected to witness an upward trend over the forecast period.

Factors such as increasing awareness about the benefits of complementary and alternative medicines and growing government initiatives and acceptance are boosting market growth. For instance, the Indian government has established the Ministry of Ayush to recover traditional Indian medical knowledge and guarantee the optimal growth and proliferation of Ayush healthcare systems. Additionally, the Ministry was established with the primary goals of developing pharmacopoeial standards for homeopathic medicines and developing plans for cultivating, promoting, and renewing the medicinal plants employed in these systems. Also, in December 2021, the Ministry of Ayush signed an agreement with the London School of Hygiene and Tropical Medicine (LSH&TM) to conduct a study on “Ashwagandha to promote recovery from Covid-19 in the United Kingdom. Such government initiatives are expected to increase consumer awareness towards CAMs for treating various diseases as well as maintaining a healthy body. This is anticipated to fuel market growth.

The increasing awareness about complementary and alternative medicines such as Ayurveda, yoga, acupuncture, and many others, along with research studies being conducted in the area, is increasing the adoption of CAMs in the treatment of various diseases treatment and management. This is expected to fuel the market growth over the forecast period. For instance, according to an article published in Frontiers in Neuroscience in June 2022, it has been observed that CAMs, such as Synedrella nodiflora (SNE) extracts, have proven to be a viable option for the treatment of epilepsy and associated psychiatric problems and are used in the West African sub-region, including Ghana.

Furthermore, in an article published in Medicines Journal in February 2022, it has been observed that various Chinese traditional medicines are being used for the treatment of stable angina pectoris in patients with chronic heart disease. Also, these medicines have better efficacy and few side effects, and their clinical therapeutic effect is better than that of the conventional treatment of Western medicine alone. Such benefits are expected to increase their adoption among patients worldwide, hence propelling the market growth.

Moreover, the rising launch of therapy facilities also contributes to market growth. For instance, in March 2022, the WHO and the Government of India signed an agreement to establish the WHO Global Center for Traditional Medicine, which is supported by USD 250 million funded by the Government of India to harness the potential of traditional medicine from across the world through modern science and technology to improve the health of people and the planet. Also, in November 2021, SRM College of Occupational Therapy opened a sensory garden that helps parent who has children with processing deficiency.

Therefore, owing to the factors such as rising awareness regarding CAMs and increasing product launches, the studied market is expected to grow over the forecast period. However, the lack of proper scientific evidence and less understanding of alternative medicine are likely to hinder the growth of the complementary and alternative medicines market over the forecast period.

The cancer segment is expected to witness significant growth in the complementary and alternative medicines market over the forecast period. The factors attributing to the segment growth are the rising prevalence of different types of cancers among the population and growing awareness regarding CAMs in cancer treatment.

According to the Cancer Facts and Figures 2022, over 1.9 million new cancer cases are expected to be diagnosed in the United States in 2022. Also, as per 2022 statistics published by Breastcancer.org, an estimated 287,850 new cases of invasive breast cancer and 51,400 new cases of non-invasive (in situ) breast cancer are expected to be diagnosed in the United States in 2022. Thus, the increasing burden of cancer among the population raises the need for different types of therapies, such as acupuncture, that help lessen some side effects of cancer treatment. This is anticipated to increase the adoption of CAMs in cancer patients, hence bolstering segment growth.

Furthermore, according to an article published in Deutsches Arzteblatt International in October 2021, it has been observed that around half of all cancer patients employ at least one alternative medicine technique during or after tumor treatment. The most often consumed compounds are plant extracts, dietary supplements, and micronutrients. In addition, as per the same source, various phytotherapeutics, such as ginger, mistletoe extract, and others. Moreover, an article published in MDPI in June 2021 stated that the ketogenic diet (KD) has recently come into prominence as a metabolic therapy in the treatment of cancer, which targets cancer cell metabolism rather than a typical dietary approach. The ketogenic diet (KD), which is high in fat and protein and very low in carbohydrates, has demonstrated anticancer effects by limiting the energy that cells receive. Low energy availability prevents the growth of tumors. Thus, such phytotherapeutics and ketogenic diets help in improving overall survival in patients with various cancers. This is expected to increase segment growth over the forecast period.

Therefore, owing to the factors such as the high burden of cancer and the increasing adoption of CAMs in the treatment of patients suffering from cancer, the studied segment is expected to grow over the forecast period.

Asia-Pacific is expected to witness significant growth in the complementary and alternative medicines market over the forecast period owing to the factors such as the rising prevalence of various chronic diseases, rising awareness towards CAMs, and increasing initiatives to launch and develop various alternative medicine and therapies.

The increasing burden of chronic diseases such as cardiovascular diseases, neurological diseases, cancer, diabetes, and others are the key factor driving the market growth in the region. For instance, as per the report published by the Health and Global Policy Institute (HGPI) in December 2021, cardiovascular diseases such as heart disease are a leading cause of death from illness in Japan. Also, as per 2022 statistics published by Cancer Australia, about 2,572 people (1,661 males and 911 females) were expected to be diagnosed with gastric cancer in Australia in 2022. As per the same source, about 1 in 114 people is at risk of being diagnosed with stomach cancer by the age of 85 in the country in 2022.

Additionally, as per the 2022 statistics published by IDF, about 74 million people were suffering from diabetes in 2021 in India, and this number is estimated to reach 92.9 million and 124.8 million by 2030 and 2045, respectively. As per the ICMR 2021 Report, it has been observed that the number of cancer patients in India was expected to rise from 26.7 million in 2021 to 29.8 million in 2025. Thus, the expected increase in the population suffering from diabetes and cancer is expected to increase the adoption of various types of therapies and complementary medicines that helps in relaxation and their treatment. This is anticipated to fuel the market growth over the forecast period.

Furthermore, the increasing government initiatives and various company launches are expected to increase awareness as well as the adoption of CAMs in the region, thereby propelling the market growth. For instance, in April 2022, the World Health Organization launched its Global Centre for Traditional Medicine at a site in India. Also, in February 2022, the All-India Institute of Ayurveda, in association with Startup India, launched the Ayush Startup Challenge to encourage early-stage startups and individuals working on innovations in the ayurveda sector and alternative healing. Similarly, in February 2021, the South Korean Ministry of Food and Drug Safety launched a database of ‘National Herbal Medicine Information which helps the public to search for information on herbal medicines as well as used for quality control and product development.

Therefore, owing to the factors such as the rising burden of diabetes, cancer, and cardiovascular diseases among the population and increasing initiatives in the region, the studied market is expected to grow over the forecast period.

The market is fragmented in nature with the increasing investment in the area and growing awareness among the general population, the competition in the market is increasing. However, the complementary and alternative medicines market is fragmented, with many players. Some key players in the studied market are Ayush Ayurvedic Pte Ltd., Columbia Nutritional LLC, The Healing Company Ltd., Pure encapsulations, LLC, and Herb Pharm, among others.

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