According to Report, the global complementary and alternative medicine market is anticipated to garner notable gains, registering a CAGR of18% during the forecast period 2021-2030.
According to Report, the global complementary and alternative medicine market is anticipated to garner notable gains, registering a CAGR of18% during the forecast period 2021-2030.
The complementary and alternative medicine market was valued at approximately USD 92.65 billion in 2021, and it is expected to witness revenue of USD 411.4 billion in 2030.
One of the significant factors driving the growth of the global complementary and alternative medicine market is growing prevalence of neurological disorders and cancer. In addition, the growth and development of global complementary and alternative medicine market is attributed to the growing government initiatives and activities. The government all around the world is imposing favorable regulations and laws for the process of manufacturing and marketing is boosting the growth of global complementary and alternative medicine market. The global complementary and alternative medicine market is being boosted by growing public awareness of the advantages of alternative natural medicines.
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Several alternative medicine approaches, on the other hand, are ineffective and lack regulatory approval, which is predicted to stifle the expansion of global complementary and alternative medicine market. However, some of the factors such as complementary and alternative medicine therapies’ advantages, growing geriatric population, and technological developments are supporting the growth and development of global complementary and alternative medicine market. Furthermore, the growing trend of medical tourism is attracting number of people. As a result, this factor is boosting the growth of worldwide complementary and alternative medicine market over the projected period.
| Report Scope | Details |
| Market Size in 2030 | USD 411.4Billion |
| Growth Rate from 2021 to 2030 | CAGR of 18% |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | Europe |
| Fastest Growing Market | Middle East and Africa |
Regional Snapshot
Europe is the largest segment for complementary and alternative medicine market in terms of region. The UK is dominating the complementary and alternative medicine market in the Europe region. The wide number of hospitals and healthcare centers are offering complementary and alternative medicines in Europe region. Norway is growing at a faster rate in the Europe complementary and alternative medicine market. The acupuncture is used as complementary and alternative medicine, which is gaining immense popularity in the Europe region. Thus, the complementary and alternative medicine market in the region is expected to grow in near future.
Middle East and Africa regions are the fastest growing regions in the complementary and alternative medicine market. The surge in demand for herbal medicines is expanding the growth of complementary and alternative medicine market in Middle East and Africa regions. These regions have abundant number of medicinal plants. As a result, Middle East complementary and alternative medicine market and Africa complementary and alternative medicine market is expanding during the forecast period.
Report Highlights
- On the basis of intervention, traditional alternatives/botanicals segment holds the largest market share in the global complementary and alternative medicine market. The traditional alternatives/botanicals are gaining traction in countries such as China and India. These are widely used as health and dietary supplements.
- On the basis of distribution channel, direct sales channel segment holds the largest market share in the global complementary and alternative medicine market. Due to the huge growth in medical tourism, treatment supplied through direct sales is likely to dominate the complementary and alternative medicine market. This development is being aided by government financing to upgrade treatment facilities and support alternative medicine.
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Market Dynamics
Drivers
Growing usage of complementary and alternative medicine in medical sector
The complementary and alternative medicines are widely used for the treatment of chronic illnesses. For this, government is spending lot of amounts of money for the expansion of the market. By 2018, 98 Member States had adopted national policies on T&CM, 109 had enacted national regulations and laws on T&CM, and 124 had enacted herbal medicine rules. Thus, growing usage of complementary and alternative medicine in medical sector is driving the market growth.
Restraints
Limited scientific research
The evidence is still scarce when it comes to scientific proof. Many individuals are suspicious about complementary and alternative medicine’s efficacy in treating back pain. Some methodologies are effective for some persons but not for others. It hasn’t been demonstrated to work for everyone or for every situation. As a result, limited scientific research is hindering the expansion of global complementary and alternative medicine market.
Opportunities
Growing collaborations between market players
The major market players are adopting unique strategies for the development of global complementary and alternative medicine market. Optum, for example, purchased DaVita MedicalGroup in 2019. This purchase is towards the development of Noval therapies that may be administered by kids and children and that can assist physical therapists and chiropractors. As a result, this factor is creating lucrative opportunities for the growth of global complementary and alternative medicine market.
Challenges
Lack of proper regulations
The Food and Drug Administration in the U.S. has not approved the complementary and alternative medicine. Not only the U.S., but also many of the nations are not approving the use of complementary and alternative medicines. Thus, lack of proper regulations is the biggest challenge for the growth of global complementary and alternative medicine market.
Recent Developments
- Modern Acupuncture opened a new clinic in Florida in December 2019, making it second Modern Acupuncture facility in Florida and the 54th in the U.S. This is intended to broaden the scope of the clinic’s acupuncture services in the country, bolstering its market position.
Some of the key players in the complementary and alternative medicine market include:
- John Schumacher Unity Woods Yoga Centre
- The Healing Company Ltd.
- Columbia Nutritional
- Nordic Nutraceuticals
- Herb Pharm
- Sheng Chang Pharmaceutical Company
- Pure Encapsulations, LLC.
- RamamaniIyengar Memorial Yoga Institute
- AYUSH AyurvedicPte Ltd.
Market Segmentations:
By Intervention
- Traditional Alternatives/Botanicals
- Ayurveda
- Traditional Japanese Medicines
- Traditional Chinese Medicines
- Traditional Mongolian Medicines
- Bach Flower Therapy
- Others
- Mind Healing
- Spiritual Mind Treatment
- Autosuggestion
- Neuro-linguistic Programming
- Transcendental Meditation
- Hypnotherapy
- Others
- Body Healing
- Acupuncture
- Acupressure
- Chiropractic
- Alexander Technique
- Cupping Therapy
- Osteopathy
- Osteomyology
- Yoga
- Auriculotherapy
- Pilates
- Others
- Sensory Healing
- Music Therapy
- Aroma Therapy
- Sound Therapy
- Sonopuncture
- External Energy
- Magnetic Therapy
- Reiki
- Radionics
- Chakra Healing
- Therapeutic Touch
By Distribution Channel
- E-Sales
- Direct Sales
- Distance Correspondence
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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