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
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
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COMPLEMENTARY AND ALTERNATIVE MEDICINE MARKET, BY TYPE
CHAPTER 5: COMPLEMENTARY AND ALTERNATIVE MEDICINE MARKET, BY DISEASE INDICATION
CHAPTER 6: COMPLEMENTARY AND ALTERNATIVE MEDICINE MARKET, BY DISTRIBUTION CHANNELS
CHAPTER 7: COMPLEMENTARY AND ALTERNATIVE MEDICINE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Complementary and Alternative Medicine Market," the Complementary and Alternative Medicine Market Size was valued at $102 billion in 2021, and is estimated to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031.Complementary and alternative medicines are medicines that are used for the medical health of a person without the doctor’s prescriptions. It is not a part of standard care. Further, complementary therapies are used alongside conventional medicines or treatments. Whereas, alternative therapies are used instead of conventional medicines or treatments. Although, still there is no scientific or medical evidence for some complementary therapies and many alternative therapies.
Some of the commonly used CAM methods are ayurvedic medication and traditional Chinese medicines. Acupuncture is a common practice in Chinese medicine that involves stimulating certain points in the body to promote health, or to lessen disease symptoms and treatment side effects. Whereas, the ayurvedic system of medicines involves the use of herbal medicines along with proper diet, a physical therapy like exercise, yoga, meditation, and others to maintain the balance between body and mind.
The Complementary and Alternative Medicine Market Size was valued at $102 billion in 2021 and is estimated to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031. The key Complementary and Alternative Medicine Market Trends are an increase in the prevalence of cancer and chronic disease such as diabetes, neurological disorders, arthritis, and various others surge in demand for medical tourism is also anticipated to boost the growth of the market. The rise in the geriatric population in developing countries such as China, Japan, and India would propel the complementary and alternative medicine industry. However, patients’ self-medication without consulting physicians, and the high cost of various therapies hamper the market growth. Conversely, the emerging healthcare market in developing countries is expected to provide lucrative opportunities in the Complementary and Alternative Medicine Market Forecast period.
On the basis of type, the complementary and alternative medicine market is segmented into medicines and therapy. In 2021, the medicines segment accounted for the largest Complementary and Alternative Medicine Market Share. The dominance of this segment can be attributed to the rise in the prevalence of chronic and autoimmune disorders and the increase in the adoption of natural remedies such as herbal supplements and ayurvedic medicines.
On the basis of disease indication, the Complementary and Alternative Medicine Industry is segmented into diabetes, cardiovascular neurology, cancer, arthritis, and others, the diabetes segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to the rise in prevalence of diabetes and rise in geriatric population across the world are the key factors that drive the growth of the market in upcoming years.
By distribution channel, the Complementary and Alternative Medicine Industry is segmented into direct sales, online sales, and distance correspondence, the direct sales segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to the rise in prevalence of chronic disease along with the geriatric population in developing countries are the key factors that drive the growth of the market in upcoming years.
Region-wise, the Complementary and Alternative Medicine Market Analysis is done across North America, Europe, Asia-Pacific, and LAMEA. The North America market was dominant, in terms of revenue among other regions in 2021, Owing to the increase in the healthcare expenditure of this region and 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 Findings of the Study
- By type, the medicines segment was the highest contributor to the market in 2021.
- By disease indication, diabetes was the highest contributor to the market in 2021.
- By distribution channel, the direct sales segment is projected to grow at a significant CAGR of 16.1% from 2022 to 2031.
- By region, North America garnered largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 16.7% during the review period.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 342 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 101995.95 million |
| Forecasted Market Value ( USD | $ 437864.92 million |
| Compound Annual Growth Rate | 15.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
