Global Complementary and Alternative Medicine Market Report 2024

The complementary and alternative medicine market size has grown exponentially in recent years. It will grow from $151.23 billion in 2023 to $182.31 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth witnessed in the historical period can be attributed to factors such as increased consumer awareness, a higher prevalence of chronic diseases, escalating healthcare costs, dissatisfaction with conventional medical approaches, and growing cultural and societal acceptance.

The complementary and alternative medicine market size is expected to see exponential growth in the next few years. It will grow to $388.0 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. Looking ahead to the forecast period, growth is expected to stem from trends such as personalized medicine and individualized treatments, a heightened focus on preventive healthcare and wellness practices, expanded insurance coverage for complementary and alternative medicine (CAM) therapies, rising demand for natural and organic products, and the proliferation of digital health platforms and telemedicine services. Noteworthy trends anticipated in the forecast period include the increasing popularity of telehealth consultations for CAM, a heightened emphasis on mental health and overall well-being, the surge in self-care and do-it-yourself (DIY) remedies, the adoption of wearable health technologies, and the integration of artificial intelligence (AI) and machine learning into CAM treatment modalities.

The rise in the prevalence of chronic diseases is anticipated to fuel the expansion of the complementary and alternative medicine (CAM) market in the foreseeable future. Chronic diseases, characterized by long-term health conditions that persist over time, are increasingly prevalent and are typically not self-resolving. This escalation in chronic disease prevalence can be attributed to a multitude of factors, including aging populations, unhealthy lifestyles, environmental influences, and enhanced diagnostics leading to improved detection rates. CAM plays a pivotal role in addressing the prevalence of chronic diseases by offering alternative treatment modalities, advocating holistic approaches to wellness, and targeting underlying factors such as stress and inflammation. For example, as reported by the Department of the Treasury in July 2023, nearly half of Australians across all age groups (46.6%) experienced one or more chronic diseases in the 2020-21 period, with almost one in five individuals (18.6%) affected by two or more chronic conditions. Consequently, the surge in chronic disease prevalence is propelling the growth of the complementary and alternative medicine market.

Leading companies and authorities within the complementary and alternative medicine market are intensifying their efforts towards the development of innovative solutions, such as aromatherapy offerings, to gain a competitive edge. Aromatherapy, a branch of CAM, involves the utilization of essential oils and aromatic compounds derived from plants to promote health and well-being. For instance, in December 2022, Adoratherapy, a US-based developer specializing in aromatherapy products, introduced its Alkemie Chakra Healing collection, comprising aroma perfume sprays, dry-touch body oils, body lotions, and lotion candles, all infused with harmonizing scents. These scents are meticulously formulated to rebalance and heal utilizing aromatherapy principles, harnessing essential oils as active components.

In March 2023, The Healing Company, a US-based health and wellness entity, acquired Chopra Global's wellbeing experiences businesses for $0.008 billion. This strategic acquisition enriches The Healing Company's product offerings and bolsters its position in the complementary and alternative medicine market, capitalizing on burgeoning wellness trends and enhancing credibility in holistic health solutions. The acquisition encompasses Chopra's physical product line, the Chopra meditation and wellbeing app, and licensed experiences such as The Chopra Health Retreat at CIVANA Wellness Resort & Spa and the Chopra Mind-Body Zone. Chopra Global, a US-based healthcare enterprise, specializes in delivering programs aimed at improving physical, mental, and spiritual well-being, including complementary and alternative medicines.

Major companies operating in the complementary and alternative medicine market are Bikram Yoga, ARKOPHARMA Laboratories Company Limited, Aboca SpA, Boiron USA, Laboratorios Funat, Nordic Nutraceuticals, Dabur India Ltd., Nordic Naturals, UAS Laboratories, A.Vogel Ltd., Quantum-Touch, Herb Pharm LLC, Creative Biolabs, Nature’s Bounty, Baidyanath Group, SKM Siddha and Ayurvedha Company Ltd., Weleda AG, Afriplex, Herbal Hills, Arya Vaidya Pharmacy, Edizioni Riza spa, Vaidyaratnam Oushadhasala Pvt. Ltd., Nutritional Wellness Center, PEKANA Naturheilmittel GmbH, Himalaya Global Holdings Ltd. (Himalaya Herbal Healthcare), Geriatric & Medical Companies Inc., Naturoveda Health World, Alternative Medicine Institute, e-Therapeutics plc.

North America was the largest region in the complementary and alternative medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the complementary and alternative medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the complementary and alternative medicine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Complementary and alternative medicine (CAM) encompasses a wide array of healthcare practices and products that diverge from conventional medical practices, often utilized alongside or in place of traditional treatments. These modalities aim to deliver personalized, patient-centric care that complements conventional medical interventions or offers alternative options for individuals seeking holistic and integrative healthcare approaches.

Key categories of complementary and alternative medicines include alternative medical systems, mind-body interventions, biologically based therapies, manipulative and body-based methods, energy therapies, and others. Alternative medical systems encompass healing philosophies and practices distinct from Western conventional medicine, offering varied perspectives on health and wellness. They cater to individuals seeking alternative approaches beyond the scope of mainstream medicine. These therapies address a spectrum of health conditions such as arthritis, asthma, cancer, diabetes, cardiology, neurology, among others. They find application in various settings including e-training, direct patient interaction, and remote correspondence, serving diverse end-users such as hospitals, specialized clinics, therapy centers, and others.

The complementary and alternative medicine market research report is one of a series of new reports that provides complementary and alternative medicine market statistics, including complementary and alternative medicine industry global market size, regional shares, competitors with a complementary and alternative medicine market share, detailed complementary and alternative medicine market segments, market trends and opportunities, and any further data you may need to thrive in the complementary and alternative medicine industry. This complementary and alternative medicine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The complementary and alternative medicine market consists of revenues earned by entities by providing services, such as hypnotherapy, meditation, chelation therapy, diet therapy, osteopathic manipulation, and others. The market value includes the value of related goods sold by the service provider or included within the service offering. The complementary and alternative medicine market also includes sales of natural products, dietary supplements, and traditional Chinese medicine. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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