The global complementary and alternative medicine market exhibited strong growth during 2015-2020. 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. Looking forward, IMARC Group expects the global complementary and alternative medicine market to grow at a CAGR of around 15% during the forecast period (2021-2026).
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 for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, disease indications and distribution channel.
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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., Unity Woods Yoga Center and Unity Woods Yoga Center.
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