The latest report by IMARC Group, titled “Complementary and Alternative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global complementary and alternative medicine market size reached US$ 100.04 Billion in 2021. Complementary and alternative medicine (CAM) is the practice of medicine that relies on the core philosophy of using natural products. It is not a part of traditional or mainstream medical therapy. CAM avoids the implementation of quick-fix therapies, which ensures that sufficient time is provided for the body to heal. It also attributes illnesses to body imbalance and believes that the body has the ability to heal itself. CAM combines self-administered products and activities such as homoeopathic remedies, herbal medication, dietary supplements, yoga, chiropractic, acupuncture, and massage therapy. Currently, CAM is used to treat individuals suffering from cancer and alleviate the common side effects of nausea, pain, and fatigue.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Complementary and Alternative Medicine Market Trends:
The market is primarily driven by the increasing preference for natural products and gentle therapies among consumers. In addition, the growing prevalence of chronic diseases like cancer and neurological disorders that require special treatment are also fueling the market growth. As a result, several health insurance companies are offering CAM coverage in their medical plans, thus propelling the demand for CAM. In recent years, there has been a rise in the demand for CAMs with the rising adoption of herbal products as these medicines can be processed and transported in different formulations, including tablets, ointments, teas, syrups, and whole herbs. Moreover, governments of various nations are taking initiatives related to the right to health in all its forms to supplement the participation of service providers and users in CAM healthcare. They are also promoting medical tourism, which is creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 315.5 Billion by 2027, exhibiting a CAGR of 20.8% during the forecast period (2022-2027).
- Based on the type, the market has been segmented into traditional alternative medicine, body, diet and herbs based, energy healing, mind, and other therapies.
- On the basis of the disease indications, the market has been classified into arthritis, cancer, asthma, diabetes, cardiology, neurology, and others.
- The market has been categorized based on the distribution channel into special clinics/centers, distance correspondence, direct sales, online sales, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Ayush Ayurvedic Private Limited, 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 Limited, and Unity Woods Yoga Center.
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