Rising Adoption of Complementary and Alternative Medicine: Market Insights and Consumer Preferences
The global complementary and alternative medicine market size is expected to reach USD 694.22 billion by 2030, registering a CAGR of 25.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of neurological illnesses and cancer is one of the major factors driving the growth of the global complementary & alternative medicine industry.
Furthermore, the expanding government initiatives and activities are contributing to the growth and development of the global complementary & alternative medicine industry. Globally, governments are establishing advantageous rules and legislation for the manufacturing and marketing processes, which is driving the expansion of the global industry.
Complementary And Alternative Medicine Market Highlights
By intervention, traditional alternative medicine or botanicals dominated the market with a share of 34.02% in 2023. Botanicals are among the prominent forms of alternative treatment practices, inclusive of natural and herbal treatment supplements, coupled with therapeutic interventions, incorporating herbs, oils, and other curative supplements
By distribution method, the direct sales segment held a larger share in 2023. Due to the rapid growth in medical tourism, direct sales therapy is anticipated to dominate the market. Government funding is assisting in this development by upgrading treatment facilities and supporting alternative medicine
Europe held the larger share in 2023. CAM has gained immense popularity across Europe, including a wide range of procedures less dependent on modern medication, such as acupuncture. Thus, boosting the industry’s growth.
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Complementary & alternative medicine (CAM) differs from traditional or standard medical interventions. It employs herbs, homeopathic remedies, acupuncture, massage therapy, and preventative care. Furthermore, complementary & alternative medicines are widely utilized to treat a variety of illnesses such as pain, exhaustion, cancer, and nausea, and increasing public understanding of the benefits of natural substitute therapies which is further boosting the market growth.
For instance, In December 2019, Modern Acupuncture launched a new clinic in Florida, making it the second Modern Acupuncture location in Florida and the 54th in the U.S. This is in line with the company’s vision to spread the clinic's acupuncture services across the country and strengthen its market position.
Despite significant efforts to provide effective COVID-19 therapy and prophylaxis, many people continue to become infected. This could be accounted for by the ongoing virus changes and, as a result, the vaccine's efficiency. As a result, long-term immune enhancement is a promising approach to combating SARS-CoV-2 infection.
Medicinal plants and some other complementary & alternative therapies have been utilized successfully in treating a wide range of health issues. Several studies have shown the efficacy of cupping therapy, natural products, and acupressure against SARS-CoV-2. Hence, it will create a positive impact on the market.
The market has expanded significantly as a result of new products being introduced in response to rising treatment demand and ongoing innovation. For instance, in 2019, Optum acquired DaVita Medical Group. This investment will go toward the advancement of novel therapies for children, as well as physicians, healthcare providers, physiotherapists, and chiropractors.
Furthermore, approximately two-thirds of the populations in most developed and developing countries reported using an alternative or complementary therapy. Furthermore, increased investment in advanced technology research and an expansion of the number of emerging economies are expected to give advantageous prospects for the market throughout the projection period.
List of Key Players in Complementary And Alternative Medicine Market
Columbia Nutritional
Nordic Nutraceuticals
Ramamani Iyengar Memorial Yoga Institute
The Healing Company Ltd.
John Schumacher Unity Woods Yoga Centre
Sheng Chang Pharmaceutical Company
Pure encapsulations, LLC.
Herb Pharm
AYUSH Ayurvedic Pte Ltd.
We have segmented the global complementary and alternative medicine market based on intervention, distribution method, and region.