The complementary and alternative medicine market size is expected to see exponential growth in the next few years. It will grow to $388.00 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to personalized medicine and tailored treatments, emphasis on preventive healthcare and wellness, expanding insurance coverage for CAM therapies, rising demand for natural and organic products, digital health platforms and telemedicine. Major trends in the forecast period include the growth of telehealth consultations for CAM, emphasis on mental health and well-being, the rise of self-care and DIY remedies, the adoption of wearable health technology, and the integration of AI and machine learning in CAM treatments.
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Segmentation & Regional Insights
The complementary and alternative medicine market covered in this report is segmented –
1) By Type: Alternative Medical Systems, Mind-Body Interventions, Biologically Based Therapies, Manipulative And Body-Based Methods, Energy Therapies, Other Types
2) By Disease Indication: Arthritis, Asthma, Cancer, Diabetes, Cardiology, Neurology, Other Disease Indications
3) By Application: E-training, Direct Contact, Distance Correspondence
4) By End-Users: Hospitals, Specialty Clinics, Therapy Centers, Other End-Users
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.
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Major Driver Impacting Market Growth
The increase in the prevalence of chronic diseases is expected to drive the growth of the complementary and alternative medicine market going forward. Chronic diseases are long-term health conditions that persist over time and typically do not resolve on their own. The increase in the prevalence of chronic diseases can be attributed to various factors, such as aging populations, unhealthy lifestyles, environmental factors, and improved diagnostics leading to better detection. CAM aids in mitigating the prevalence of chronic disease by offering alternative treatment options, promoting holistic approaches to health, and addressing underlying factors such as stress and inflammation. For instance, in July 2023, according to the Department of the Treasury, an Australia-based national treasury and financial department, in 2020–21, nearly half of Australians of all ages (46.6%) had one or more chronic diseases, and almost one in five (18.6%) had two or more chronic conditions. Therefore, the increase in the prevalence of chronic diseases is driving the growth of the complementary and alternative medicine market.
Key Industry Players
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
The complementary and alternative medicine market report table of contents includes:
1. Executive Summary
2. Complementary And Alternative Medicine Market Characteristics
3. Complementary And Alternative Medicine Market Trends And Strategies
4. Complementary And Alternative Medicine Market – Macro Economic Scenario
5. Global Complementary And Alternative Medicine Market Size and Growth
………………………………..
32. Global Complementary And Alternative Medicine Market Competitive Benchmarking
33. Global Complementary And Alternative Medicine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Complementary And Alternative Medicine Market
35. Complementary And Alternative Medicine Market Future Outlook and Potential Analysis
36. Appendix
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