Global Complementary and Alternative Medicine Market – Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, the complementary and alternative medicine market is anticipated to grow rapidly during the forecast period. Approximately two-thirds of the population in most industrialized and developing nations has reported using alternative or complementary medicine. Several countries are moving toward the legalisation of alternative medicine and therapies that are substantiated by clinical evidence. Complementary and alternative therapies are utilized to treat chronic illnesses, long-term discomfort, and supplementary vitamins and food supplementation in addition to a conventional diet.

Data Bridge Market Research analyses that the complementary and alternative medicine market was valued at USD 100.04 billion in 2021 and is expected to reach USD 477.29 billion by 2029, registering a CAGR of 21.57% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

Medical products and practices that are not considered a part of traditional or mainstream medical therapy are referred to as complementary and alternative medicine (CAM). It combines self-administered items and activities, including homoeopathic remedies, herbal medications, dietary supplements, yoga, chiropractic, acupuncture, and massage therapy. Manipulative and body-based therapies, biofield therapy, and entire medical systems are all included.

Report Scope and Market Segmentation

Complementary and Alternative Medicine Market Dynamics

Drivers

• Increasing prevalence of chronic diseases

The rising prevalence of chronic diseases such as cancer is estimated to enhance the growth rate of the complementary and alternative medicine market. Complementary and alternative medicine (CAM) is majorly used in the treatment of cancer and also improves the common side effects such as pain, nausea and fatigue.

• Increasing investment for healthcare infrastructure

Another significant factor influencing the growth rate of complementary and alternative medicine market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.

Furthermore, rising initiatives by public and private organizations to spread awareness will expand the complementary and alternative medicine market. Additionally, changing lifestyle of people and rising geriatric population will result in the expansion of complementary and alternative medicine market.

Opportunities

• Increase in the number of research and development activities       

Moreover, the market's growth is fueled by an increase in the number of research and development activities. This will provide beneficial opportunities for the complementary and alternative medicine market growth. Along with this, rising drug approvals and launches will further propel the market’s growth rate.

• Rising number of strategic collaborations

The market has grown substantially as a result of new product introductions in response to increased demand for treatments and continual innovation. For instance, Optum had purchased DaVita Medical Group in 2019. This purchase is towards the development of Novel therapies that children may administer and that can assist physicians, health professionals, physical therapists, and chiropractors. Furthermore, nearly two-thirds of the population in most industrialized and developing nations reported utilizing some type of alternative or complementary treatment as of early 2016.

Moreover, rising investment for the development of advanced technologies and an increase in the number of emerging markets will provide beneficial opportunities for the complementary and alternative medicine market growth during the forecast period.

Restraints/Challenges

On the other hand, high cost associated with the medication will obstruct the growth rate of market. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the complementary and alternative medicine market. Additionally, the patient’s self-medication without consulting to physician and lack of awareness among people will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.

This complementary and alternative medicine market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the complementary and alternative medicine market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Patient Epidemiology Analysis

Complementary and alternative medicine market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analysed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.

COVID-19 Impact on Complementary and Alternative Medicine Market

Over the projected period, the complementary and alternative medicine market was expected to be constrained by the COVID-19 outbreak. Since its emergence in December 2019, the COVID-19  virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. COVID-19, a new coronavirus, was identified as the causal agent in the pneumonia cases. This virus spread quickly over the world, killing many people. COVID-19 was labelled a global pandemic by the World Health Organization (WHO) in March 2020, and rigorous measures to prevent the disease's spread were recommended. Since then, the pandemic has delayed the expansion of the healthcare sector and disrupted the supply chain. Furthermore, governments in many nations had imposed nationwide lockdowns to halt the spread of COVID-19. Similarly, healthcare organizations in numerous nations throughout the world were having difficulty continuing their supply chain activities. The supply chain slowness has also hampered the complementary and alternative medicine market.

Global Complementary and Alternative Medicine Market Scope

The complementary and alternative medicine market is segmented on the basis of treatment, diagnosis, symptoms, dosage form, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Alternative Medical Systems
• Mind-Body Interventions
• Biologically Based Therapies
• Manipulative and Body-Based Methods
• Energy Therapies
• Others

Disease Indication

• Arthritis
• Asthma
• Cancer
• Diabetes
• Cardiology
• Neurology
• Others

End-Users

• Hospitals
• Specialty Clinics
• Therapy Centers
• Others

Distribution Channel

• Hospitals
• Special Clinics/Centers
• Direct Contact
• E-Training
• Others

Complementary and Alternative Medicine Market Regional Analysis/Insights

The complementary and alternative medicine market is analysed and market size insights and trends are provided by country, treatment, diagnosis symptoms, dosage form, route of administration, end-users and distribution channel as referenced above.

The countries covered in the Complementary and alternative medicine market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the complementary and alternative medicine market because of the growing population with serious disorders and rising healthcare expenditure, which will further propel the market’s growth rate in this region. Additionally, growing presence of skilled professionals will further influence the market’s growth rate in this region

Asia-Pacific are expected to grow during the forecast period due to surging use of health supplements and easily availability of herbal supplements in this region. Also, development of healthcare infrastructure will further propel the market’s growth rate in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Complementary and Alternative Medicine Market Share Analysis

The Complementary and alternative medicine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to complementary and alternative medicine market.

Some of the major players operating in the complementary and alternative medicine market are:

• Nordic Naturals (US)
• Nature’s Bounty (US)
• Unity Woods Yoga Center (US)
• Columbia Nutritional (US)
• First Natural Brands Ltd. (UK)
• Ayush Ayurveda (India)
• Pure Encapsulations, LLC. (US)
• Quantum-Touch (US)
• Herb Pharm, LLC (US)
• Helio USA Inc. (US)
• Nestlé S.A. (Switzerland)

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