PUBLISHER: Allied Market Research | PRODUCT CODE: 1140003
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140003
The global complementary and alternative medicine market was valued at $101,995.95 million in 2021 and is projected to reach $437,864.92 million by 2031, registering a CAGR of 15.6% from 2022 to 2031 The term complementary and alternative medicines are used for those medicines which are not part of standard medical care. It can be used for various diseases such as cancer and chronic diseases. People with cancer can use complementary and alternative medicine (CAM) for various purposes such as it helps in coping up with the side effects of cancer treatment such as nausea, pain, and fatigue. Also, such therapies help cancer patients to reduce treatment-related stress and comfort themselves.
Some of the various types of complementary and alternative medicines are mind-body therapies which further include meditation, biofeedback, hypnosis, yoga, tai-chi, imagery, and various others. The biologically based CAM which are most commonly available includes vitamins, dietary supplements, botanicals (such as turmeric and cinnamon), and special diets and food. Energy healing CAM procedure involves reiki and therapeutic touch. And some other types of CAM procedures involve massage therapy, chiropractic therapy, and reflexology.
The key factors that drive the growth of the market are the rising prevalence of chronic and cancer disease, rise in the geriatric population, change in lifestyle, and an increase in adoption of natural ingredients such as herbs, food supplements, and ayurvedic formulations as alternative medicine and therapy. According to the World Health Organization report it has been estimated that around 80 % of individuals utilize herbal medication globally. Additionally, Ayurveda medicine has grown significantly in popularity during the pandemic as people turned to herbal or ayurvedic remedies to increase body immunity. Moreover, ayurvedic preventive, therapeutic, and convalescent care efforts for the COVID-19 pandemic were also expanded through the establishment of 1206 Ayur Raksha Clinics and accompanying task forces by the Kerala government in India in April 2020.
Moreover, the increase in the number of yoga and meditation centers in the last several years are also contributing in the growth of the complementary and alternative medicine market. For instance, post-COVID-19 pandemic there's a huge increase in demand of yoga and meditation centers to keep mind & body relax, stress has been linked to the strengthening or weakening of the immune cells.
However, patients' self-medication without consulting to physicians, and the high cost of various therapies hamper the market growth. Conversely, the emerging healthcare market in developing countries is expected to provide a lucrative opportunity during the forecast period.
The complementary and alternative medicine market is segmented on the basis of type, disease indication, distribution channel, and region. By type, the market is segmented into medicine and therapies. On the basis of disease indication, the market is segmented into diabetes, cardiovascular, neurological, cancer, arthritis and others. By distribution channel, the market is segmented into a direct sale, online sales and distance correspondence. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By type, on the basis of medicine, the market is further sub-segmented into ayurvedic, dietary supplements, homeopathic, traditional Chinese medicine, traditional Korean medicine, and others. On the basis of therapy, complementary and alternative medicine is further bifurcated into mind therapy, body therapy, magnetic therapy, and sensory therapy.
By Type
By Disease Indication
By Distribution Channels
By Region