Complementary And Alternative Medicines Market - Growth, Trends, and Forecasts (2022 - 2027)

The complementary and alternative medicines market is expected to register a CAGR of 19.5% during the forecast period of the study (2022-2027).

The COVID-19 pandemic caught the world off-guard in preparedness. It severely disrupted the world healthcare system due to the high infection rate and lack of treatment against it, impacting the complementary and alternative medicines market. Due to a lack of therapeutics against COVID-19, people turned to complementary and alternative medicines for treatment and preventive measures. For instance, according to the research study published by Mahlagha Dehghan et al. in January 2022 in 'The Journal of Integrative Medicine,' about 84% of the participants in the study used at least one type of complementary and alternative medicines (CAMs) during the outbreak of COVID-19 in Iran. Further, as per the same source, dietary supplements (61.3%), prayer (57.9%), and herbal medications (48.8%) were the most used CAMs, and the majority of the individuals (50-66%) have employed complementary and alternative medicine (CAMs) to prevent COVID-19 transmission or to alleviate anxiety caused by the pandemic. Therefore, the COVID-19 pandemic is expected to profoundly impact the complementary and alternative medicines market during the forecast period of the study.

The complementary and alternative medicines (CAMs) market is expected to grow over the forecast period of the study owing to the growing awareness and adoption of the complementary and alternative medicines in the treatment of various disease indications along with the increasing market-friendly government policies and initiatives which is leading to the establishment of a strong foundation for CAMs market. For example, the Indian government has established the Ministry of Ayush to recover traditional Indian medical knowledge and guarantee the optimal growth and proliferation of Ayush healthcare systems. Further, a few major objectives of establishing the Mistry of Ayush are to draw up schemes for cultivating, promoting, and regenerating medicinal plants used in these systems and to evolve Pharmacopeial standards of Indian Systems of Medicine and Homoeopathy drugs. Similarly, as of March 2022 article by the National Cancer Institute (NCI) of the United States, NCI, along with the National Center for Complementary and Integrative Health (NCCIH), sponsors or cosponsors clinical trials which involve complementary and alternative medicines in the treatment of cancer, and some clinical trials study the effects of complementary approaches used in addition to conventional treatments, and some compare alternative therapies with conventional treatments. Thus, an initiative like this is expected to promote the CAMs market on a global level as these initiatives are a sign of gaining importance and traction of complementary and alternative medicines.

The increasing awareness about complementary and alternative medicines such as Ayurveda, yoga, acupuncture, and many others, along with research studies being conducted in the area, is increasing the adoption of CAMs in the treatment of various diseases treatment and management, which is further expected to have a significant positive impact on the growth of the studied market. For instance, according to the research study published by Aseel M. Almuhareb et al. in November 2019, the use of complementary and alternative medicine is very common among rheumatoid arthritis patients and further concluded that the patients who used complementary and alternative medicines (CAMs) had a higher erythrocyte sedimentation rate (ESR). The study was conducted at rheumatology clinics in two tertiary hospitals in Riyadh, Saudi Arabia. Thus, studies like these promote the use and adoption of CAMs, which is anticipated to drive growth in the studied market. In addition, the increasing prevalence of chronic diseases such as cancer, musculoskeletal disorders, and cardiovascular diseases, among others, is further expected to augment the growth in the CAM market.

However, the lack of proper scientific evidence and less understanding of complementary and alternative medicine among the scientific community is expected to impede the growth of the studied market during the forecast period of the study.

Key Market Trends

Cancer Is Expected to Hold a Significant Share In the Studied Market Over The Forecast Period

Cancer is a broad term that encompasses a wide range of diseases that can affect any part of the body, and malignant tumors and neoplasms are two more terms used to refer to cancer. According to the World Health Organization's February 2022 update, cancer is one of the leading causes of death worldwide and was responsible for about 10 million deaths in 2020. Hence, due to high mortality from cancer, the demand for effective and advanced therapeutics is increasing globally, and complementary and alternative medicines play a crucial role. For instance, according to National Cancer Institute (NCI) updates from March 2022, complementary medicine is used along with standard medical treatment but is not considered by itself to be standard treatment. One example is using acupuncture to help lessen some side effects of cancer treatment. Moreover, alternative medicine is used instead of standard medical treatment. One example is using a special diet to treat cancer instead of cancer drugs that are prescribed by an oncologist. This data shows a wide adoption of CAMs by cancer patients, due to which the cancer segment is expected to have a significant share in the studied market.

In recent years, the prevalence of cancer globally has increased significantly, and cancer prevalence and incidence are further increasing, which is anticipated to have a significant impact on the growth of the studied market. For instance, according to the 2020 report of the International Agency for Research on Cancer (Globocan 2020), there will be about 19.3 million new cancer cases diagnosed globally in 2020, and this number is projected to increase to 28.9 million new cases by 2040. Further, the number of studies being conducted on the feasibility of CAM in cancer treatment is increasing, and positive results from these studies are further expected to boost growth in cancer. For instance, according to a research study published by Friederike Hammersen et al., in April 2020, in terms of prevalence and monthly expenses, complementary and alternative medicine (CAM) plays a major role for young breast cancer patients. It was used for various reasons, and specific subgroups with more frequent CAM usage could be detected. The study also suggested that doctors should talk to their young breast cancer patients about CAM up front so they don't have to rely on CAM knowledge outside the medical system.

Therefore, due to the factors mentioned earlier, the cancer segment by application is expected to hold a significant share in the complementary and alternative medicine market during the forecast period of the study.

Europe Is Expected to Hold a Significant Market Share In The Complementary And Alternative Medicine Market

By geography, Europe is expected to hold a significant market share, as complementary and alternative medicines have been used in Europe for a very long time along with modern medicines. Acupuncture, reflexology, herbology, chiropractic, osteopathy, massage therapy, homeopathy, and naturopathy are examples of complementary and alternative medicine, or CAM, famous in Europe to describe a wide range of medical services that are less reliant on current medicines. According to an article published by Benjamin Fox in November 2021, Around 40% of cancer patients across the European Union currently use complementary therapies alongside their medical treatment, and surveys suggest that patients demand more availability. Thus, Europe is expected to hold a major market share in the studied market.

In Europe, Germany is expected to hold a major share in the complementary and alternative medicine (CAM) market due to the wide adoption of CAM owing to the high awareness among the general population. For instance, the research study published by Ann-Kathrin Lederer et al. in November 2021, in which they investigated the CAM usage and CAM-related needs of hospitalized patients at university medical centers in the state of Baden-Wurttemberg, Germany, concluded that the use of complementary and alternative medicine and the need for CAM counseling are both common among hospitalized patients in Baden-university Wurttemberg's medical centers, and further stated that the CAM research and physician education should be expanded to better fulfill the requirements of patients. In addition, according to the research study by Agnes Ostermaier et al., published in April 2020, many German general practitioners use CAM treatment and integrate it into their routine primary care work. Therefore, due to the high adoption of the CAM along with the rising prevalence of chronic diseases and growing healthcare expenditure, the use of complementary and alternative medicine is expected to increase in Germany, and Germany is expected to occupy a major share of the studied market during the forecast period of the study.

Thus, the market is expected to witness significant growth during the forecast period due to the abovementioned factors.

Competitive Landscape

With the increasing investment in the area and growing awareness among the general population, the competition in the market is increasing. However, the complementary and alternative medicines market is fragmented, with many players. Some key players in the studied market are Ayush Ayurvedic Pte Ltd., Columbia Nutritional LLC, The Healing Company Ltd., Helio USA Inc., and Herb Pharm, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support