According to IMARC Group’s latest report, titled “Complementary and Alternative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 100.04 Billion in 2021. Complementary and alternative medicine (CAM) includes numerous medical products and practices that are usually not a part of conventional or standard medical treatment. It primarily comprises of self-administered products and activities, such as herbal medicines, dietary supplements, homeopathic remedies, and yoga, with chiropractic care, acupuncture, and massage therapy. CAM also includes manipulative and body-based practices, whole medical systems, and biofield therapy. Currently, CAM is extensively used to treat cancer by alleviating common side effects of chemotherapy, such as pain, fatigue, and nausea.
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The increasing consumer preferences towards natural products and gentle therapies are primarily augmenting the global market for complementary and alternative medicines. Additionally, the growing incidences of numerous chronic ailments are also driving the demand for CAM for disease diagnosis and prevention. Moreover, numerous health insurance companies are offering CAM coverage in their medical plans, thereby further propelling the market growth. Due to the sudden outbreak of the COVID-19 pandemic, there is a rising inclination towards natural or alternative medicines to treat coronavirus infection. Looking forward, IMARC Group expects the global complementary and alternative medicine market to reach US$ 315.5 Billion by 2027, exhibiting a CAGR of 20.8% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Ayush Ayurvedic Pte Ltd.
- Columbia Nutritional LLC
- Helio USA Inc.
- Herb Pharm LLC
- Herbal Hills
- Nature’s Bounty
- Nordic Naturals
- Pure Encapsulations LLC (Nestlé S.A.)
- Quantum-Touch
- The Healing Company Ltd.
- Unity Woods Yoga Center
Complementary and Alternative Medicine Market Segmentation:
Breakup by Type:
- Traditional Alternative Medicine Therapy
- Body Therapy
- Diet and Herbs Based Therapy
- Energy Healing Therapy
- Mind Therapy
- Others
Breakup by Disease Indications:
- Arthritis
- Cancer
- Asthma
- Diabetes
- Cardiology
- Neurology
- Others
Breakup by Distribution Channel:
- Special Clinics/Centres
- Distance Correspondence
- Direct Sales
- Online Sales
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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The global complementary and alternative medicine market size is projected to reach USD 296.3 billion by 2027, exhibiting a CAGR of 19.9%, according to a new report by Radiant Insights, Inc. A comparatively high demand for alternative medicine across developing countries and expanding applications of traditional medicine practiced in Asia are two key driving factors of the market.
In addition, increase in the number of licensed and trained physicians who can offer state-of-the-art complementary therapies is set to boost patient preference toward traditional medicine.
Further key findings from the report suggest: • Botanicals are the most ancient form of alternative treatment practices, which include herbal and natural treatment supplements along with another natural form of treatments incorporating oils, herbs, and other curative supplements • The botanicals intervention segment dominated the global market throughout the study period, whereas magnetic intervention is expected to grow at the fastest rate from 2020 to 2027 • Mind and body healing oriented traditional medicines are some of the most frequently adopted forms of alternate therapies worldwide.
Mind and body intervention incorporates various forms of energy and mind exercises to heal ailments • Yoga has dominated the global complementary and alternative medicine market throughout the study period, whereas hypnotherapy is projected to witness the highest growth rate over the forecast period • Europe is anticipated to witness highest market share over the forecast period.
Rising preference for alternative treatment approaches among patients will drive the regional market for complementary and alternative medicine.
• Key industry participants include Nordic Nutraceuticals, Pure encapsulations, LLC, AYUSH Ayurvedic Pte Ltd, and Sheng Chang Pharmaceutical Company • Companies are inclined toward strategic partnerships to establish their presence in the market; for instance, in June 2019, AstraZeneca partnered with Luye Pharma Group to market a herbal therapy • The herbal medicine product is developed from red yeast rice and is formulated to assist patients suffering from cholesterol.
