The global complementary and alternative medicine market size was US$ 102.0 billion in 2021. The global complementary and alternative medicine market size is estimated to reach US$ 376.0 billion by 2030, growing at a compound annual growth rate (CAGR) of 15.6% during the forecast period from 2022 to 2030.
Complementary and alternative medicines are medicines and health practices that are not commonly used by doctors to treat cancer. They are used in addition to standard treatment. Whereas, alternative medicine is used in place of standard treatment. Some examples of complementary therapies include meditation, massage, tai chi, biofeedback, music therapy, reiki, dietary supplements, and guided imagery. Some of the most commonly used complementary therapies are manipulative therapies and body-based therapies. Body-based therapies include chiropractic or osteopathic manipulation massage, cupping, and reflexology.
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Factors Affecting Marketing Growth
The increase in the geriatric population and the rise in the prevalence of different chronic diseases such as cancer and others drive the growth of the global market.
The growth in popularity of complementary and alternative medicines and therapies owing to the high cost of traditional medicines and their side effects drives the growth of the global market.
The rise in strategic initiatives such as collaborations, mergers, and acquisitions by leading players, are the essential factors that drive the growth of the global market.
The side effects associated with self-medication or with the use of complementary medicine along with traditional treatment are anticipated to restrict the growth of the global market.
Impact on COVID-19 Analysis
COVID-19 had a positive impact on the growth of the global market due to the rise in pandemic infection across the world and the lack of therapeutics available for the treatment of COVID-19, which led to turn people’s interest in complementary and alternative medicines for treatment and preventive measures. Thus, driving the growth of the global market.
Regional Analysis
North America was dominant, in terms of revenue among other regions in 2021 due to the rise in the healthcare expenditure of the region and the strategies they adopt for their product development, and the existence of key players in the country.
Asia-Pacific is estimated to grow at the fastest rate during the forecast period due to the increase in the prevalence of chronic diseases and the rise in the geriatric population.
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Leading Competitors
The prominent players in the global complementary and alternative medicine market are:
LKK Health Products Group Limited
Yoga Tree Studios Inc.
Body and Soul Yoga Club
Amrita Ayurveda and Yoga
Bikram Yoga
Sheng Chang Pharmaceutical Company
The Healing Company Ltd.
Nordic Nutraceuticals
Pure encapsulations
Herb Pharm
Others
Segmentation Analysis
The global complementary and alternative market segmentation focuses on Type, Disease Indication, Distribution Channels, and Region.
Segmentation on the basis of Type
Medicines
o Homeopathic Medicines
o Ayurvedic Medicines
o Dietary Supplements
o Traditional Chinese Medicine
o Traditional Korean Medicine
o Others
Therapy
o Mind Therapy
o Body Therapy
o Sensory Therapy
o Magnetic Therapy
Segmentation on the basis of Disease Indication
Cancer
Arthritis
Others
Diabetes
Cardiovascular
Neurology
Segmentation on the basis of Distribution Channels
Online Sales
Distance Correspondence
Direct Sales
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Segmentation on the basis of Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Complementary and Alternative Medicine market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Complementary and Alternative Medicine market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Complementary and Alternative Medicine market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Complementary and Alternative Medicine business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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