Global Complementary and Alternative Medicine Market Share Is Likely To Reach At A CAGR Value Of Around 21.3% By 2028

19-Oct-2022 | Facts and Factors

According to Facts and Factors, the global complementary and alternative medicine market size was worth USD 83.2 billion in 2021 and is estimated to grow to USD 265.0 billion by 2028, with a compound annual growth rate (CAGR) of approximately 21.3% over the forecast period. The report analyzes the complementary and alternative medicine market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the complementary and alternative medicine market.

The term "complementary and alternative medicine" describes medical supplies and procedures that are not a part of standard medical or healthcare procedures. There are many supplementary treatments, including yoga, acupuncture, herbal medicine, massage, visualization, and aromatherapy. The type of therapy combined with traditional medical care is known as complementary medicine. For instance, acupuncture therapy can be utilized to lessen the negative effects of chemotherapy-based cancer treatment. Alternative medicine is employed in place of conventional medicine as a treatment. Instead of using anti-cancer drug therapy as prescribed by an oncologist, a particular nutrition regimen might be followed as part of conventional cancer treatment. Various clinical trials that assess how patients respond to complementary and alternative medicine therapies have lately been funded or co-sponsored by organizations, including National Center for Complementary and Integrative Health (NCCIH) & the National Cancer Institute (NCI).

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Browse the full “Complementary and Alternative Medicine Market Size, Share, Growth Analysis Report By Intervention (Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, Sensory Healing), By Distribution Method (Direct Sales, E-sales, Distance Correspondence), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/complementary-and-alternative-medicine-market

Due to the advantages and ideologies that might draw clients, the global complementary and alternative medicine market has seen considerable growth in the number of consumers in recent years. The main tenets of complementary and alternative medicine are that the body can heal itself. The body imbalance causes the onset of any illness, the whole patient must be treated rather than just a specific diseased body part, and gentle therapies must be a priority. Natural products should always be preferred over synthetic ones.

The global complementary and alternative medicine market is segregated based on intervention, distribution method, and region. Based on intervention, the market is divided into traditional alternative medicine/botanicals, mind healing, body healing, external energy, and sensory healing. The traditional alternative medicine/botanicals segment dominated the market in 2021. The complementary and alternative medicine market is classified by distribution into direct sales, e-sales, and distance correspondence. Direct sales accounted for the largest share in 2021.

The global complementary and alternative medicine market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East & Africa. In the global complementary and alternative medicine market, Europe held the top spot in 2021. Consumers' increased usage of complementary & alternative medicines and decreasing dependence on modern medications have contributed to the growth of the market in Europe. Additionally, people are increasingly turning to herbal, Ayurvedic, and naturopathic solutions as they become more aware of the long-term detrimental effects of chemically based drugs. Furthermore, it is anticipated that Europe will continue to have a leading position in the market for the anticipated period due to the rising popularity of acupuncture and yoga there. Hospitals providing complementary and alternative medicine have grown in number throughout Europe during the past 20 years.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 83.2 Billion

Projected Market Size in 2028

USD 265.0 Billion

CAGR Growth Rate

21.3% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

The Healing Company Ltd., Pure encapsulations LLC., Columbia Nutritional, Nordic Nutraceuticals, Sheng Chang Pharmaceutical Company, John Schumacher Unity Woods Yoga Centre, Ramamani Iyengar Memorial Yoga Institute, Herb Pharm, AYUSH Ayurvedic Pte Ltd., and others.

Key Segment

By Intervention, Distribution Method, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Key players in the global complementary and alternative medicine market include The Healing Company Ltd., Pure encapsulations LLC., Columbia Nutritional, Nordic Nutraceuticals, Sheng Chang Pharmaceutical Company, John Schumacher Unity Woods Yoga Centre, Ramamani Iyengar Memorial Yoga Institute, Herb Pharm, AYUSH Ayurvedic Pte Ltd.

Recent Development

  • December 2019: The 54th acupuncture clinic in the US, Modern Acupuncture, opened its new location in Florida. This new facility will hopefully meet Americans' rising demand for acupuncture treatments.

Global Complementary and Alternative Medicine Market is segmented as follows:

By Intervention

  • Traditional Alternative Medicine/Botanicals
  • Mind Healing
  • Body Healing
  • External Energy
  • Sensory Healing

By Distribution Method

  • Direct Sales
  • E-Sales
  • Distance Correspondence

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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