Newark, July 31, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 108.32 billion in 2022 complementary and alternative medicine market will reach USD 913.82 billion by 2032. The market is projected to increase in the coming years due to the changing regulatory landscape and significant regulatory reforms. It will result in strong multinational partnerships among countries worldwide for joint initiatives regarding alternative medicine, followed by its adoption and expansion. Government activities significantly encourage the growth of complementary and alternative medicine practices by increasing targeted expenditure, building government facilities, and creating regulations to ensure the correct use of these therapies. The government intends to enhance the participation of service providers and patients in the alternative and complementary medical fields by reviewing regulations related to the right to health in all of its forms.
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Key Insight of the Complementary and Alternative Medicine Market
Asia-Pacific is anticipated to expand at the highest CAGR of 27.99% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 27.99% over the forecast period. Asia-Pacific's complementary & alternative medicine market is growing due to the rise in demand for herbal supplements. Medicinal plants still are common in this area. Therefore, the market for complementary and alternative medicine in Asia-Pacific is anticipated to expand during the forecast period. To promote the fusion of modern medicine with homoeopathy and indigenous Indian medical systems like ayurveda, the National Medical Commission in India recommended in September 2021 that every healing college establish a "Department of Integrative Medicine Research". It will therefore stimulate market expansion.
Over the projected period, the mind healing segment is expected to register the highest CAGR of 25.61% in the complementary and alternative medicine market.
In the complementary and alternative medicine market, the mind healing segment is anticipated to experience the highest CAGR of 25.61% during the forecasted period. Intense concentration, tranquilly, and attentiveness are used in this therapy to achieve a highly elevated state of mind. In short, it results in complete mental tranquilly and causes the person's state of awareness to freeze. To achieve complete peace of mind, mind healing aims to help the person overcome psychological anguish, poor behaviours, or a toxic environment. It is an alternative to traditional pharmaceuticals to treat a person's awareness and psyche. Therefore, fueling the segment's growth.
Over the projected period, the direct sales segment is expected to register the highest CAGR of 25.36% in the complementary and alternative medicine market.
Over the forecasted period, the direct sales segment is anticipated to grow at the highest CAGR of 25.36% in the complementary and alternative medicine market. To expand their companies, many acupuncture and Ayurvedic groups and practitioners intend to look into the direct selling of complementary medicines and alternative therapies. Engagement between doctors/practitioners and patients, as well as treatment procedures that boost profitability, are highly valued by these organizations. For instance, Michelle Grasek has written from Seneca Falls Acupuncture PLLC on how frequently efficient therapeutic methods are applied in an acupuncture practice. It emphasizes how well patients respond to specific acupuncture treatments, their willingness to participate in follow-up appointments, and additional advice.
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Market Dynamics
Driver: Increasing healthcare expenditure
Additionally, complementary and alternative medicines are becoming more and more well-liked. This is because several chronic diseases, including cancer and cardiovascular conditions, are becoming more common. These factors and the rising costs of conventional medications and their corresponding side effects fuel the growth of the global complementary and alternative medicine market. However, the rising popularity of partnerships, mergers, and acquisitions by large companies may result in novel ideas in the years to come. Increasing healthcare spending, resulting in investment in modernizing its infrastructure, substantially impacts the complementary and alternative medicine market's growth rate. Various government organizations' initiatives to upgrade the healthcare infrastructure will impact additional factors on the market by raising funds. Due to awareness efforts by both public and marketing groups, the complementary and alternative medicine market will also grow. The complementary and alternative medicine market is expected to grow due to ageing populations and changing lifestyles.
Restraint: Higher price
The drug's high cost will hamper the market's expansion. The complementary and alternative medicine market will face problems due to a shortage of qualified specialists and a weak healthcare infrastructure in emerging nations. Furthermore, during the projected period, self-medication by patients without seeking a doctor's advice and a general lack of understanding will act as barriers and slow the market's growth.
Some of the major players operating in the complementary and alternative medicine market are:
• Nordic Nutraceuticals
• The Healing Company Ltd.
• Sheng Chang Pharmaceutical Company
• Herb Pharm
• Columbia Nutritional
• John Schumacher Unity Woods Yoga Centre
• AYUSH Ayurvedic Pte Ltd.
• Ramamani Iyengar Memorial Yoga Institute
• Pure Encapsulations, LLC.
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Key Segments cover in the market:
By Intervention:
• Mind Healing
• External Energy
• Traditional Alternative Medicine/Botanicals
• Sensory Healing
• Body Healing
By Distribution Method:
• E-sales
• Direct Sales
• Distance Correspondence
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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