New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Material & Chemical market research firm, has published competitive intelligence and market research report on “Complementary and Alternative Medicines Market”. The Complementary and Alternative Medicine size was valued at USD 97.22 Bn in 2021. The total Complementary and Alternative Medicine revenue is expected to grow at a CAGR of 17.9 percent from 2022 to 2029, reaching nearly USD 362.97 Bn during the forecast period.
| Market Size in 2021 | USD 97.22 Bn |
| Market Size in 2029 | USD 362.97 Bn |
| CAGR | 17.9 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 260 |
| No. of Tables | 125 |
| No. of Charts and Figures | 115 |
| Segment Covered | By Therapy Type, disease type and distribution channel. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Complementary and Alternative Medicine Market Scope and Research Methodology
The report is a comprehensive analysis of the complementary and alternative medicine market by region, segment and competitive landscape. For understanding the global factors affecting complementary and alternative medicine, the report presents drivers, challenges, restraints and opportunities prevailing in complementary and alternative medicine. Segments covered in the Complementary and Alternative Medicine market report are by type, component and application. The report covers the current trends prevailing in the market & changing consumer preferences towards healthcare in the upcoming years helping the companies identify investment pockets and opportunities in complementary and alternative medicine.
The report is equipped with a competitive analysis of the complementary and alternative medicine market players. Key players and new entrants in complementary and alternative medicine are listed together to provide a thorough analysis. The complementary and alternative medicine was analysed by region, revenue, financial status, portfolio, current problems associated with alternative medicine, technological advancement adopted, and mergers and acquisitions. The new entrants in Complementary and alternative medicine & the customers were researched for growth prospects and future business outlooks. The analysis acts as a guide for stakeholders, investors, market players and followers and new entrants with an overall view of complementary and alternative medicine for formulating investment approaches and marketing tactics. Bottom-up approach was used to estimate the complementary and alternative medicine market size.
Complementary and Alternative Medicine Market Overview
The complementary and alternative medicine market includes all the treatment options opted by a patient other than standard medicines. The low availability of healthcare professionals in some of the regions & side effects from standard medicine has created a huge scope for the application of alternative medicine. The changing consumer mindset is expected to influence the market scope during the forecast period.
Complementary and Alternative Medicine Market Dynamics
The complementary and alternative medicine market is expected to grow rapidly as a result of growing demand for alternative medicines by consumers due to the side effects of standard medicine, lack of complete remission for chronic diseases and high cost of new drugs. The changing regulatory landscape is further driving the market demand. The regulatory organizations are focusing on development of medical tourism, allowing the patients to seek top class alternative therapies driving the complementary and alternative medicine market.
Increased research regarding the application of traditional medications is expected to be a key factor driving Complementary and Alternative Medicines Market growth during the forecast period. The scientific studies are focused on the capabilities of medicinal plants for treating chronic disorders. The use of such therapies have shown great results on cancer patients resulting in cancer patients being a huge consumer base for the complementary and alternative medicine market.
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Complementary and Alternative Medicine Market Regional Insights
Europe accounted for the highest market share based on region in 2021. Large number of medical institutions & hospitals in Europe provide alternative medicine. Norway is one the fastest developing nations in terms of alternative medicine. Acupuncture is the most popular alternative therapy in Europe currently.
The Asia Pacific region is expected to have significant growth during the forecast period. The increasing demand for herbal supplements in the region is driving the regional complementary and alternative medicine market growth. The governments in the region are also taking initiatives to give importance to alternative medicine. In 2021, the National Medical Commission made in mandatory for every healing institute to have separate integrative medicine research department for encouraging integration of modern medicine with in traditional medicine systems
Complementary and Alternative Medicine Market Segmentation
By Therapy:
- Traditional Alternative Medicine
- Mind Healing
- Body Healing
- External Energy
- Sensory Healing
- Other
By Disease:
- Arthritis
- Cancer
- Asthma
- Diabetes
- Cardiology
- Neurology
- Others
By Distribution Help:
- Direct Sales
- E-sales
- Distance Correspondence
- Other
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Complementary and Alternative Medicine Market Key Players include:
- Pure Encapsulations, Inc.
- Nordic Naturals
- Herbal Hills
- Herb Pharm
- Helio USA Inc.
- Columbia Nutritional
- John Schumachers Unity Woods Yoga Center
- The Healing Company
- Quantum Touch
- Geriatric & Medical Companies, Inc.,
- Merck Sharp & Dohme Corporation
- Geri-Care pharmaceuticals
- UAS Laboratories.
- Nature’s Bounty
- Unity Woods Yoga Center
- First Natural Brands Ltd.
- Ayush Ayurveda
- Sheng Chang Pharmaceutical Company
Key questions answered in the Complementary and Alternative Medicine Market are:
- What is complementary and alternative medicine?
- What are the major drivers of the complementary and alternative Medicine market?
- What is the expected size of complementary and alternative Medicine market by 2029?
- Which factors are expected to restrain the complementary and alternative medicine market growth?
- Who are the key players in the complementary and alternative Medicine market?
- Which segment dominated the complementary and alternative Medicine market growth?
- Which segment is expected have highest demand during the forecast period?
- What is the demand pattern for the complementary and alternative medicine?
- Which region held the largest share in the complementary and alternative medicine market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Therapy, disease and distribution channel
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Material & Chemical research firm, has also published the following reports:
Ayurvedic Market: The total market size is expected to grow at a CAGR of 15.63 percent over the forecast period and the market is expected to reach USD 21.2 Bn by 2029. The growing demand due to adverse effects for allopathic treatment is the key factor driving the market growth.
Homeopathy Products Market: The total market is expected to grow at 6.35 percent through 2022 to 2029, reaching nearly USD 19.70 Bn. The high prevalence of chronic diseases & increase in research & development in the sector are key market drivers
Herbal Medicine Market: The total market size was valued at USD 186 Bn in 2021. It is expected to grow at a CAGR of 12 percent reaching USD 460.52 Bn during a forecast period. The growing trend of veganism is a primary market river
Alternative Protein Market: The total market size was valued at USD 15.37 Bn in 2021 is estimated to grow at a CAGR of 9.84 percent reaching USD 32.58 Bn during forecast period. Growing attention towards regulations, quality, safety along with increase in the end users is driving market growth.
Global Acupuncture Market: The total size was valued at USD 116.54 Mn in 2021 and the total revenue is expected to grow at a CAGR of 8.2 percent from 2022 to 2029, reaching USD 218.92 Mn. The increasing chronic pain & high effectiveness of acupuncture is driving the market growth.
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