Newark, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The global complementary and alternative medicine market was valued at USD 128.93 billion in 2023 and is projected to grow at a CAGR of 17.81% from 2024 to 2033. Over the forecast period, Asia-Pacific is anticipated to develop at the highest CAGR of 27.99%. The market for complementary and alternative medicine in Asia-Pacific is expanding due to the rise in demand for herbal supplements. In this region, medicinal plants are still widespread. Therefore, it is projected that the market for complementary and alternative medicine in the Asia-Pacific region will grow during the forecast period. The National Medical Commission in India suggested in September 2021 that each healing college create a "Department of Integrative Medicine Research" to encourage the merging of contemporary medicine with homoeopathy and indigenous Indian medicinal systems like Ayurveda. As a result, it will encourage market growth.
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Leading companies in the industry include 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.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 17.81% |
| Market Size in 2023 | USD 128.93 Billion |
| Market Size in 2033 | USD 664 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Intervention, Distribution Method |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Complementary and Alternative Medicine Market Growth Drivers | Increasing healthcare expenditure |
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Market Dynamics
Drivers:
Increasing Healthcare Expenditure: The growing popularity of complementary and alternative treatments is driven by the rising prevalence of chronic diseases like cancer and cardiovascular disorders. This trend, combined with the escalating costs and side effects of traditional pharmaceuticals, is fueling the growth of the global complementary and alternative medicine (CAM) market. Additionally, strategic initiatives by major organizations, such as partnerships, mergers, and acquisitions, are expected to create new opportunities in the coming years. The market's expansion is further supported by increasing healthcare spending, which enhances infrastructure, and government initiatives aimed at improving healthcare systems through increased funding. Public and private awareness-raising efforts are also contributing to the market's growth. As lifestyles change and the population ages, the demand for CAM is expected to rise.
Restraints:
Higher Costs: The high cost of CAM treatments is a significant barrier to market growth. In developing countries, the lack of qualified professionals and inadequate healthcare infrastructure further challenges the market. Additionally, self-medication without professional consultation and general misinformation about CAM practices are likely to hinder the market's growth during the forecast period.
The global complementary and alternative medicine market has been segmented based on intervention, distribution method, and region. The intervention segment is divided into mind healing, external energy, traditional alternative medicine/botanicals, sensory healing, and body healing. The traditional alternative medicine/botanicals segment dominated, with a market share of around 23.15% in 2023. Traditional remedies are most frequently utilised in both highly developed and developing nations. They are marketed as organic products, herbal cures, and homoeopathic treatments. In most countries, they are regularly used as nutritional supplements in addition to standard diet and treatment. In the modern world, the appeal of various products has grown, like tea and herbal oils. The distribution method segment is divided into e-sales, direct sales, and distance correspondence. The direct sales segment dominated the market, with a market share of around 36.26% in 2023. It is a result of the medical industry's rapid growth. This development is encouraged by government financing for improving healthcare facilities and promoting complementary therapies. To expand their operations, several acupuncture and Ayurveda practitioners and organisations intend to look into the direct sales of complementary medicines and alternative therapies.
Leading companies in the industry include 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., among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
Market Segmentation
Global Complementary and Alternative Medicine by Intervention:
• Mind Healing
• External Energy
• Traditional Alternative Medicine/Botanicals
• Sensory Healing
• Body Healing
Global Complementary and Alternative Medicine by Distribution Method:
• E-sales
• Direct Sales
• Distance Correspondence
Regional Segmentation Analysis:
The CAM market is analyzed across regions, including North America, Europe, South America, Asia Pacific, the Middle East, and Africa. In 2023, Europe emerged as the largest market for CAM, accounting for a 26.55% share of global revenue. The U.K. leads the European market, with numerous hospitals and medical facilities offering complementary and alternative therapies. Norway, in particular, is experiencing rapid growth in the CAM sector, outpacing the rest of Europe. Acupuncture is one CAM therapy gaining popularity across the region, contributing to the anticipated significant growth of the European CAM market.
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