IMARC Group, a leading market research company, has recently released a report titled "Complementary and Alternative Medicine Market Report by Type (Traditional Alternative Medicine Therapy, Body Therapy, Diet and Herbs Based Therapy, Energy Healing Therapy, Mind Therapy, and Others), Disease Indications (Arthritis, Cancer, Asthma, Diabetes, Cardiology, Neurology, and Others), Distribution Channel (Special Clinics/Centres, Distance Correspondence, Direct Sales, Online Sales, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the complementary and alternative medicine market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global complementary and alternative medicine market size reached US$ 144.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 657.0 Billion by 2032, exhibiting a growth rate (CAGR) of 17.8% during 2024-2032.
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Factors Affecting the Growth of the Complementary and Alternative Medicine Industry:
- Rising Consumer Awareness of Health and Wellness:
The rising consumer awareness of health and wellness is a significant factor driving the growth of the complementary and alternative medicine (CAM) market. There has been a global shift toward preventive healthcare, with individuals becoming increasingly proactive in managing their well-being. This trend is fueled by the proliferation of health information available through digital platforms, social media, and online communities, empowering consumers with knowledge about various health practices and the benefits of CAM therapies. As people become more informed about the potential side effects of conventional pharmaceuticals and the importance of holistic health, they are more inclined to explore alternative treatments that align with their lifestyle choices. Moreover, the growing interest in wellness activities such as yoga, meditation, and herbal remedies, which emphasize the integration of physical, mental, and spiritual health, is supporting the market growth.
- Growing Preference for Natural and Holistic Therapies:
The growing preference for natural and holistic therapies is another key driver of the CAM market. This shift is largely attributed to the increasing concerns over the side effects and long-term impacts of conventional pharmaceuticals. Many consumers are turning to CAM therapies as they seek treatments that are perceived to be safer, more natural, and aligned with the body's intrinsic healing processes. Herbal medicine, acupuncture, homeopathy, and chiropractic care are among the most sought-after alternative therapies, as they offer a holistic approach to treating various health conditions. The preference for these therapies is also driven by the belief that they treat the root cause of ailments rather than just alleviating symptoms, which is a common criticism of conventional medicine. Furthermore, the rise of the "clean label" movement, which advocates for transparency in product ingredients and manufacturing processes, has influenced consumer behavior, leading them to favor CAM products.
- Increasing Prevalence of Chronic Diseases:
The increasing prevalence of chronic diseases is a significant factor contributing to the expansion of the CAM market. Chronic conditions such as diabetes, arthritis, cardiovascular diseases, and respiratory disorders have become more common due to factors like increasing geriatric populations, sedentary lifestyles, and poor dietary habits. Conventional treatments for these conditions often involve long-term medication, which can lead to undesirable side effects and diminished quality of life. As a result, many patients are turning to CAM therapies as complementary or alternative options to manage their conditions more effectively. CAM therapies such as acupuncture, massage therapy, and naturopathy offer non-invasive and drug-free approaches to pain management, stress reduction, and overall health improvement, making them appealing to individuals with chronic diseases. Moreover, these therapies often emphasize lifestyle changes, including diet modification, exercise, and stress management techniques, which align with the growing emphasis on preventive care and holistic health.
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Complementary and Alternative Medicine Market Report Segmentation:
By Type:
- Traditional Alternative Medicine Therapy
- Body Therapy
- Diet and Herbs Based Therapy
- Energy Healing Therapy
- Mind Therapy
- Others
Traditional alternative medicine therapy holds the majority of the market share because of its widespread acceptance and long-standing cultural significance across various global populations, leading to higher consumer demand.
By Disease Indications:
- Arthritis
- Cancer
- Asthma
- Diabetes
- Cardiology
- Neurology
- Others
Based on the disease indications, the market has been divided into arthritis, cancer, asthma, diabetes, cardiology, neurology, and others.
By Distribution Channel:
- Special Clinics/Centres
- Distance Correspondence
- Direct Sales
- Online Sales
- Others
Direct sales represented the largest segment due to the personalized approach and trust-building between practitioners and consumers, which is crucial in the CAM market.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America's dominance in the market is attributed to the high consumer awareness, extensive healthcare infrastructure, and significant investment in research and development (R&D) within the CAM sector.
Global Complementary and Alternative Medicine Market Trends:
The implementation of government initiatives promoting CAM practices and the integration of these therapies into national healthcare systems are fostering the market growth. Additionally, recent innovations in CAM products, such as the development of advanced herbal supplements, digital health tools, and wellness apps, which are enhancing the accessibility and appeal of these treatments, are driving the market growth. Besides this, the rising cost of conventional healthcare treatments, which is driving patients to explore more affordable alternative medicine options, is supporting the market growth.
Top Companies Operated in Complementary and Alternative Medicine Industry:
- Ayush Ayurvedic Pte Ltd.
- Columbia Nutritional LLC
- Helio USA Inc.
- Herb Pharm LLC
- Herbal Hills
- Nature’s Bounty
- Nordic Naturals
- Pure Encapsulations LLC (Nestlé S.A.)
- Quantum-Touch
- The Healing Company Ltd.
- Unity Woods Yoga Cente
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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