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:
- Increasing Awareness and Acceptance of Holistic Health Approaches:
The growing awareness and acceptance of holistic health approaches is one of the major factors boosting the market growth. Moreover, the increasing dissemination of information through various channels, including the internet, social media, and health-focused publications, is favoring the market growth. Additionally, the rising exploration of complementary and alternative medicine (CAM) by consumers due to dissatisfaction with conventional medicine, thereby seeking treatments with fewer side effects and more personalized care, is catalyzing the market growth. Furthermore, the endorsement of CAM by influential health practitioners and celebrities that play a crucial role in enhancing its credibility and attractiveness to the general public is contributing to the market growth.
- Imposition of Supportive Government Policies and Funding Initiatives:
The implementation of supportive government policies and funding initiatives are crucial drivers favoring the market growth. Moreover, the growing recognition of the potential benefits of CAM, catalyzing the inclusion of policies that integrate these practices into national healthcare systems, is favoring the market growth. This includes the regulation and standardization of CAM therapies to ensure safety and efficacy, which in turn builds public trust. Additionally, the heightened inclusion of CAM therapies in health insurance coverage, making them more accessible to a broader population, is strengthening the market growth. Furthermore, the rising government funding for research and development (R&D) that supports clinical trials, studies, and the development of new CAM products and therapies is enhancing the market growth.
- Rising Healthcare Costs and Demand for Affordable Treatment Options:
The rising costs of conventional healthcare services, prompting individuals to seek more affordable treatment options, are driving the market growth. Moreover, the escalating healthcare expenses, including hospital stays, pharmaceutical drugs, and specialized treatments that place a significant financial burden on individuals and families, are contributing to the market growth. Furthermore, the growing demand for cost-effective alternatives that can provide relief and manage health conditions without the high expenses associated with conventional medicine is boosting the market growth. In addition to this, CAM practices emphasize prevention and overall wellness, which can lead to long-term cost savings by reducing the incidence of chronic diseases and the need for expensive medical interventions.
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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 represented the largest segment due to its long-standing cultural acceptance and wide-ranging practices such as acupuncture and Ayurveda.
By Disease Indications:
- Arthritis
- Cancer
- Asthma
- Diabetes
- Cardiology
- Neurology
- Others
On the basis of disease indications, the market has divided into arthritis, cancer, asthma, diabetes, cardiology, neurology, others.
By Distribution Channel:
- Special Clinics/Centres
- Distance Correspondence
- Direct Sales
- Online Sales
- Others
Direct sales represented the largest segment as it allows practitioners to personally recommend and sell tailored CAM products and services directly to consumers.
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 complementary and alternative medicine market is attributed to high consumer awareness, supportive regulatory frameworks, and significant investment in healthcare innovation.
Global Complementary and Alternative Medicine Market Trends:
The proliferation of health-related mobile applications and wearable devices that enable consumers to access CAM practices conveniently and consistently is anticipated to drive the market growth. Moreover, the advent of telehealth services, making it easier for patients to consult with CAM practitioners remotely and expanding access to alternative treatments, is catalyzing the market growth. Besides this, rapid advances in genomics and biotechnology allowing for more customized approaches to health, where treatments and preventative measures are tailored to an individual's genetic makeup and specific health conditions, is enhancing 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 Center
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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