Complementary And Alternative Medicine Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The complementary and alternative medicine market size has grown exponentially in recent years. It will grow from $151.23 billion in 2023 to $182.31 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to the growth in consumer awareness, increased prevalence of chronic diseases, rise in healthcare costs, dissatisfaction with conventional medicine, and cultural and societal acceptance.
The complementary and alternative medicine market size is expected to see exponential growth in the next few years. It will grow to $388.00 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to personalized medicine and tailored treatments, emphasis on preventive healthcare and wellness, expanding insurance coverage for CAM therapies, rising demand for natural and organic products, digital health platforms and telemedicine. Major trends in the forecast period include the growth of telehealth consultations for CAM, emphasis on mental health and well-being, the rise of self-care and DIY remedies, the adoption of wearable health technology, and the integration of AI and machine learning in CAM treatments.
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Scope Of Complementary And Alternative Medicine MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Complementary And Alternative Medicine Market Overview
Market Drivers -The increase in the prevalence of chronic diseases is expected to drive the growth of the complementary and alternative medicine market going forward. Chronic diseases are long-term health conditions that persist over time and typically do not resolve on their own. The increase in the prevalence of chronic diseases can be attributed to various factors, such as aging populations, unhealthy lifestyles, environmental factors, and improved diagnostics leading to better detection. CAM aids in mitigating the prevalence of chronic disease by offering alternative treatment options, promoting holistic approaches to health, and addressing underlying factors such as stress and inflammation. For instance, in July 2023, according to the Department of the Treasury, an Australia-based national treasury and financial department, in 2020–21, nearly half of Australians of all ages (46.6%) had one or more chronic diseases, and almost one in five (18.6%) had two or more chronic conditions. Therefore, the increase in the prevalence of chronic diseases is driving the growth of the complementary and alternative medicine market.
Market Trends –
Major companies and authorities operating in the complementary and alternative medicine market are increasing their focus on developing advanced solutions, such as aromatherapy solutions, to gain a competitive edge in the market. Aromatherapy is a branch of complementary and alternative medicine (CAM) that involves using essential oils and aromatic compounds from plants to promote health and well-being. For instance, in December 2022, Adoratherapy, a US-based developer of aromatherapy products, launched its Alkemie Chakra Healing collection, featuring aroma perfume sprays, dry touch body oils, body lotions, and lotion candles all with the same scents. The scents were created to balance and heal using aromatherapy principles, which incorporate essential oils as active elements.
The complementary and alternative medicine market covered in this report is segmented –
1) By Type: Alternative Medical Systems, Mind-Body Interventions, Biologically Based Therapies, Manipulative And Body-Based Methods, Energy Therapies, Other Types
2) By Disease Indication: Arthritis, Asthma, Cancer, Diabetes, Cardiology, Neurology, Other Disease Indications
3) By Application: E-training, Direct Contact, Distance Correspondence
4) By End-Users: Hospitals, Specialty Clinics, Therapy Centers, Other End-Users
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Regional Insights – North America was the largest region in the complementary and alternative medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the complementary and alternative medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the complementary and alternative medicine market are Bikram Yoga, ARKOPHARMA Laboratories Company Limited, Aboca SpA, Boiron USA, Laboratorios Funat, Nordic Nutraceuticals, Dabur India Ltd., Nordic Naturals, UAS Laboratories, A.Vogel Ltd., Quantum-Touch, Herb Pharm LLC, Creative Biolabs, Nature’s Bounty, Baidyanath Group, SKM Siddha and Ayurvedha Company Ltd., Weleda AG, Afriplex, Herbal Hills, Arya Vaidya Pharmacy, Edizioni Riza spa, Vaidyaratnam Oushadhasala Pvt. Ltd., Nutritional Wellness Center, PEKANA Naturheilmittel GmbH, Himalaya Global Holdings Ltd. (Himalaya Herbal Healthcare), Geriatric & Medical Companies Inc., Naturoveda Health World, Alternative Medicine Institute, e-Therapeutics plc
Table of Contents 1. Executive Summary2. Complementary And Alternative Medicine Market Report Structure3. Complementary And Alternative Medicine Market Trends And Strategies4. Complementary And Alternative Medicine Market – Macro Economic Scenario5. Complementary And Alternative Medicine Market Size And Growth…..27. Complementary And Alternative Medicine Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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