Complementary and Alternative Medicine Industry Sees Strong Growth Prospects, Projected to Reach $437.9 Billion by 2031

WILMINGTON, DELAWARE, UNITED STATES, June 17, 2024 /EINPresswire.com/ — The global Complementary and alternative medicine industry generated $102.0 billion in 2021, and is estimated to reach $437.9 billion by 2031, witnessing a CAGR of 15.6% from 2022 to 2031.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬, 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases and surge in popularity of complementary and alternative medicines & therapies along with rise in costs of traditional medicines and their side effects drive the growth of the global complementary and alternative medicine market. However, side effects associated with self-medication restrain the market growth. On the other hand, rise in adoption of strategies such as collaborations, mergers, and acquisitions by leading players create new opportunities in the coming years.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭:

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐏𝐚𝐧𝐝𝐞𝐦𝐢𝐜 𝐨𝐧 𝐂𝐨𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐫𝐲 𝐚𝐧𝐝 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐌𝐞𝐝𝐢𝐜𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐥𝐨𝐛𝐚𝐥𝐥𝐲?

Owing to the surge in COVID-19 infection worldwide and lack of availability of therapeutics for treatment against COVID-19, people turned toward complementary and alternative medicines as preventive measures and treatments.

According to the research published by Mahlagha Dehghan et. al. in January 2022, nearly 84% of the participants of the survey reported usage of one of the complementary and alternative medicines (CAMs) during the COVID-19 pandemic in Iran.

Adoption of yoga and meditation experienced a sharp rise during the pandemic due to closure of fitness centers, gyms, swimming pools, and sports stadiums with lockdown restrictions in place. So, people began therapies and exercising at home. This, in turn, led to the growth of the global complementary and alternative medicine market.

Surge in online classes and sessions that offer beginner and advanced courses related to alternative therapies such as yoga, aerobics, and meditation impacted the market positively during the pandemic.

𝐓𝐡𝐞 𝐦𝐞𝐝𝐢𝐜𝐢𝐧𝐞𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on type, the medicines segment accounted for the highest market share in 2021, contributing to nearly two-thirds of the global complementary and alternative medicine market, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 15.9% from 2022 to 2031. This is due to surge in prevalence of chronic and autoimmune disorders and increase in the adoption of natural remedies such as Ayurvedic medicines and herbal supplements. The report also analyzes the therapy segment.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝟐𝟎𝟎 𝐏𝐚𝐠𝐞𝐬 𝐏𝐃𝐅 𝐰𝐢𝐭𝐡 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬, 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞𝐬, 𝐚𝐧𝐝 𝐅𝐢𝐠𝐮𝐫𝐞𝐬) @

𝐓𝐡𝐞 𝐝𝐢𝐚𝐛𝐞𝐭𝐞𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐭 𝐬𝐡𝐚𝐫𝐞 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on disease indication, the diabetes segment contributed to the largest market share in 2021, accounting for nearly one-third of the global complementary and alternative medicine market, and is expected to maintain its dominant share during the forecast period. This segment is expected to manifest the largest CAGR of 16.3% from 2022 to 2031. This is attributed to rise in the prevalence of different types of diabetes and rise in geriatric population. The report also analyzes segments including cardiovascular, neurology, cancer, arthritis, and others.

𝐓𝐡𝐞 𝐝𝐢𝐫𝐞𝐜𝐭 𝐬𝐚𝐥𝐞𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐜𝐨𝐧𝐭𝐢𝐧𝐮𝐞 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on distribution channel, the direct sales segment held the highest market share in 2021, accounting for nearly three-fifths of the global complementary and alternative medicine market, and is expected to continue its dominance during the forecast period. In addition, this segment is projected to manifest the highest CAGR of 16.1% during the forecast period. This is due to the adoption of natural remedies such as herbal supplements and Ayurvedic medicines along with increase in offline stores. The report also discusses segments including online sales and distance correspondence.

𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲-

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐬𝐭𝐚𝐭𝐮𝐬 𝐛𝐲 𝟐𝟎𝟑𝟏

Based on region, North America contributed to the highest market share in 2021, holding around two-fifths of the global complementary and alternative medicine market, and is expected to maintain its lead status by 2031. This is due to increase in the healthcare expenditure, the presence of major players in the country, and the strategies adopted for innovative product development. However, Asia-Pacific is projected to grow at the fastest CAGR of 16.7% from 2022 to 2031, owing to rise in prevalence of chronic diseases and abundant availability of centers for practicing yoga and meditation.

𝐂𝐨𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐚𝐫𝐲 𝐚𝐧𝐝 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐌𝐞𝐝𝐢𝐜𝐢𝐧𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

All and One Medical

AYUSH Ayurvedic Pte Ltd.

Douglas Laboratories

Herbal Hills

Herb Pharm LLC

John Schumacher Unity Woods Yoga Center

Juvenon LLC

New Life Chiropractic

Nordic Naturals

Nordic Nutraceuticals

Pure Encapsulations LLC

Quality of Life Labs

Ramamani Iyengar Memorial Yoga Institute

Sheng Chang Pharmaceutical Company

The Chicago Body Works

The Nature’s Bounty Co.

Valensa International

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬
𝐃𝐫𝐢𝐯𝐞𝐫: 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐡𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐞𝐱𝐩𝐞𝐧𝐝𝐢𝐭𝐮𝐫𝐞

Additionally, complementary and alternative medicines are becoming more and more well-liked. This is because several chronic diseases, including cancer and cardiovascular conditions, are becoming more common. These factors and the rising costs of conventional medications and their corresponding side effects fuel the growth of the global complementary and alternative medicine market. However, the rising popularity of partnerships, mergers, and acquisitions by large companies may result in novel ideas in the years to come. Increasing healthcare spending, resulting in investment in modernizing its infrastructure, substantially impacts the complementary and alternative medicine market’s growth rate. Various government organizations’ initiatives to upgrade the healthcare infrastructure will impact additional factors on the market by raising funds. Due to awareness efforts by both public and marketing groups, the complementary and alternative medicine market will also grow. The complementary and alternative medicine market is expected to grow due to ageing populations and changing lifestyles.

𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭: 𝐇𝐢𝐠𝐡𝐞𝐫 𝐩𝐫𝐢𝐜𝐞

The drug’s high cost will hamper the market’s expansion. The complementary and alternative medicine market will face problems due to a shortage of qualified specialists and a weak healthcare infrastructure in emerging nations. Furthermore, during the projected period, self-medication by patients without seeking a doctor’s advice and a general lack of understanding will act as barriers and slow the market’s growth.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
Complementary and Alternative Medicine Market: /complementary-and-alternative-medicine-market-A11182
Gene Editing Market: /gene-editing-market-A10973
Light Therapy Market:

𝐀𝐛𝐨𝐮𝐭 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 (𝐀𝐌𝐑):
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

David Correa

Portland, OR, United States

USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022,

UK: +44-845-528-1300

Hong Kong: +852-301-84916

India (Pune): +91-20-66346060

Fax: +1(855)550-5975

[email protected]

Web:

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter