Growing Popularity of Complementary and Alternative Medicine Fuels Market Growth
SkyQuest projects that the complementary and alternative medicine market will attain a value of USD 493.67 billion by 2030, with a CAGR of 22.03% over the forecast period (2023-2030). The regulatory landscape is expected to change and there will be active government initiatives in the coming years which will establish strong transnational connections across healing pathways connecting global, national and local movements for alternative medicine. Additionally, government initiatives to support the participation of service providers and patients in the complementary and alternative medicine field by examining standards health throughout the medical systems.
Westford, USA, June 16, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, numerous chronic illnesses, such as cancer and cardiovascular conditions are becoming more common, and complementary and alternative medicines and therapies are rising in popularity. These elements fuel the expansion of the worldwide complementary and alternative medicine industry, along with the rising costs of conventional pharmaceuticals and associated adverse effects. On the other hand, significant organizations prefer forward strategies such as partnerships, mergers, and acquisitions to create new opportunities in the future.
Browse in-depth TOC on “Complementary and Alternative Medicine Market”
- Pages – 263
- Tables – 62
- Figures – 70
The development, marketing and distribution of CAM products on a global scale are expected to see an increase in investments due to the growing number of companies in the complementary and alternative medicine sector. Additionally, various development strategies employed by these market competitors, such as new product launches, partnerships, collaborations, and mergers, are anticipated to fuel the market expansion. As a result, market players constantly seek new strategies to dominate their sector and gain an edge over competitors.
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Prominent Players in Complementary and Alternative Medicine Market
- Columbia Nutritional
- Herb Pharm
- Herbal Hills
- Ramamani Iyengar Memorial Yoga Institute
- John Schumacher Unity Woods Yoga Centre
- Yoga Tree Studios, Inc.
- Helio USA Inc.
- NatureKue
- Nordic Nutraceuticals
- Pure encapsulations, LLC.
- The Healing Company Ltd.
- Quantum-Touch
- BIOTAILOR
- Bikram Yoga
- True Yoga
Traditional Substitutes and Botanicals Segment is Anticipated to Grow Due to the Rising Popularity of Various Herbal Pharmaceuticals
Traditional substitutes and botanicals segment has a market share of about 39%. Herbs and other botanicals are used in the preparation of alternative medicines that are most widely recognized globally. Homoeopathic treatments, and other natural products falling under market segment has become more significant over the past several decades due to the growing popularity of various herbal pharmaceuticals, and herbal supplements. In addition, botanicals are used in disease treatment alongside traditional drugs and meals.
The market for complementary and alternative medicine is the largest in Europe. In Europe, the United Kingdom dominates the market. Numerous hospitals and medical facilities in the region offer complementary and alternative therapies. Norway’s complementary and alternative medicine industry is growing faster than the rest of Europe. As a result, the market in this region will probably grow soon.
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Direct Sales Channel Segment is Anticipated to Grow Due to the Rising Growth of Medical Tourism
Over 72% of the market will be accounted for by the direct sales channel segment. The rapid growth of medical tourism has facilitated this market’s quick growth. In addition, government funding for healthcare facility development and the promotion of complementary and alternative medicines is helping the growth of this sector. The various ayurveda and acupuncture practitioners’ reliance on direct sales has increased the segment’s growth. According to Michelle Grasek’s article for Seneca Falls Acupuncture PLLC, the growing acceptance of acupuncture therapy among patients is due to therapy’s efficient means of treatment.
The market for complementary and alternative medicine is anticipated to grow significantly in Asia-Pacific throughout the forecast period due to factors including the rising prevalence of various chronic diseases, increased public awareness of CAMs, and increased efforts to introduce and develop new alternative medicines and therapies. The main reason fueling the market expansion in the region is the rising burden of chronic diseases such as cardiovascular diseases, neurological diseases, cancer, diabetes and others. For instance, according to a report released by the Health and Global Policy Institute (HGPI) in December 2021 cardiovascular disorders, such as heart disease are significant cause of illness-related death in Japan.
A comprehensive analysis of the major players in the Complementary and Alternative Medicine market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Complementary and Alternative Medicine Market
- Adoratherapy introduced its Alkemie Chakra Healing line in 2022, which included lotion candles, dry touch body oils, body lotions and aroma perfume sprays with the same scents. The scents were created to promote balance and healing using aromatherapy, which uses essential oils as active substances.
- Coworth Park introduced a new Hebridean sound treatment in 2022. The treatment offers a moment of rest and regeneration by using sound therapy, which is meant to be calming, and soothing.
- The WHO and the Government of India signed an agreement in 2022 to establish the WHO Global Centre for Traditional Medicine, supported by USD 250 million in funding from the Government of India. The centre’s goal is to use modern science and technology to harness the potential of traditional medicine from around the world to improve human and environmental health. Additionally, SRM College of Occupational Therapy opened a sensory garden in November 2021 to assist parents of children with processing deficiencies.
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Key Questions Answered in Complementary and Alternative Medicine Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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