The global complementary and alternative medicine market size is expected to reach USD 694.22 billion by 2030, registering a CAGR of 25.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of neurological illnesses and cancer is one of the major factors driving the growth of the global complementary & alternative medicine industry.
Furthermore, the expanding government initiatives and activities are contributing to the growth and development of the global complementary & alternative medicine industry. Globally, governments are establishing advantageous rules and legislation for the manufacturing and marketing processes, which is driving the expansion of the global industry.
Complementary And Alternative Medicine Market Highlights
- By intervention, traditional alternative medicine or botanicals dominated the market with a share of 34.02% in 2023. Botanicals are among the prominent forms of alternative treatment practices, inclusive of natural and herbal treatment supplements, coupled with therapeutic interventions, incorporating herbs, oils, and other curative supplements
- By distribution method, the direct sales segment held a larger share in 2023. Due to the rapid growth in medical tourism, direct sales therapy is anticipated to dominate the market. Government funding is assisting in this development by upgrading treatment facilities and supporting alternative medicine
- Europe held the larger share in 2023. CAM has gained immense popularity across Europe, including a wide range of procedures less dependent on modern medication, such as acupuncture. Thus, boosting the industry’s growth.
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Complementary & alternative medicine (CAM) differs from traditional or standard medical interventions. It employs herbs, homeopathic remedies, acupuncture, massage therapy, and preventative care. Furthermore, complementary & alternative medicines are widely utilized to treat a variety of illnesses such as pain, exhaustion, cancer, and nausea, and increasing public understanding of the benefits of natural substitute therapies which is further boosting the market growth.
For instance, In December 2019, Modern Acupuncture launched a new clinic in Florida, making it the second Modern Acupuncture location in Florida and the 54th in the U.S. This is in line with the company’s vision to spread the clinic's acupuncture services across the country and strengthen its market position.
Despite significant efforts to provide effective COVID-19 therapy and prophylaxis, many people continue to become infected. This could be accounted for by the ongoing virus changes and, as a result, the vaccine's efficiency. As a result, long-term immune enhancement is a promising approach to combating SARS-CoV-2 infection.
Medicinal plants and some other complementary & alternative therapies have been utilized successfully in treating a wide range of health issues. Several studies have shown the efficacy of cupping therapy, natural products, and acupressure against SARS-CoV-2. Hence, it will create a positive impact on the market.
The market has expanded significantly as a result of new products being introduced in response to rising treatment demand and ongoing innovation. For instance, in 2019, Optum acquired DaVita Medical Group. This investment will go toward the advancement of novel therapies for children, as well as physicians, healthcare providers, physiotherapists, and chiropractors.
Furthermore, approximately two-thirds of the populations in most developed and developing countries reported using an alternative or complementary therapy. Furthermore, increased investment in advanced technology research and an expansion of the number of emerging economies are expected to give advantageous prospects for the market throughout the projection period.
List of Key Players in Complementary And Alternative Medicine Market
- Columbia Nutritional
- Nordic Nutraceuticals
- Ramamani Iyengar Memorial Yoga Institute
- The Healing Company Ltd.
- John Schumacher Unity Woods Yoga Centre
- Sheng Chang Pharmaceutical Company
- Pure encapsulations, LLC.
- Herb Pharm
- AYUSH Ayurvedic Pte Ltd.
We have segmented the global complementary and alternative medicine market based on intervention, distribution method, and region.
Complementary And Alternative Medicine Intervention Outlook (Revenue, USD Million, 2018 - 2030)
- Traditional Alternative Medicine/Botanicals
- Mind Healing
- Body Healing
- External Energy
- Sensory Healing
Complementary And Alternative Medicine Distribution Method Outlook (Revenue, USD Million, 2018 - 2030)
- Direct Sales
- E-sales
- Distance Correspondence
Complementary And Alternative Medicine Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Denmark
- Sweden
- Norway
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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