Fairfield Market Research predicts an accelerated opportunity for the global complementary and alternative medicine market. Exceeding the mark of US$100 Bn in the year 2021, the market is projected to demonstrate impressive growth in the years to come.
Market Analysis in Brief
Complementary and alternative medicines are those medicines and health practices that facilitate the treatment of cancer. Complementary medicines are usually added to the standard treatments by doctors. Meanwhile, alternative medicines ideally substitute standard treatments. Meditation, biofeedback, massage, tai chi, reiki, guided imagery, music therapy, and dietary supplements are a few examples of complementary medicine. Whereas manipulation therapies and body-based therapies are the extensively used complementary therapies. With the rising prevalence of chronic ailments, the global complementary and alternative medicine market is predicted to grow at breakneck speed.
Key Report Findings
Growing Geriatric Population, and Concurrent Rise in Prevalence of Medical Ailments
Unlike traditional and standard medical treatments, complementary and alternative medicine utilizes herbs, acupuncture, massage therapy, homoeopathic remedies, and chiropractic care. These medicines treat various conditions including fatigue, nausea, pain, and cancer. As consumers are becoming more aware of natural therapies, the demand for complementary and alternative medicine has mounted significantly.
The growth of the complementary and alternative medicine market is further fueled by greater comfort and lesser stress associated with complementary and alternative medicine. In addition, it upholds the treatment and diagnosis of various medical issues. The growing prevalence of diseases and the rising geriatric population is poised to influence market growth.
Anticipations recorded by the United Nations point towards a drastic rise in the global geriatric population, to reaching 2 billion by 2050. The growing popularity of complementary and alternative medicine is expected to unveil a plethora of opportunities for health insurance companies. Some insurance companies are even offering coverage for complementary and alternative medicine.
Favorable Government Initiatives
All the while, governments are recognizing the efficacy and effectiveness of complementary and alternative medicine. To promote the uptake, several initiatives are being undertaken apropos to updating the regulatory framework, norms, and health-related rights in all types of medicines. Such a landscape is propelling market players and service providers, around the world, to actively participate and contribute toward the expansion of the complementary and alternative medicine market. Governments are ambitiously promoting the quality and comfort of complementary and alternative medical treatment, in turn scaling the expansion of the medical tourism sector.
Furthermore, the government is also channelling robust funds in the direction of alternative medicine. Likewise, the demand for immunity-boosting homoeopathic and Ayurvedic herbs and medicines is also on the rise. Moreover, awareness levels among consumers relevant to the availability of complementary and alternative medicines and their benefits encompassing zero complications and side effects have also increased substantially. To this end, it is safe to say that the global complementary and alternative medicine market would flourish in the upcoming years.
Overview of Key Segments
Traditional Alternatives/Botanicals Grow Prominent
Evidently, consumers are demonstrating greater acceptance of botanicals and herbs as a substitute for medicines. An uptick in demand for various natural products coupled with herbal and botanical supplements, herbal medicines, and homoeopathic products has become more pervasive.
Significantly, botanicals are used as a complementary addition to regular medicines and food for the treatment of a disease. In this context, the traditional alternatives/botanicals segment is expected to hold a dominant share in the global complementary and alternative medicine market.
External Energy Segment Grows Stronger
On the flip side, the external energy segment is likely to be lucrative throughout the projection timeframe. Underpinning this is spiralling demand for magnetic resonance and bio-magnetic therapy. Patients, doctors, and naturopaths are becoming aware of these treatment options and accepting adopting external energy intervention. Against this backdrop, the external energy segment is expected to hold a significant share of the global complementary and alternative medicine market revenue.
Direct Sales Channels Register Major Contribution
On a distribution channel basis, the direct sales channel segment is gaining tremendous traction. Boisterous growth in medical tourism is extensively contributing to the growth of this segment. Furthermore, the influx of substantial funds through the government accredited to improving treatment facilities and promoting alternative medicines is playing an instrumental role in the segment’s increasing prominence.
The various Ayurveda, and acupuncture practitioners are highly reliant on direct sales, further aiding the growth of the segment. A surge in the adoption of acupuncture treatment among patients is yet another factor upholding the growth of the complementary and alternative medicine market.
Other than this, distance correspondence has emerged as the fastest-growing segment during the forecast period. This can be attributed to the rising adoption and preferences for distance education, meditation programs, yoga training programs, and mind healing programs among practitioners.
Overview of Key Segments
Asia Pacific Dominates with Successive Launches, and New Developments
Over the forecast period, the global complementary and alternative medicine market is anticipated to thrive in the Asia Pacific. With growing awareness of complementary and alternative medicines and rising incidence of chronic ailments, the region is bagging a major share of the market revenue. Emphasis on initiatives to launch and develop various alternative medicine and therapies are further accelerating market growth.
Over the recent past, the rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, and neurological diseases have burdened the healthcare sector. In 2021, Health and Global Policy Institute (HGPI) reported cardiovascular diseases such as heart disease are gradually becoming the most prominent illness fatality factor in Japan. As per projections published by Cancer Australia, almost 2,572 people were likely to be diagnosed with gastric cancer in Australia in 2022.
Leading Industry Participants
Columbia Nutritional, The Healing Company Ltd., Nordic Nutraceuticals, Ramamani Iyengar Memorial Yoga Institute, John Schumacher Unity Woods Yoga Centre, Pure Encapsulations, LLC., Sheng Chang Pharmaceutical Company, Herb Pharm, and AYUSH Ayurvedic Pte Ltd. are some of the most prominent players operating at the forefront of the global complementary and alternative medicine market.
Recent Notable Developments
Regional Classification of the Global Complementary and Alternative Medicine Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Complementary and Alternative Medicine Market
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