IMARC Group, a leading market research company, has recently released a report titled "Complementary and Alternative Medicine Market Report by Type (Traditional Alternative Medicine Therapy, Body Therapy, Diet and Herbs Based Therapy, Energy Healing Therapy, Mind Therapy, and Others), Disease Indications (Arthritis, Cancer, Asthma, Diabetes, Cardiology, Neurology, and Others), Distribution Channel (Special Clinics/Centres, Distance Correspondence, Direct Sales, Online Sales, and Others), and Region 2024-2032". The study provides a detailed analysis of the industry, including the complementary and alternative medicine market trends, size, share and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global complementary and alternative medicine market size reached US$ 144.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 657.0 Billion by 2032, exhibiting a growth rate (CAGR) of 17.8% during 2024-2032.
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Factors Affecting the Growth of the Complementary and Alternative Medicine Industry:
- Growing Consumer Awareness
The growing consumer awareness about the benefits of complementary and alternative medicine (CAM) is a significant driver of the global CAM market. As more people become informed about the potential advantages of CAM therapies, such as herbal remedies, acupuncture, and mindfulness practices, they are increasingly seeking these treatments as part of their healthcare regimen. This awareness is partly fueled by the rise of digital media, where information about CAM is readily accessible through blogs, social media, and online health forums. Additionally, documentaries and articles highlighting the efficacy and benefits of CAM practices have contributed to a shift in public perception, moving from skepticism to acceptance. This shift is also supported by a growing body of research demonstrating the effectiveness of certain CAM therapies for managing various health conditions.
- Rising Healthcare Costs
Rising healthcare costs have significantly influenced the growth of the complementary and alternative medicine (CAM) market. As traditional medical expenses, including doctor visits, prescription medications, and surgical procedures, continue to rise, many individuals are turning to CAM therapies as more affordable alternatives. CAM options, such as herbal supplements, chiropractic care, and homeopathy, often present a cost-effective approach to managing health and wellness, making them appealing to those seeking to reduce out-of-pocket expenses. This trend is especially notable among individuals without comprehensive health insurance or those facing high deductibles. The economic burden of conventional healthcare drives patients to explore CAM therapies that can be less expensive and, in some cases, offer preventative benefits that may reduce the need for more costly treatments in the future.
- Increasing Prevalence of Chronic Diseases
The increasing prevalence of chronic diseases is a major driver of the global complementary and alternative medicine (CAM) market. Chronic conditions, such as diabetes, hypertension, and arthritis, have become more widespread due to factors like aging populations, lifestyle changes, and sedentary habits. As these conditions become more common, patients are seeking complementary therapies to manage symptoms, enhance quality of life, and potentially reduce reliance on conventional treatments. CAM therapies, including acupuncture, dietary supplements, and yoga, are often used alongside traditional medical approaches to provide holistic and personalized care. For many individuals with chronic conditions, CAM offers additional options for symptom relief and overall wellness.
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Complementary and Alternative Medicine Market Report Segmentation:
By Type:
- Traditional Alternative Medicine Therapy
- Body Therapy
- Diet and Herbs Based Therapy
- Energy Healing Therapy
- Mind Therapy
- Others
Traditional alternative medicine therapy represented the largest segment due to their long-standing historical use and widespread acceptance among consumers seeking holistic and time-tested approaches.
By Disease Indications:
- Arthritis
- Cancer
- Asthma
- Diabetes
- Cardiology
- Neurology
- Others
Based on the disease indications, the market is divided into arthritis, cancer, asthma, diabetes, cardiology, neurology, and others.
By Distribution Channel:
- Special Clinics/Centres
- Distance Correspondence
- Direct Sales
- Online Sales
- Others
Direct sales represented the largest segment as they offer consumers a convenient and personalized purchasing experience for CAM products, often providing immediate access to specialized or personalized treatments.
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America was the largest market due to its high consumer awareness, extensive infrastructure for CAM practices, and increasing integration of alternative therapies into mainstream healthcare systems.
Global Complementary and Alternative Medicine Market Trends:
The global complementary and alternative medicine (CAM) market is driven by the growing consumer awareness about the benefits of natural and holistic treatments, which has increased demand for CAM therapies. Rising healthcare costs have led individuals to seek cost-effective alternatives, further propelling market growth. The increasing prevalence of chronic diseases, such as diabetes and cardiovascular conditions, has also heightened interest in CAM as complementary options to conventional treatments. Additionally, the aging population is more inclined towards CAM therapies to manage age-related health issues. Moreover, technological advancements and innovation in CAM products and services, including the development of new herbal supplements and acupuncture techniques, are driving market expansion.
Top Companies Operated in Complementary and Alternative Medicine Industry:
- Ayush Ayurvedic Pte Ltd.
- Columbia Nutritional LLC
- Helio USA Inc.
- Herb Pharm LLC
- Herbal Hills
- Nature’s Bounty
- Nordic Naturals
- Pure Encapsulations LLC (Nestlé S.A.)
- Quantum-Touch
- The Healing Company Ltd.
- Unity Woods Yoga Center
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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