Complementary and Alternative Medicine Market Size, Share, Trends, Industry Analysis & Forecast Report 2024-2032

IMARC Group has recently released a new research study 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”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

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:

• Increasing Health Awareness:

The increasing awareness of health and wellness is a significant driver behind the growth of the complementary and alternative medicine (CAM) market. There has been a notable shift in consumer behavior towards proactive health management and preventive care. People are more informed about the impact of lifestyle choices on their health and are seeking ways to enhance their overall well-being beyond conventional medical treatments.

This heightened health consciousness has led to a growing interest in CAM practices such as acupuncture, herbal medicine, and yoga, which are often perceived as natural and less invasive alternatives to traditional medicine. As information about the benefits of these therapies becomes more accessible through various channels, including social media, health blogs, and wellness seminars, individuals are increasingly incorporating CAM approaches into their health routines.

• Rising Chronic Diseases:

The prevalence of chronic diseases is a major factor fueling the growth of the CAM market. Chronic conditions such as diabetes, hypertension, and cardiovascular diseases have become more common globally due to factors like increasing geriatric populations, sedentary lifestyles, and poor dietary habits. These long-term health issues often require ongoing management and can significantly impact quality of life.

Many individuals with chronic conditions are turning to CAM therapies as complementary treatments to conventional medicine. CAM approaches, such as nutritional supplements, herbal remedies, and mind-body practices like meditation and tai chi, are sought after for their potential to alleviate symptoms, improve overall well-being, and enhance the effectiveness of standard medical treatments.

• Growing Geriatric Population:

The increasing geriatric population is a key factor contributing to the growth of the CAM market. As the proportion of geriatric individuals increases, there is a rising demand for health solutions that cater specifically to age-related health issues. Geriatric adults often face a range of health concerns, including arthritis, osteoporosis, and cognitive decline, which can impact their quality of life.

Many of these individuals are seeking alternative therapies to manage symptoms and improve their overall health in a way that complements traditional medical treatments. CAM practices, such as acupuncture for pain relief, dietary supplements for bone health, and yoga for flexibility and balance, are appealing options for these adults looking to enhance their health and maintain independence.

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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 holds the majority of the market share due to its long-standing cultural acceptance and widespread use in various health practices globally.

By Disease Indications:

• Arthritis
• Cancer
• Asthma
• Diabetes
• Cardiology
• Neurology
• Others

Based on the disease indication, the market has been 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 accounted for the largest market share as they provide consumers with personalized access to CAM products and services, often through practitioners, wellness centers, and dedicated retail outlets, enhancing customer trust and convenience.

Regional Insights:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

North America's dominance in the market is attributed to its high healthcare spending, growing consumer interest in holistic health solutions, and increased integration of CAM practices within mainstream healthcare systems.

Global Complementary and Alternative Medicine Market Trends:

The growing emphasis on preventive health care and wellness, with many people turning to CAM practices for their perceived health benefits, is propelling the market growth. Additionally, the heightened acceptance and integration of CAM practices within mainstream healthcare systems, which are making them more accessible to patients, is boosting the market growth. Furthermore, the shifting trend towards personalized medicine, which is encouraging the use of CAM approaches tailored to individual health needs and preferences, is fueling the market growth. Besides this, the growing scientific research and evidence supporting the efficacy of certain CAM treatments, which are enhancing their credibility and acceptance among healthcare professionals and patients, is catalyzing the market growth.

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.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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