Global Complementary And Alternative Medicine Market is segmented By Intervention (Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, Sensory Healing), By Distribution Channel (Direct Sales, E-sales, Distance Correspondence), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The Global Complementary And Alternative Medicine Market report provides an analysis of the market size, current trends, competitive landscape, and future market outlook. The demand for complementary and alternative medicine is increasing due to the growing prevalence of chronic diseases, and the increasing preference for non-invasive treatment options. The market is witnessing a surge in demand from the Asia-Pacific region. The competitive rivalry is intensifying with major players such as Herb Pharm, Columbia Nutritional Inc., Pure encapsulations, LLC, and others actively operating in the market.
Complementary and Alternative Medicines (CAM) are medical practices and products that are usually not regular medical care. The treatments that are not standard but are used along with standard or typical medical treatments are referred to as complementary medicine. The medicines that are used as alternatives to standard practice/medicine are referred alternative medicine.
Market Scope
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Intervention, By Distribution Channel, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | Europe |
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Market Dynamics
The complementary and alternative medicine market growth is driven by the rising adoption rate of natural remedies such as herbal supplements and wellness therapies like acupuncture, and yoga. Also, considerably low prices of complementary and alternative medicines over standard treatment, and growing shift towards natural healing and wellness instead of pharmaceutical therapy, and growing government initiatives are expected to drive the demand for complementary and alternative medicines.
Growing government initiatives are expected to drive the global complementary and alternative medicine market growth
Government initiatives are playing a major role in propelling the demand for integrative health and complementary medicine practices by strengthening targeted expenditure, setting up government facilities, and releasing guidelines to ensure the appropriate usage of complementary and alternative medicine (CAM). Regulatory bodies are also focusing on promoting medical tourism as it attracts people from other places and helps them seek world-class alternative medical treatment. For example, Indian regulatory authorities have made significant investments in developing and standardizing alternative medical facilities in some states. A government body, “Ministry of Ayush,” has been set up that overlooks education, product, development, research, and other facilities of yoga, Ayurveda, homeopathy, and naturopathy in India.
Lack of awareness about the use of herbal supplements is likely to hamper the market growth
Due to a lack of awareness about herbal medicinal products and supplements market growth is hindered. Although the therapies involving these herbal agents have shown promising potential with the efficacy of a good number of herbal products established, many of them remain untested and their use is either poorly monitored or not even monitored at all the consequence of this is an inadequate knowledge of their mode of action, potential adverse reactions, contraindications, and interactions with existing orthodox pharmaceuticals and functional foods to promote both safe and rational use of these agents.
Government authorities across the world are keen on promoting traditional alternatives for the treatment of COVID-19 individuals. However, it is imperative to cater to the conventional research standards devised for all the other drug candidates. This trend has emerged explicitly after research studies performed on the potential of different medicinal plants to offer effective treatment to COVID-19 individuals, which is expected to impact the CAM market growth positively.
COVID-19 Impact on Market Growth
Following the COVID-19 outbreak in December 2019, the disease has spread to over 100 countries globally, and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the coronavirus (COVID-19) manifestation has resulted in more than 52.7 million infected individuals worldwide as of November 13, 2020.
Market Segment Analysis
The traditional alternative medicine segment is expected to hold the largest share in this market segment
Traditional alternative medicine or botanicals dominated the market. Botanicals are the most widely used alternative medicines in both developing and developed countries. They are used in the form of herbal supplements, homeopathic medicines, and other natural products. In most countries, they are used extensively in dietary supplements and traditional food and medicine.
The direct sales segment is expected to hold the largest share in this market segment
Direct sales accounted for the largest market share of the market. Treatment provided through direct sales is expected to lead the market in the coming decade owing to the tremendous growth in medical tourism. Government funding to improve treatment facilities and promote alternative medicine supplements this trend. Different local acupuncture and Ayurveda practitioners and entities aim to explore the direct distribution of complementary medicine and alternative therapies to expand their businesses.
These entities focus on doctor/practitioner-patient interaction and therapeutic approaches that improve profitability. For instance, articles published by Michelle Grasek of Seneca Falls Acupuncture PLLC on the frequency of successful treatment approaches conducted in an acupuncture practice highlight the significance of patients' response to particular acupuncture therapy and their will to attend follow-up visits and further recommendations.
Market Geographical Share
Europe region held the largest share of the market. Complementary and alternative medicine has gained immense popularity across Europe, including a wide range of procedures less dependent on modern medication, such as acupuncture. A significant increase in hospitals offering complementary and alternative medicine, especially acupuncture, has been observed in Norway since 2000.
As early as 2008, more than 40% of the hospitals in Norway provided acupuncture therapies. In addition, acupuncture remains the most widely adopted and demanded complementary and alternative medicine treatment in Norway and outpatient and in-patient hospital settings.
Market Companies and Competitive Landscape
The global complementary and alternative medicine market is moderately competitive with the presence of global companies. Some of the key players which are contributing to the growth of the market include 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, Quantum Touch Inc. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally. For instance, in December 2019, Modern Acupuncture inaugurated a new clinic in Pinecrest, Florida- the second Modern Acupuncture clinic in Florida and 54th in the U.S. This is expected to expand the reach of acupuncture services offered by this clinic in the country, strengthening its market presence.
Market Key Companies to Watch
Columbia Nutritional
Overview: Columbia Nutritional has manufactured superior dietary supplements for customers around the world. It takes pride in its commitment to quality, regulatory expertise, and customer satisfaction. Privately owned and founded in 1998, Columbia Nutritional has grown into one of the largest contract manufacturers of dietary supplements in the Pacific Northwest. Its corporate headquarters and manufacturing operation for capsules, tablets, and powders are located in Vancouver, WA, just across the Columbia River from Portland, OR.
Key Developments:
In July 2019, Colombia Nutritional launched a new process solution having a multi-phase onboarding feature designed for the efficient online launch of the latest products. The key objective of this strategic product development was to maintain a minimum order quantity (MOQ) that would further improve the quality of service provided.
Why Purchase the Report?
- Visualize the composition of the complementary and alternative medicine market segmentation by type, end-user, and region highlighting the key commercial assets and players.
- Identify commercial opportunities in the complementary and alternative medicine market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of complementary and alternative medicine market - level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global complementary and alternative medicine market report would provide an access to approx. 53 market data tables, 44 figures, and 200 pages.
Target Audience
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
- Emerging Companies
- Manufacturers
