Global Complementary and Alternative Medicine Market Demand, Size & Share to Surpass USD 265.0 Billion by 2028, Exhibit a CAGR of 21.3% | Industry Trends, Growth, Value, Segment Analysis & Forecast Report by Fact and Factors

NEW YORK, Jan. 23, 2023 /PRNewswire/ -- As per Facts and Factors study, The global complementary and alternative medicine market size was worth USD 83.2 billion in 2021 and is estimated to grow to USD 265.0 billion by 2028, with a compound annual growth rate (CAGR) of approximately 21.3% over the forecast period.

Complementary and Alternative Medicine Market: Overview

Complementary and alternative medicine is utilized for a person's medical care without a prescription from a doctor. It is not a component of routine care. Additionally, traditional drugs and treatments are employed in conjunction with alternative therapies. In contrast, traditional medications and treatments are substituted by alternative remedies. Although certain complementary and alternative medicinal therapies still lack scientific or medical support. Growing public knowledge of the advantages of natural complementary and alternative medicine propels the sector worldwide. However, most complementary and alternative medicine practices are less efficient and lack regulatory licensing, which is anticipated to impede the expansion of the industry.

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• As per the analysis shared by our research analyst, the global complementary and alternative medicine market value is to grow at a CAGR of 21.3 % over the forecast period.
• In terms of revenue, the global complementary and alternative medicine market size was valued at around USD 83.2 billion in 2021 and is projected to reach USD 265.0 billion by 2028.
• The prevalence of long-term conditions that require specialized treatment, such as cancer and neurological problems, and increased awareness of physical well-being is driving the complementary and alternative medicine market.
• By intervention, the traditional alternative medicine/botanicals category dominated the market in 2021.
• By distribution method, the direct sales category dominated the market in 2021.
• Europe dominated the global complementary and alternative medicine market in 2021.

Facts and Factors published the latest report titled "Complementary and Alternative Medicine Market Size, Share, Growth Analysis Report By Intervention (Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, Sensory Healing), By Distribution Method (Direct Sales, E-sales, Distance Correspondence), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" into their research database.

Industry Dynamics:

Complementary and Alternative Medicine Market: Growth Drivers

• Typical and mainstream medical treatments differ from supplementary and alternative therapies to drive market growth.

Herbal remedies, homeopathic remedies, massage treatment, acupuncture, and chiropractic care are all examples of complementary and alternative medicine. Numerous illnesses, including pain, exhaustion, cancer, and nausea, are greatly treated by complementary and alternative medicine. The global complementary and alternative medicine market is expanding due to consumers' increasing knowledge of natural remedies. The comfort and reduced stress linked to complementary and alternative medicine are anticipated to increase the demand for CAM globally. The use of CAM in the diagnosis and treatment of many medical conditions is growing. 

Complementary and Alternative Medicine Market: Restraints

• The higher cost of medicine hinders the market growth.

The high cost of the drug will restrain the market's expansion rate. The global complementary and alternative medicine market will face difficulties due to a shortage of trained specialists and inadequate healthcare infrastructure in underdeveloped nations. Additionally, during the forecast period, patient self-medication without consulting a physician and a lack of public awareness would function as restraints and further limit the growth rate of the complementary and alternative medicine market.

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Global Complementary and Alternative Medicine Market: Opportunities

• An increase in the volume of R&D activities presents market opportunities.

A rise in the number of R&D activities is another factor driving the market's expansion. Expanding the complementary and alternative medicine sector will benefit from these prospects. Additionally, increasing medication releases and approvals will speed up the market's expansion.

Global Complementary and Alternative Medicine Market: Segmentation

• The global complementary and alternative medicine market is segregated based on intervention, distribution methods, and region.

Based on intervention, the market is divided into traditional alternative medicine/botanicals, mind healing, body healing, external energy, and sensory healing. In 2021, the traditional alternatives/botanicals sector held a market share. The alternative medicines that are most frequently recognized across the world are those made from herbs and other botanicals. The importance of this market sector has grown over the last few decades due to the rising demand for different herbal medications, supplements, homeopathic medicines, and various natural items. Additionally, botanicals are used with conventional medications and foods to treat diseases.

Based on distribution methods, the complementary and alternative medicine market is classified into direct sales, e-sales, and distance correspondence. The direct sales channel sector has gained market share in the distribution method in 2021. The rapid expansion of medical tourism has aided in the expansion of this market. The expansion of this market is aided by government support for developing healthcare facilities and promoting complementary and alternative medicine. The dependence of the numerous Ayurvedic and acupuncture practitioners on direct sales has aided the segment's expansion.

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List of Key Players in Complementary and Alternative Medicine Market:

• The Healing Company Ltd.
• Pure encapsulations LLC.
• Columbia Nutritional
• Nordic Nutraceuticals
• Sheng Chang Pharmaceutical Company
• John Schumacher Unity Woods Yoga Centre
• Ramamani Iyengar Memorial Yoga Institute
• Herb Pharm
• AYUSH Ayurvedic Pte Ltd.

Key questions answered in this report:

• What are the growth rate forecast and market size for Complementary and Alternative Medicine Market?
• What are the key driving factors propelling the Complementary and Alternative Medicine Market forward?
• What are the most important companies in the Complementary and Alternative Medicine Market Industry?
• What segments does the Complementary and Alternative Medicine Market cover?
• How can I receive a free copy of the Complementary and Alternative Medicine Market sample report and company profiles?

Report Scope:

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Recent Developments

• December 2019: The 54th acupuncture clinic in the U.S., Modern Acupuncture, opened its new location in Florida. This new facility will hopefully meet Americans' rising demand for acupuncture treatments.

Regional Dominance:

• Europe dominated the complementary and alternative medicine market in 2021.

The market for complementary and alternative medicine in Europe was anticipated to provide a sizeable portion of revenue in 2021. In Europe, the use of complementary and alternative therapies—which encompass many treatments that rely less on current therapies, such as acupuncture—has skyrocketed in popularity. In Norway, many more hospitals now provide complementary and alternative medicine, particularly acupuncture. Acupuncture is still the most popular and desired complementary and alternative medicine therapy in Norway, both in outpatient and inpatient settings.

Global Complementary and Alternative Medicine Market is segmented as follows:

Complementary and Alternative Medicine Market: By Intervention Outlook (2022-2028)

• Traditional Alternative Medicine/Botanicals
• Mind Healing
• Body Healing
• External Energy
• Sensory Healing

Complementary and Alternative Medicine Market: By Distribution Method Outlook (2022-2028)

• Direct Sales
• E-Sales
• Distance Correspondence

Complementary and Alternative Medicine Market: By Region Outlook (2022-2028)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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