The global complementary and alternative medicine market size was valued at USD 99 billion in 2023 and is expected to reach over USD 889.33 billion by 2032, poised to grow at a CAGR of 24.60% from 2023 to 2032.
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The Europe complementary and alternative medicine market size was surpassed at USD 36.63 billion in 2022 and predicted to hit around USD 329.05 billion by 2032, at a CAGR of 24.60% from 2023 to 2032.
Europe dominated the global complementary and alternative medicine market, accounting for a market share of over 33% in 2022. The increased adoption of the alternative medicines among the consumers and decreasing the dependency on the modern medicines has boosted the growth of the Europe CAM market. Moreover, the increased awareness among the consumers regarding the ill-effects of chemical based medicines in the long-term has shifted their focus on the herbal, Ayurveda, and naturopathy medicines. Moreover, the rising adoption of yoga and acupuncture in Europe is estimated to sustain the significance of Europe in the market throughout the forecast period. Furthermore, Europe has witnessed a surge in the number of hospitals that offers complementary and alternative medicines since last two decades.
The Middle East and Africa region is estimated to be the fastest-growing market during the forecast period. This is attributed to a rapid increase in the number of alternative medicine practitioners in the region. Moreover, the rising demand for the herbal medicines in the Middle East is expected to have a significant impact on the market growth.
The complementary and alternative medicines are different from the traditional and standard medical treatments. The complementary and alternative medicine involves the uses of herbs, homeopathic remedy, massage therapy, acupuncture, and chiropractic care. The complementary and alternative medicines are extensively used for the treatment of various conditions like pain, fatigue, cancer, and nausea. The growing consumer awareness regarding the natural therapies is fostering the growth of the global market. The comfort and less stress associated with the complementary and alternative medicine is expected to augment the demand for the CAM across the globe. CAM is gaining popularity in the treatment and diagnosis of different medical ailments. Moreover, the rising burden of diseases and growing geriatric population across the globe is significantly contributing towards the market growth. According to the United Nations, the global geriatric population is estimated to reach 2 billion by 2050. Further, the surging popularity of CAM has presented a lucrative growth opportunities to the healthcare insurance companies and few insurance companies are now offering the coverage for the CAM. This factor is expected to have a positive contribution towards the market growth.
The rising government initiatives to promote the adoption of CAM is also boosting the market growth. The changing regulatory framework, rising government initiatives, and regulatory norms related to the right to health in all types of medicines is boosting the participation of market players and service providers in the global complementary and alternative medicine market. Moreover, the government is also focusing on the growth of the medical tourism industry pertaining to the promotion of quality and comfortable complementary and alternative medical treatment. The Ministry of Ayush in India was set up the government of India to overlook into the matters related to the education, product, and research of naturopathy, Ayurveda, and homeopathy medicines. Therefore, the rising government investments towards the growth of the alternative medicines is fueling the demand for the various complementary and alternative medicines. Moreover, the immunity boosting homeopathic and Ayurvedic medicines have gained rapid traction among the consumers during the pandemic. The rising awareness among the consumers regarding the availability of various complementary and alternative medicines that are free from any complications and side-effects is expected to boost the market growth significantly during the forecast period.
|US$ 889.33 Billion by 2032
|CAGR of 24.60% from 2023 to 2032
|Fastest Growing Market
|Middle East and Africa
|2023 to 2032
|Intervention, Distribution Channel, Region
|John Schumacher Unity Woods Yoga Centre, The Healing Company Ltd., Columbia Nutritional, Nordic Nutraceuticals, Herb Pharm, Sheng Chang Pharmaceutical Company, Pure Encapsulations, LLC., RamamaniIyengar Memorial Yoga Institute, AYUSH AyurvedicPte Ltd.
The traditional alternatives/botanicals segment accounted for a market share of around 38% in 2022. The herbs and other botanicals are the most widely accepted alternative medicines across the globe. The increased demand for the various herbal medicines, herbal supplements, homeopathic medicines, and various natural products has resulted in the significance of this segment in the past few decades. Moreover, the botanicals are used as a complementary along with the regular medicines and food for the treatment of a disease.
On the other hand, the external energy is estimated to be the most opportunistic segment during the forecast period. This is attributable to the growing demand for the magnetic resonance therapy and bio-magnetic therapy. The acceptance of the external energy intervention among the doctors, patients, and naturopaths has resulted in the increasing popularity of this segment.
Based on the distribution channel, the direct sales channel segment has garnering a market share of around 72% in 2022. The tremendous growth in the medical tourism has supported the growth of this segment. The government funding towards the improvement of the treatment facilities and promotion of the alternative medicines is boosting the growth of this segment. The various Ayurveda and acupuncture practitioners are highly dependent of the direct sales which has contributed towards the growth of the segment. As per the article of Michelle Grasek of Seneca Falls Acupuncture PLLC regarding the successful approaches of treatment in acupuncture therapy has increased the adoption of the acupuncture treatment among the patients.
On the other hand, the distance correspondence is expected to be the fastest-growing segment during the forecast period. The rising adoption and preferences for the distance education, yoga training programs, meditation programs, and mind healing programs among the practitioners is expected to propel the growth of the distance correspondence in the forthcoming future.
Key Market Developments
The growing number of participants in the global complementary and alternative medicine market is expected to boost the investments in the production, distribution, and marketing of the CAM products across the globe. Moreover, various developmental strategies adopted by these market players such as new product launches, partnerships, collaborations, ad mergers are expected to drive the market growth in the foreseeable future. The market players are constantly seeking for establishing their dominance in the market and gaining competitive edge over others.
Segments Covered in the Report
By Distribution Channel
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