Published Date : 22 Nov 2022
The global complementary and alternative medicine market size was exhibited at USD 109.24 billion in 2022 and is expected to hit around USD 411.4 billion by 2030, growing at a CAGR of 18% during the forecast period from 2022 to 2030.
Global complementary and alternative medicine is primarily driven by the rising awareness regarding the benefits of medicines made from herbs and plants. The rising adoption of yoga, aroma therapy, acupuncture therapy, and various other therapies. The growing burden of diseases, the rising geriatric population, and government support are the major factors that boost the growth of the global complementary and alternative medicine market. For instance, the government of India had set up the “Ministry of Ayush” for the development and support of complementary and alternative medicines in India. The Ministry of Ayush overlooks matters related to the education, product, and research of naturopathy, Ayurveda, and homeopathy medicines. Thus, rising government support is expected to play a crucial role in the growth and development of the complementary and alternative medicine market across the globe.
Complementary and Alternative Medicine Market Report Scope
| Report Coverage | Details |
| Market Size In 2022 | USD 109.24 Billion |
| Market Size By 2030 | USD 411.4 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 18% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered |
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| Regions Covered |
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Report Highlights
Regional Snapshot
Based on the region, Europe accounted for a market share of over 33% and dominated the global complementary and alternative medicine market in 2020. This is attributable to the increased awareness about the availability of alternative medicines and therapies. The increased demand for natural and organic products in Europe is further fueling the demand for herbal, Ayurveda, and naturopathy medicines. Consumers have become more conscious of the side effects of traditional chemical-based medicines and want to reduce their dependency on it. Therefore, consumers are increasingly opting for natural and herb-based medicines, and the demand for yoga, acupuncture, and aroma therapies is growing at a significant rate. Moreover, many of the hospitals have also started providing various therapies and complementary & alternative medicines, especially in Norway since the year 2000.
The Middle East and Africa is estimated to be the most opportunistic market during the forecast period. The increasing penetration of naturopathy and homeopathy practitioners in the region is a major indication. The growing awareness and rising demand for Ayurveda medicines and herbs-based supplements in the Middle East is a major factor that can be held responsible for the growth of the complementary and alternative medicine market in the region.
Market Dynamics
Driver: Growing demand for natural and herbal products in developing and developed nations
It has been witnessed that consumers across the globe are increasingly opting for chemical-free organic and natural products. This trend is being witnessed in medicines too. The demand for herbal tea and herbal oil is growing rapidly in industrialized economies like India and China. Moreover, the rising demand for natural medicines in the economies like US, France, Germany, and UK is expected to have a significant impact on the growth of the global complementary and alternative medicine market. The growing burden of diseases coupled with the increasing awareness regarding the benefits of natural medicines is boosting market growth.
Restraint: Increased reliance on the modern medicines
The pharmaceutical industry is growing at a significant rate because of the increased adoption of modern medicines that can quickly cure chronic diseases like cancer, diabetes, and cardiovascular diseases. Moreover, many consumers are of the perception that allopathic medicines are far superior as compared to homeopathic and naturopathic medicines. Therefore, the increased preference for modern medicines is the major restraining factor.
Opportunity: Business expansion strategies adopted by the market players
The market players operating in the complementary and alternative medicine market are investing in business expansion strategies. These strategies also play a crucial role in advertising alternative medicines and therapies, which is expected to positively impact the market growth in the foreseeable future. For instance, in December 2019, Modern Acupuncture started its new clinic in Florida, which was the 54th acupuncture clinic in the US. This new acupuncture clinic is expected to serve the growing demand for acupuncture therapy among the US population.
Challenge: Lack of awareness and lower penetration
Complementary and alternative medicines have lower penetration across the global regions. The lack of awareness regarding the availability of homeopathic and Ayurveda centers restricts the growth of the market. The lack of awareness regarding the various CAM medicines and therapies is a major challenge for the market players.
Key Players in the Report
Market Segmentation
By Intervention
By Distribution Channel
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