Complementary And Alternative Medicine Market to Hit Around USD 1,724.46 Billion by 2034
The complementary and alternative medicine market size was exhibited at USD 179.34 billion in 2024 and is projected to hit around USD 1,724.46 billion by 2034, growing at a CAGR of 25.4x% during the forecast period 2024 to 2034.
Complementary And Alternative Medicine Market Key Takeaways:
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The growing awareness regarding Complementary and Alternative Medicine (CAM), increasing disposable income, and government initiatives to boost CAM are some of the major factors driving the market growth.
Rising adoption of electronic methods is also expected to boost the market growth as this increases reach of many alternative treatments and supplements. In order to increase penetration rate of CAM, several governments and regulatory bodies are undertaking efforts for finding clinical support for considering these techniques as alternative medicines.
In addition, increased penetration of the internet and social media to promote & offer CAM services or therapies has strengthened the market. For instance, The Healing Company Ltd. treats individuals through energy healing techniques and offers distance healing therapies using a teleconference or video conference. Many natural supplements and botanicals are made available online to improve product reach. Virtual reality and holographic presence have proven their potential to enhance treatment methods and their accessibility.
Meanwhile, Coworth Park introduced a new Hebridean sound treatment in October 2024. This exceptional offering provides individuals with a calming sound therapy experience, offering a moment of relaxation and revitalization. Sound therapy, known for its calming effects, adds another dimension to the growing array of wellness offerings, highlighting the industry's commitment to holistic well-being.
Complementary And Alternative Medicine Market By Intervention Insights
In 2024, traditional alternative medicine dominated the complementary and alternative medicine market with a share of 34.02%. The traditional alternative medicine/botanicals segment has been growing at a lucrative growth rate as more people turn to natural remedies for a variety of health concerns. As consumer demand increased, many companies expanded their product lines to include more natural remedies and botanicals. For instance, the wellness company GNC now offers a wide range of herbal supplements, including ashwagandha, echinacea, and turmeric. Ayurveda subsegment is expected to dominate the traditional alternative medicine market owing to technological advancements and increased government support. The Ayurveda market is leveraging technology to improve product quality, increase efficiency, and enhance the consumer experience. For instance, the Indian government launched a digital platform called the Ayurveda Health and Wellness Centre to provide telemedicine and e-consultation services to patients.
Complementary And Alternative Medicine Market By Distribution Method Insights
In 2024, direct sales had the largest revenue size. This can be attributed to high rates of self-prescribed use of Complementary and Alternative Medicine (CAM) products, especially botanicals and traditional medicine. Pharmacists and healthcare professionals are recommended to conduct community-based programs aimed at spreading awareness about botanicals, which can boost the usage of CAM services accessed directly by physicians.
Complementary And Alternative Medicine Market By Regional Insights
Europe held the largest share of 33.98% in 2024 of the complementary & alternative medicine market. UK dominates the complementary & alternative medicine industry in Europe. Acupuncture, chiropractic, homoeopathy, hypnosis, medical herbalism, and osteopathy together account for about USD 543.71 million in annual spending in UK, where over four out of ten people use complementary medicine at some point in their lives. 60% of people with musculoskeletal disorders and arthritis, whose symptoms are frequently chronic, are especially drawn to these medications. Additionally, it is reported that 92% of the public wants alternative therapies to be enlisted by NHS, however, it has limited coverage for alternative therapies. NHS states that it does not cover most of the therapies and in contrast, recommends consulting a general practitioner in the first instance.
Asia Pacific is expected to grow at a lucrative rate during the forecasted period. The increased demand for herbal supplements is driving the expansion of the complementary & alternative medicine industry in Asia-pacific. China held the largest market share and India is estimated to grow at a fastest CAGR over the forecast period. A study says that about 80% of people in China opt for traditional medicine supplements, reiki, and acupuncture to cure chronic illnesses and many other diseases. China also has abundant resources to continue using alternative medicine for a long time.
Additionally, as per the NCBI article published in September 2024, the National Medical Commission (NMC) in India made it a requirement for each medical college to establish a "Department of Integrative Medicine Research." This move aims to foster the collaboration of modern medicine with practices like homeopathy and traditional Indian medical systems such as Ayurveda. This development is anticipated to have a positive impact on industry growth.
Some of the prominent players in the complementary and alternative medicine market include:
Complementary And Alternative Medicine Market Recent Developments
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2034. For this study, Nova one advisor, Inc. has segmented the complementary and alternative medicine market
By Intervention
By Distribution Method
By Regional
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