Complementary & Alternative Medicine Market Worth $296.3 Billion by 2027: Grand View Research, Inc.

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May 27, 2020, 04:05 ET

SAN FRANCISCO, May 27, 2020 /PRNewswire/ -- The global complementary and alternative medicine market size is projected to reach USD 296.3 billion by 2027, exhibiting a CAGR of 19.9%, according to a new report by Grand View Research, Inc. A comparatively high demand for alternative medicine across developing countries and expanding applications of traditional medicine practiced in Asia are two key driving factors of the market. China and India are the key contributors to the Asia Pacific region and thus are offering significant momentum to the revenue generation by complementary and alternative treatment through the study period.

Key suggestions from the report:

Botanicals are the most ancient form of alternative treatment practices, which include herbal and natural treatment supplements along with another natural form of treatments incorporating oils, herbs, and other curative supplements
The botanicals intervention segment dominated the global market throughout the study period, whereas magnetic intervention is expected to grow at the fastest rate from 2020 to 2027
Mind and body healing oriented traditional medicines are some of the most frequently adopted forms of alternate therapies worldwide. Mind and body intervention incorporates various forms of energy and mind exercises to heal ailments
Yoga has dominated the global complementary and alternative medicine market throughout the study period, whereas hypnotherapy is projected to witness the highest growth rate over the forecast period
Europe is anticipated to witness highest market share over the forecast period. Rising preference for alternative treatment approaches among patients will drive the regional market for complementary and alternative medicine.
Key industry participants include Nordic Nutraceuticals, Pure encapsulations, LLC, AYUSH Ayurvedic Pte Ltd, and Sheng Chang Pharmaceutical Company
Companies are inclined toward strategic partnerships to establish their presence in the market; for instance, in June 2019, AstraZeneca partnered with Luye Pharma Group to market a herbal therapy
The herbal medicine product is developed from red yeast rice and is formulated to assist patients suffering from cholesterol. With this partnership, AstraZeneca is set to expand its

Read 200 page research report with ToC on "Complementary And Alternative Medicine Market Size, Share & Trends Analysis Report By Intervention (Magnetic Intervention, Energy Healing), By Distribution Method (E-Sales, Direct Sales), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/complementary-alternative-medicine-market

In addition, increase in the number of licensed and trained physicians who can offer state-of-the-art complementary therapies is set to boost patient preference toward traditional medicine. It is becoming integral in the healthcare system in Asia, especially in China wherein most of the hospitals in the country have distinct departments and wards that are dedicated to traditional therapeutic approaches.

Moreover, in terms of research, CAM has reached a remunerative stage. This can be attributed to the rising pool of scientists working at established universities across U.S., Europe, and Asia Pacific who are focusing on building a robust foundation for the alternative treatment targeted toward Parkinson's disease, cancer, and diabetes.

Grand View Research has segmented the global complementary and alternative medicine market on the basis of intervention, distribution method, and region:

Complementary and Alternative Medicine Intervention Outlook (Revenue, USD Billion, 2016 - 2027)

Botanicals

Ayurveda
Naturopathy
Homeopathy

Acupuncture
Mind & Body Healing

Yoga
Meditation
Energy Healing

Eden Energy Medicine
Others

Chakra Healing
Hypnotherapy
Kinesiology
Magnetic Intervention

Magnetic Resonance Therapy
Bio-magnetic Therapy

Complementary and Alternative Medicine Distribution Method Outlook (Revenue, USD Billion, 2016 - 2027)

Direct Sales
E-Sales
Distance Correspondence

Complementary and Alternative Medicine Regional Outlook (Revenue, USD Billion, 2016 - 2027)

North America

U.S.
Canada

Europe

France
Germany
Switzerland
Austria
Spain
Norway
Denmark
Sweden
Belgium
Netherlands
U.K.
Ireland

Asia Pacific

Japan
China
India
Australia
Hong Kong
Singapore
New Zealand

Latin America

Brazil
Argentina
Mexico

Middle East & Africa

Israel
UAE
South Africa

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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