Complementary And Alternative Medicine Market Worth $694.22 Billion By 2030: Grand View Research, Inc.

News provided by

Feb 01, 2023, 06:10 ET

SAN FRANCISCO, Feb. 1, 2023 /PRNewswire/ -- The global complementary and alternative medicine market size is expected to reach USD 694.22 billion by 2030 and is expected to expand at 25.1% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of neurological illnesses and cancer is one of the major factors driving the growth of the global complementary & alternative medicine industry.

Key Industry Insights & Findings from the report:

By intervention, traditional alternative medicine or botanicals dominated the market with a share of 34.19% in 2022. Botanicals are among the prominent forms of alternative treatment practices, inclusive of natural and herbal treatment supplements, coupled with therapeutic interventions, incorporating herbs, oils, and other curative supplements.
By distribution method, the direct sales segment held a larger share in 2022. Due to the rapid growth in medical tourism, direct sales therapy is anticipated to dominate the market. Government funding is assisting in this development by upgrading treatment facilities and supporting alternative medicine.
Europe held the larger share in 2022. CAM has gained immense popularity across Europe, including a wide range of procedures less dependent on modern medication, such as acupuncture. Thus, boosting the industry's growth.

Read 180 page market research report, "Complementary And Alternative Medicine Market Size, Share & Trends Analysis Report By Intervention (Botanicals, Mind Healing, Body Healing, External Energy, Sensory Healing), By Distribution Method, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Complementary And Alternative Medicine Market Growth & Trends

Furthermore, the expanding government initiatives and activities are contributing to the growth and development of the global complementary & alternative medicine industry. Globally, governments are establishing advantageous rules and legislation for the manufacturing and marketing processes, which is driving the expansion of the global industry.

Complementary & alternative medicine (CAM) differs from traditional or standard medical interventions. It employs herbs, homeopathic remedies, acupuncture, massage therapy, and preventative care. Furthermore, complementary & alternative medicines are widely utilized to treat a variety of illnesses such as pain, exhaustion, cancer, and nausea, and increasing public understanding of the benefits of natural substitute therapies which is further boosting the market growth.

For instance, In December 2019, Modern Acupuncture launched a new clinic in Florida, making it the second Modern Acupuncture location in Florida and the 54th in the U.S. This is in line with the company's vision to spread the clinic's acupuncture services across the country and strengthen its market position.

Despite significant efforts to provide effective COVID-19 therapy and prophylaxis, many people continue to become infected. This could be accounted for by the ongoing virus changes and, as a result, the vaccine's efficiency. As a result, long-term immune enhancement is a promising approach to combating SARS-CoV-2 infection.

Medicinal plants and some other complementary & alternative therapies have been utilized successfully in treating a wide range of health issues. Several studies have shown the efficacy of cupping therapy, natural products, and acupressure against SARS-CoV-2. Hence, it will create a positive impact on the market.

The market has expanded significantly as a result of new products being introduced in response to rising treatment demand and ongoing innovation. For instance, in 2019, Optum acquired DaVita Medical Group. This investment will go toward the advancement of novel therapies for children, as well as physicians, healthcare providers, physiotherapists, and chiropractors.

Furthermore, approximately two-thirds of the populations in most developed and developing countries reported using an alternative or complementary therapy. Furthermore, increased investment in advanced technology research and an expansion of the number of emerging economies are expected to give advantageous prospects for the market throughout the projection period.

Complementary And Alternative Medicine Market Segmentation

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

Complementary and Alternative Medicine Market - Intervention Outlook (Revenue, USD Million, 2018 - 2030)

Traditional Alternative Medicine/Botanicals

Ayurveda
Apitherapy
Bach Flower Therapy
Naturopathic Medicine
Traditional Chinese Medicine
Traditional Korean Medicine
Traditional Japanese Medicine
Traditional Mongolian Medicine
Traditional Tibetan Medicine
Zang Fu Theory

Mind Healing

Autosuggestion
Hypnotherapy
Neuro-linguistic Programming
Self-hypnosis
Spiritual Mind Treatment
Transcendental Meditation

Body Healing

Acupressure
Acupuncture
Alexander Technique
Auriculotherapy
Autogenic Training
Chiropractic
Cupping Therapy
Kinesiology
Osteomyology
Osteopathy
Pilates
Qigong
Reflexology
Yoga

External Energy

Magnetic Therapy

Bio-magnetic Therapy
Magnetic Resonance Therapy

Radionics
Reiki
Therapeutic Touch
Chakra Healing

Sensory Healing

Aromatherapy
Music therapy
Sonopuncture
Sound Therapy

Complementary and Alternative Medicine Market - Distribution Method Outlook (Revenue, USD Million, 2018 - 2030)

Direct Sales
E-sales
Distance Correspondence

Complementary and Alternative Medicine Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Denmark
Sweden
Norway

Asia Pacific

China
Japan
India
South Korea
Australia
Thailand

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

South Africa
Saudi Arabia
UAE
Kuwait

List of Key Players in the Complementary And Alternative Medicine Market

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

Check out more related studies published by Grand View Research:

Complementary And Alternative Medicine For Anti-Aging & Longevity Market - The global complementary and alternative medicine for anti-aging and longevity market size is expected to reach USD 182.9 billion by 2028, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.2% from 2021 to 2028. Growing household income in developed countries, acceptance of herbal and ayurvedic medicine, and increasing age-related diseases have majorly the market for complementary and alternative medicine (CAM) for anti-aging and longevity.
Precision Medicine Market - The global precision medicine (diagnostics/therapeutics) market size is expected to reach USD 85.5 billion by 2025 at a 9.9% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Trends such as introduction of cost-effective genomic and molecular biology testing methods, increasing prevalence of cancer and rare diseases, and rising use of big data in precision medicine are some of the key factors boosting market growth.
Nuclear Medicine Market - The global nuclear medicine market size is expected to reach USD 24.4 billion by 2030, expanding at a CAGR of 13.0% from 2022 to 2030, according to a new report by Grand View Research, Inc. The increasing prevalence of chronic diseases such as cancer & thyroid is anticipated to drive market growth. The impending approval of multiple radiopharmaceutical therapeutics during the forecast period will be a major driver for the market. For instance, in March 2022, Novartis AG received approval for Pluvicto (Lu 177) for the treatment of adult patients with prostate cancer.

Browse through Grand View Research's Pharmaceuticals Industry Research Reports.

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.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter