SAN FRANCISCO, Feb. 17, 2021 /PRNewswire/ --The global complementary and alternative medicine market size is expected to reach USD 404.66 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.03% from 2021 to 2028. The market has witnessed a significant expansion in its consumer base in recent years owing to the benefits and philosophies that have the potential to attract customers.
The core philosophies of alternative medicine practices and complementary therapies include high preference to natural products as compared to synthetic ones, avoiding implementation of quick-fix type therapies, ensuring sufficient duration is given for healing, the onset of any illness is attributed to body-imbalance, the body has the ability to heal itself, the whole patient has to be treated and not just a specific diseased body part, and gentle therapies have to be administered before the harsh ones.
Key suggestions from the report:
By intervention, traditional alternative medicine or botanicals dominated the market with a share of 38.48% in 2020. 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
In the body healing intervention segment, yoga held the largest share of 36.27% in 2020. In the mind healing segment, hypnotherapy is expected to exhibit the fastest CAGR of 22.44% from 2021 to 2028
Europe held the largest share of 33.35% in 2020 owing to the extended research efforts targeted toward bringing CAM practices to the mainstream medicine
The Middle East and Africa is expected to expand at the fastest CAGR of 24.78% from 2021 to 2028
Based on distribution method, distance correspondence and e-sales are expected to witness significant lucrative opportunities in the near future, particularly attributed to the lockdown and social distancing implications associated with the recent pandemic outbreak of COVID-19 across the globe
The most commonly administered and popular complementary therapies include Alexander technique, acupuncture, herbal medicine, homeopathy, aromatherapy, reiki, naturopathy, and yoga. Profitable business expansion strategies are being adopted by not only market participants but also by medical settings to ensure effective marketing and promotion of alternative medicine therapies.
Yoga, mind, and body-oriented traditional medicines are expected to gain significant traction in the coming years. Expanding applications of yoga and mind healing across chronic ailments, such as cancer, diabetes, COVID-19, and cardiovascular diseases, are set to contribute to the growth of the mind healing intervention segment.
More than half of physicians based in office set-ups in the U.S. have recommended at least one complementary health intervention to their patients, as reported by a survey published in January 2020. Additionally, a large number of female physicians integrate alternative medicine approaches, whereas male physicians most commonly recommend osteopathic manipulation and chiropractic treatment interventions. An increase in the number of such surveys is expected to enable physicians, consumers, and medical schools to gain a better understanding of the potential differences in complementary and alternative medicine use.
Companies are initiating strategic product developments to sustain the market competition. For instance, in July 2019, Colombia Nutritional launched a new process solution having a multi-phase onboarding feature designed for the efficient online launch of the latest products. The key objective of this strategic product development was to maintain minimum order quantity (MOQ) that would further improve the quality of service provided.
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 Million, 2017 - 2028)
Traditional Alternative Medicine/Botanicals
Bach Flower Therapy
Traditional Chinese Medicine
Traditional Korean Medicine
Traditional Japanese Medicine
Traditional Mongolian Medicine
Traditional Tibetan Medicine
Zang Fu Theory
Spiritual Mind Treatment
Magnetic Resonance Therapy
Complementary And Alternative Medicine Distribution Method Outlook (Revenue, USD Million, 2017 - 2028)
Complementary And Alternative Medicine Regional Outlook (Revenue, USD Million, 2017 - 2028)
Middle East & Africa
List of Key Players of Complementary And Alternative Medicine Market
U.S. Chiropractic Market–The U.S. chiropractic market size was valued at USD 12.26 billion in 2017. It is projected to expand at a CAGR of 4.32% over the forecast period.
Botanicals & Acupuncture Market–The global botanicals and acupuncture market size was valued at USD 38.97 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 19.78% from 2020 to 2027.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ 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.