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.
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.
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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.
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 business across China.
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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
- Mexico
- Argentina
- Middle East & Africa
- Israel
- UAE
- South Africa
Find more research reports on Pharmaceuticals Industry, by Grand View Research:
Personalized Medicine Market – The global personalized medicine (PM) market size was estimated at USD 1.57 trillion in 2018 and is anticipated to expand at a CAGR of 10.6% during the forecast period.
Excipients Market – The global excipients market size was estimated at USD 4.1 billion in 2016. Increasing usage of generic medicines and rising demand for multifunctional excipients is expected to be key factors driving revenue growth.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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