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Report Overview: Complementary And Alternative Medicine MarketThe global complementary and alternative medicine market size was projected at USD 58.1 billion in 2019, registering a CAGR of 18.8% over the forecast period 2021-2027. Yoga, meditation, magnetic intervention, acupuncture, and complementary wellness treatments are gaining immense popularity across developed countries. This can be attributed to wide acceptance of these alternative treatments among general population, further causing an upswing in the number of yoga studios, meditation centers, spas, and complementary wellness facilities. Government initiatives play a pivotal role in boosting the adoption of Complementary and Alternative Medicine (CAM). In addition, increased funding, establishing government facilities dedicated to complementary therapies, and the expensive nature of conventional treatment options are some of the secondary factors encouraging companies to invest in the market for complementary and alternative medicine. Regional government authorities and players are focusing on strengthening medical tourism associated with complementary and alternative medicine. Government authorities in India are heavily investing in the development and standardization of facilities pertaining to complementary medicine in recent years. For instance, “Ministry of Ayush” is set up by national authorities to govern research, development, education, and other facilities pertaining Ayurveda, yoga, naturopathy, and homeopathy. Alternative medicine is expected to become more mainstream in the coming years, especially in developed countries. This can be attributed to a new acceptance displayed by physicians and doctors in U.S. toward alternative philosophies and treatments that were conventionally excluded from mainstream medicine. Advent of integrative medicine has proven to be profitable for propelling the penetration of complementary and alternative treatment. Professionals state that integrative medicine has the potential to address an array of patient’s influences, including environmental, emotional, physical, and spiritual. Robust investments in this direction began in 2016 and have continued since then. For instance, Andrew Krupp, a late philanthropist granted approximately USD 30 million to the Center for Integrative Medicine, California for a research program. This program was designed to analyze the potential benefits of exercise, diet, and natural therapeutics in the treatment of various chronic ailments, such as cancer and heart disease.
Intervention Insights: Complementary And Alternative Medicine MarketGradual expansion of alternative interventions, such as energy healing, is expected to drive the complementary and alternative medicine market. For instance, The Healing Company headquartered in England exhibits a diverse portfolio of complementary therapies, including reflexology, reiki, and havening techniques. Havening is a breakthrough complementary therapeutic approach developed to treat patients suffering from trauma and mental stress. Furthermore, magnetic therapy is gaining significant traction among professionals operating in the field of traditional medicine. Still in its nascent stage, a few clinical trials have stated the potential benefits of magnetic field therapy in pain management, which is set to boost its penetration across medical settings. For instance, Memorial Sloan Kettering Cancer Center, a research institution and cancer treatment center offer magnet therapy using different products, including Bioflex magnets, magnet therapy mattresses, and MagnaBloc.
Distribution Method Insights: Complementary And Alternative Medicine MarketThe direct sales distribution segment is the largest contributor to the revenue generated by the global market for complementary and alternative medicine. This can be attributed to the fact that most frequently performed complementary and alternative therapies require direct interaction with the patient. These therapies include naturopathy, energy healing, magnetic intervention, and acupuncture, associated with direct sales by practitioners to the patients. Also, soaring demand achieved by distance correspondence-based alternative medicine has contributed to the highest CAGR of this segment. Majority of the practitioners operate at micro business level and are more inclined toward achieving the required therapeutic expertise as compared with their marketing skills. However, growing medicinal and economic significance of complementary and alternative medicine is expected to enhance the distribution methods targeted toward strengthening revenue generation.
Regional Insights: Complementary And Alternative Medicine MarketEurope is expected to account for the highest revenue throughout the forecast period followed by the Asia Pacific region. Wide acceptance of alternative treatment approaches and rising patient preference toward the same is boosting the regional market for complementary and alternative medicine. Expanding research efforts with regard to CAM have been witnessed in U.K.; this is also supplemented by stringent regulations and laws imposed on the practitioners to ensure appropriate administration of complementary and alternative medicine therapies. The National Institute for Health and Care Excellence (NICE), U.K., recommends the use of manual therapy in pain management, acupressure to reduce morning sickness, and Alexander technique for the treatment of Parkinsons disease. The fact that ancient medicine originated in the Asia Pacific countries, including China, Japan, and India, offers regional companies with a competitive edge in terms of CAM expertise and education. Popular complementary and alternative medicine therapies introduced by Chinese include Reiki, tai chi, and energy healing, whereas yoga, chakra healing, and Ayurveda have originated in India. Complementary And Alternative Medicine Market Share Insights Some of the major players include
The market for complementary and alternative medicine is largely fragmented owing to presence of numerous medium and large-sized players. Several strategic initiatives such as portfolio expansions and marketing programs have been adopted by market players to maintain their market presence. For instance, in July 2019, Columbia Nutritional developed a novel process with multi-phase onboarding aspect suitable for efficient launch of latest products online while meeting customers specifications. This strategy was targeted toward maintaining Minimum Order Quantity (MOQs) that would further enhance the quality of service offered. On the other hand, in December 2018, Ramamani Iyengar Memorial Yoga Institute arranged an exposition for 12 days, wherein 1,200 students from approximately 53 countries were involved. This exposition helped promote the practice of yoga among the youth. This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global complementary and alternative medicine market report based on intervention, distribution method, and region:
- Nordic Nutraceuticals
- Columbia Nutritional
- Ramamani Iyengar Memorial Yoga Institute
- Herb Pharm
- John Schumacher Unity Woods Yoga Centre
- Pure Encapsulations, LLC.
- The Healing Company Ltd
- AYUSH Ayurvedic Pte Ltd
- Sheng Chang Pharmaceutical Company.
Intervention Outlook (Revenue, USD Billion, 2016 - 2027)
- Mind & Body Healing
- Energy Healing
- Eden Energy Medicine
- Chakra Healing
- Magnetic Intervention
- Magnetic Resonance Therapy
- Bio-magnetic Therapy
Distribution Method Outlook (Revenue, USD Billion, 2016 - 2027)
- Direct Sales
- Distance Correspondence
Table of Contents Chapter 1 Research Methodology 1.1 Information Procurement 1.1.1 Primary Research: Questionnaire 22.214.171.124 Key market participants/ in-house industry experts 126.96.36.199 Key end-users 1.2 Information or Data Analysis 1.3 Market Scope & Segment Definition 1.3.1 By intervention 188.8.131.52 Botanicals 184.108.40.206 Mind/body healing | read more...