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According to the latest report by IMARC Group, titled “Complementary and Alternative medicine Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” , offers a detailed analysis of the complementary and alternative medicine market size , drivers, segmentation, growth opportunities and competitive landscape to understand the current and future market scenarios.
How Big is the Complementary and Alternative Medicine Market?
The global complementary and alternative medicine market size reached US$ 120.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 365.2 Billion by 2028, exhibiting a growth rate (CAGR) of 20% during 2023-2028.
Factors Affecting the Growth of the Complementary and Alternative Medicine Industry:
Growing Consumer Awareness and Acceptance:
The surge in consumer awareness and acceptance of complementary and alternative medicine (CAM) is a major driver of its market growth. As individuals become more informed about the benefits and efficacy of alternative therapies through research, personal experiences, and social media, there's a noticeable shift towards these natural and holistic health solutions. This trend is further bolstered by a growing skepticism towards conventional medicine and its side effects, leading many to explore CAM as a preventive measure or complementary approach to healthcare.
Increased Research and Validation:
The increased research and validation in the complementary and alternative medicine (CAM) market are pivotal for its growth, as these efforts provide the scientific backing needed to gain credibility and acceptance among healthcare professionals and consumers alike. With an upsurge in clinical trials and academic studies focused on CAM practices, there is a growing body of evidence demonstrating the efficacy and safety of various alternative therapies such as acupuncture, meditation, and herbal medicine. This validation not only boosts consumer confidence in using CAM but also encourages conventional medical practitioners to integrate these therapies into their treatment plans. As research continues to uncover the health benefits and mechanisms behind CAM, the market is witnessing an expansion in its adoption, supported by a foundation of empirical evidence that bridges traditional wisdom with modern science.
Integration into Conventional Healthcare Systems:
The integration of CAM therapies into conventional healthcare systems is a key factor driving market growth. Hospitals and healthcare providers are increasingly offering CAM services in response to patient demand and the growing evidence supporting the effectiveness of these therapies. This integration is facilitated by changing regulations and healthcare policies that recognize the value of holistic and patient-centered approaches to health. As CAM becomes more accessible within these settings, its acceptance and use continue to rise, further propelling the market forward.
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Complementary and Alternative Medicine Market Report Segmentation:
Breakup by Type:
Traditional Alternative Medicine Therapy Body Therapy Diet and Herbs Based Therapy Energy Healing Therapy Mind Therapy Others
Traditional alternative medicine therapy dominates the largest market by type due to its widespread acceptance and utilization across various cultures for centuries, offering natural and holistic approaches to health and wellness that appeal to consumers seeking non-conventional treatment methods.
Breakup by Disease Indications:
Arthritis Cancer Asthma Diabetes Cardiology Neurology Others
Diabetes is the largest market by disease indications within the complementary and alternative medicine sector because of the growing global prevalence of the condition and patients' increasing preference for natural and holistic treatment options to manage and complement conventional diabetes care.
Breakup by Distribution Channel:
Special Clinics/Centres Distance Correspondence Direct Sales Online Sales Others
Direct sales holds the largest market share by distribution channel in the complementary and alternative medicine industry, as consumers increasingly prefer personalized interactions and advice, coupled with the direct purchase of alternative medicine products and therapies from practitioners or specialized retailers.
Regional Insights:
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) North America (United States, Canada) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others) Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
On the basis of region, North America dominates the market due to rising health-consciousness among individuals and rising inclination toward natural approaches to wellness.
Global Complementary and Alternative Medicine Market Trends:
The increasing integration of CAM therapies with conventional healthcare represents one of the key factors influencing the growth of the complementary and alternative medicine (CAM) market across the globe. This is primarily due to both practitioners and patients recognizing the benefits of a holistic approach to health and wellness which is facilitated by a growing body of research that validates the efficacy of certain CAM therapies, leading to their increased acceptance within the broader healthcare system.
The market is also driven by the rise in consumer awareness and preference for organic and natural health products, including herbal medicines and supplements, driven by concerns over the side effects of conventional pharmaceuticals. Digital platforms and technology are also playing a crucial role in the CAM market's growth, with online courses, telehealth services, and mobile apps expanding access to alternative therapies.
Leading Companies Operating in the Global Complementary and Alternative Medicine Industry:
Ayush Ayurvedic Pte Ltd. Columbia Nutritional LLC, Helio USA Inc. Herb Pharm LLC Herbal Hills Nature's Bounty Nordic Naturals Pure Encapsulations LLC (Nestlé S.A.) Quantum-Touch The Healing Company Ltd. Unity Woods Yoga Center.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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