Complementary and Alternative Medicine Market: Global Industry Forecast (2023-2029) by Therapy Type, Disease, Distribution Channel, and Region

Complementary and Alternative Medicine Market size was valued at US$ 114.62 Bn. in 2022 and the total Complementary and Alternative Medicine revenue is expected to grow by 17.9% from 2023 to 2029, reaching nearly US$ 362.97 Bn.
Complementary and Alternative Medicine Market Overview:
Alternative medicine has recently reawakened public interest due to disparities in patient-to-healthcare-professional ratios, increased workload for the latter, numerous side effects of modern medicine, lack of complete remission from chronic diseases, high costs of new drugs, and the emergence of new diseases. As a result, individuals have grown more reliant on treatment methods based on alternative medicine or herbal medicine from traditional medical practitioners. Alternative medicine has evolved significantly over time and now includes medicinal systems dating back millennia. Mind-body treatments, bodily manipulation, and therapies based on biological systems are all important areas of alternative medicine. The most common is biological therapy based on natural ingredients. Alternative medicine is widely available, inexpensive, and, in most cases, non-invasive, and gives beneficial results during the last stages of several diseases. However, the safety and efficacy of many alternative medicines/therapies remain unknown due to a lack of well-designed clinical trials.

The practices continue to be the most fundamental yet traditional for treating various diseases. It is estimated that two-thirds of the world's population prefers alternative health care and services over contemporary medicine. Half of the world's population is dependent on alternative medicine, including the United States (42%), Australia (48%), Canada (70%), and France (49%). Despite recent advances in contemporary medicine, the usage of AM has been revealed to be dramatically focused on the treatment of severe pandemic diseases, such as new coronavirus disease (COVID-19), for which no systematic targeted therapy has been licensed.
Complementary and Alternative Medicine Market Report Scope:
The Complementary and Alternative Medicine market is segmented based on Therapy Type, Disease, Distribution Channel, and Region. The growth of various segments helps report users in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the target market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.

The bottom-up approach has been used to estimate the market size. Key Players in the Complementary and Alternative Medicine market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Complementary and Alternative Medicine market include Pure Encapsulations, Inc., Nordic Naturals and Herbal Hills, etc.To know about the Research Methodology :- Request Free Sample Report
Complementary and Alternative Medicine Market Dynamics:
Growing public interest is driving research efforts in the CAM industry

Due to the absence of curative therapy for various emergent and chronic diseases, the high cost of contemporary pharmaceuticals, time constraints from both patients and healthcare providers, microbial resistance, and adverse effects of modern medicine, the public interest has reignited. Self-medication, traditional healing techniques, indigenous systems of medicine, including Ayurveda, herbal preparations, Yunani, homeopathy, acupuncture, naturopathy, chiropractic manipulation, and other therapies have made AM increasingly popular. Modern medicine, on the other hand, concentrates on symptom-related therapy, frequently implementing pharmacological or invasive elimination techniques. Although there is no certainty that AM is safe, effective, or physiologically credible, there are still discussions regarding which approach may be demonstrated to be helpful and secure. Traditionally, unconventional forms are encouraged, although extensive clinical studies promote traditional modes based on current methodologies. Today, however, countless physicians recognize the value of all types of medicines, integrating effective complementary and contemporary treatments for patients based on symptoms, and conditions.

These circumstances prompted the creation of a knowledge bridge between physicians, traditional practitioners, pharmacists, and patients regarding AM therapies, safety, and toxicity or contraindications. Also, research efforts must be advanced, publishing bias must be minimized, intellectual property rights must be protected, and policymakers must contribute to making judgments regarding the future of alternative medical practice to deliver cost-effective therapies. This would improve the AM industry's position and promote public acceptance in the future.

Alternative treatment options for a growing number of diabetic patients around the globe

Diabetes mellitus (DM) is the most common and long-lasting metabolic condition. Over the last three decades, the global prevalence of diabetes has climbed from 4.7% to 8.5%. Various modern anti-diabetic medications have been created and released into the market to manage blood glucose levels. However, most medications may have certain negatives when used for an extended period, such as drug resistance, drug addiction, unpleasant side effects, and so on. Also, therapy costs and dissatisfaction with mainstream medicines have encouraged the quest for alternatives. Surprisingly, diabetic treatment strategies promote alternative treatments. Diabetes patients are treated with food and exercise in addition to standard medicines. As a result, it has gotten a lot of interest since the benefits of AM, particularly herbal medicine, have been demonstrated to be useful in diabetes prevention, treatment, and/or delayed consequences.

The paramount evidence of alternative medicine being a pseudoscience is expected to be the primary restraint in the market growth

Concerns have been raised surrounding the safety of Ayurveda, with two US investigations discovering that almost 20% of Ayurvedic Indian-manufactured patent medications had hazardous quantities of heavy metals such as lead, mercury, and arsenic. In a 2015 study of users in the United States, 40 percent of those examined had increased blood lead levels. Other issues include the use of poisonous plants and a lack of quality control in Ayurvedic establishments. Heavy metal toxicity has been linked to the usage of these chemicals in the United States.




Claims
Issues


Biofield therapy
Intended to influence energy fields that, it is purported, surround and penetrate the body.
Advocates of scientific skepticism such as Carl Sagan have described the lack of empirical evidence to support the existence of the putative energy fields on which these therapies are predicated.


Bioelectromagnetic therapy
Use verifiable electromagnetic fields, such as pulsed fields, alternating-current, or direct-current fields in an unconventional manner.
Asserts that magnets can be used to defy the laws of physics to influence health and disease.


Chiropractic Therapy
Spinal manipulation aims to treat vertebral subluxations which are claimed to put pressure on nerves.
Chiropractic was developed in the belief that manipulating the spine affects the flow of supernatural vital energy and thereby affects health and disease. A vertebral subluxation is a pseudoscientific concept and has not been proven to exist.


Reiki
Practitioners place their palms on the patient near Chakras which they believe are centers of supernatural energies in the belief that these supernatural energies can transfer from the practitioner's palms to heal the patient.
Lacks credible scientific evidence.



Complementary and Alternative Medicine Market Segment Analysis:
By Disease, the cancer segment is expected to grow at a CAGR of 8.1% during the forecast period. For decades, there has been a steady growth in the use of complementary and alternative medicine among cancer patients. It was reported in one of the early studies to determine the degree of CAM usage among cancer patients that 16% of cancer patients polled in two hospitals in London acknowledged using CAM. This percentage is comparable to prior research in which CAM usage was stated to be 13% in the United States. However, a survey of 127 cancer patients in the United Kingdom found that 29% of the studied population used some type of complementary and alternative medicine. A systematic review of surveys on the use of complementary and alternative medicine (CAM) among cancer patients in 13 countries found a range of 7% to 64% of CAM use among the adult cancer population, with an average of 31.4% across all studies. Herbs, nutritional treatment, meditation, relaxation, homeopathy, hypnosis, and other vitamins were some of the most regularly utilized complementary and alternative medicine (CAM).Despite the apparent widespread usage of CAM, there has been a relatively little scientific investigation into Complementary and Alternative Medicine (CAM). According to the American Society of Clinical Oncology, one of the objections leveled against CAM is its lack of "peer-reviewed scientifically performed research." According to research on oncology professionals' knowledge and attitudes concerning CAM, oncology experts have a negative view of alternative medicines as contrasted to complementary therapies. This suggested that health professionals are less skeptical when CAM is used to supplement established cancer therapies rather than as an alternative. However, the use of complementary and alternative medicine (CAM) as an alternative to mainstream treatment has elicited a negative response from health care professionals.

This mirrors Korean research to access the knowledge base of both Western and Oriental medical practitioners, in which more than half of Western medical experts agreed that "scientifically untested therapies should be legally forbidden." However, just 11% of Oriental medical professionals agreed with this assessment. Most complementary therapies are untested, and individuals should be wary of websites that claim to have alternative cancer cures. In a survey of physicians' attitudes about the use of complementary medicine by cancer patients in Finland, significantly over 90% of the physicians believed that CAM could not cure cancer completely and so should not be encouraged. This was evident in a report from the Netherlands, where a patient died from breast cancer after being treated exclusively with various types of complementary and alternative medicine (CAM) therapies such as acupuncture, faith healing, salt therapy, and psychic healing instead of radiotherapy and chemotherapy. The prospect of patients rejecting or postponing established conventional cancer therapies in favor of untested complementary and alternative medicine (CAM) is a big worry.
Complementary and Alternative Medicine Market Regional Insights:
Because of public support, the growing use of conventional therapeutic methods has the potential for rapid growth in this decade. As of 2019, it was reported that more than 60% of the world's population used some sort of traditional medicine. Alternative medicine entails the use of ancient ways of medication, such as the use of herbs, as well as other mind and body healing approaches that are largely based on faith and belief. However, the majority of these procedures lack regulatory approval or clinical evidence. Many governments and regulatory organizations have worked hard to obtain clinical backing for the adoption of alternative medicines to boost market growth.

Government initiatives such as India's AYUSH ministry and Canada's efforts to license alternative medical drugs are expected to break through the market. Botanicals, which include Ayurveda and Naturopathy, are in high demand as nutritional supplements and natural products for treating skin illnesses and chronic pain. Over the forecast period, growth in medical tourism is likely to encourage the use of complementary and alternative therapies.The number of practitioners who have received CAM training is likewise increasing. In Europe, around 145,000 physicians (educated in both conventional medicine and CAM treatments) and more than 160,000 non-medical practitioners practice CAM. According to these numbers, there are over 65 complementary and alternative medicine practitioners for every 100,000 people in Europe. The booming use of complementary and alternative medicine (CAM) among European people and practitioners poses a regulatory problem for the European Union. CAM regulation differs for each member state in terms of its definition, who is authorized to practice it, the authorization and reimbursement mechanism, and the resources available to fund it. Alternative treatments, for example, are offered outside of normal health care facilities in certain countries, whilst they are provided as part of conventional health care services in others.

However, in certain member states, only medical practitioners may administer CAM, whilst in others, non-medical practitioners may also offer some alternative therapies. Also, several CAM health-related matters lie under the exclusive competencies of member states, making a unified approach even more challenging. Together, these characteristics present impediments to the formation of a pan-European regulation of CAM professionals, the advancement of cross-border research, and, eventually, the accessibility of CAM to patients.
Complementary and Alternative Medicine Market Scope: Inquire before buying



Complementary and Alternative Medicine Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 114.62 Bn.


Forecast Period 2023 to 2029 CAGR:
17.9%
Market Size in 2029:
US $ 362.97 Bn.


 Segments Covered:
by Therapy Type
• Traditional Alternative Medicine
• Mind Healing
• Body Healing
• External Energy
• Sensory Healing
• Other


by Disease
• Arthritis
• Cancer
• Asthma
• Diabetes
• Cardiology
• Neurology
• Others


by Distribution Channel
• Direct Sales
• E-sales
• Distance Correspondence
• Other



Complementary and Alternative Medicine Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina, Columbia and Rest of South America)
Complementary and Alternative Medicine Market Key Players are:
• Pure Encapsulations, Inc..(US)
• Nordic Naturals(US)
• Unity Woods Yoga Center(US)
• Quantum Touch(US)
• Geriatric & Medical Companies, Inc.,(US)
• Herb Pharm(US)
• Helio USA Inc.(US)
• Columbia Nutritional(US)
• John Schumachers Unity Woods Yoga Center(US)
• Merck Sharp & Dohme Corporation(US)
• Geri-Care pharmaceuticals(US)
• UAS Laboratories.(US)
• The Healing Company (New Zealand)
• Nature’s Bounty(UK)
• First Natural Brands Ltd.(UK)
• Ayush Ayurveda (India)
• Herbal Hills(India)
• Sheng Chang Pharmaceutical Company (Taiwan)

FAQs:

1. Which is the potential market for Complementary and Alternative Medicine in terms of the region?
Ans. APAC is the potential market for Complementary and Alternative Medicine in terms of the region.

2. What are the opportunities for new market entrants?
Ans. Alternative treatment options for a growing number of diabetic patients around the globe.

3. What is expected to drive the growth of the Complementary and Alternative Medicine market in the forecast period?
Ans. Growing public interest is expected to drive the growth CAM market in the forecast period.

4. What is the projected market size & growth rate of the Complementary and Alternative Medicine Market?
Ans. Complementary and Alternative Medicine Market size was valued at US$ 114.62 Bn. in 2022 and the total Complementary and Alternative Medicine revenue is expected to grow by 17.9% from 2023 to 2029, reaching nearly US$ 362.97 Bn.

5. What segments are covered in the Complementary and Alternative Medicine Market report?
Ans. The segments covered are Therapy Type, Disease, Distribution Channel, and Region.