Complementary And Alternative Medicine Market growth driver analysis 2022 - 2030.

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.

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.

Complementary and Alternative Medicine Market Segmentation

Grand View Research has segmented the global complementary and alternative medicine market on the basis of intervention, distribution method, and region:

Based on the Intervention Insights, the market is segmented into Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy and Sensory Healing.

• Traditional alternative medicine or botanicals dominated the market with a share of 38.48% in 2020. Botanicals are the most widely used alternative medicines in both developing and developed countries. They are used in the form of herbal supplements, homeopathic medicines, and other natural products.
• High demand for bio-magnetic therapy and magnetic resonance therapy is expected to increase the popularity of magnetic CAM intervention. The magnetic resonance therapy segment is estimated to expand at the fastest CAGR of 23.23% through the forecast period owing to its wide acceptance among doctors, naturopaths, and patients as a largely beneficial form of complementary and alternative medicine therapy.
• The concept of bio-magnetic therapy has gained considerable traction among industry professionals and customers as a bio-magnetic intervention has become one of the most promising means of therapy. The transition from chemistry-oriented healthcare to surgery-oriented healthcare strengthens the revenue generated by the bio-magnetic therapy segment.

Based on the Distribution Method Insights, the market is segmented into Direct Sales, E-sales and Distance Correspondence.

• Government funding to improve treatment facilities and promote alternative medicine further supplements this trend. Different local acupuncture and Ayurveda practitioners and entities aim at exploring the direct distribution of complementary medicine along with alternative therapies to expand their businesses.
• The distance correspondence segment is expected to exhibit the fastest CAGR of 22.90% from 2021 to 2028. Increased preference toward distance education and training programs for yoga and meditation and rising adoption of distance mind healing techniques by most of the practitioners are among the primary factors contributing to the robust revenue generated by this segment.
• Moreover, practitioners are showing an inclination toward providing acupuncture services and natural remedies from a distance, aiming to increase the salability potential of such offerings. For instance, SUN AND MOON HEALING, located in Asheville, North Carolina offers virtual acupuncture services. Other such entities offering novel distance acupuncture therapies include Tree of Life Acupuncture and Resonation Acupuncture (Katie Briggs).

Complementary And Alternative Medicine Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The expanding pool of numerous medium and large-sized players has led to the fragmentation of the market in recent years. Distinct strategic initiatives including marketing programs, strategic business expansions, and portfolio expansions have been adopted by market entities to sustain the intensifying industry competition. For instance, in December 2019, Modern Acupuncture inaugurated a new clinic in Pinecrest, Florida- the second Modern Acupuncture clinic in Florida and 54th in the U.S. This is expected to expand the reach of acupuncture services offered by this clinic in the country, strengthening its market presence.

Some prominent players in the Global Complementary And Alternative Medicine market include:

• Columbia Nutritional
• Herb Pharm
• Herbal Hills
• Ramamani Iyengar Memorial Yoga Institute
• John Schumacher Unity Woods Yoga Centre
• Yoga Tree Studios, Inc.
• Helio USA Inc.
• NatureKue
• Nordic Nutraceuticals
• Pure encapsulations, LLC.
• The Healing Company Ltd.
• Quantum-Touch
• BIOTAILOR
• Bikram Yoga
• True Yoga
• Amrita Ayurveda & Yoga
• AYUSH Ayurvedic Pte Ltd.
• Sheng Chang Pharmaceutical Company
• LKK Health Products Group Limited
• Body & Soul Yoga Club
• Namat Fitness Management (Shanghai) Co., Ltd. (Y+)
• ALCES LLP

Order a free sample PDF of the in Complementary And Alternative Medicine Market Intelligence Study, published by Grand View Research.