Complementary And Alternative Medicine Industry Overview
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.
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.
Based on the Distribution Method Insights, the market is segmented into Direct Sales, E-sales and Distance Correspondence.
- Direct sales accounted for the largest revenue share of over 73.0% in 2020. Treatment provided through direct sales is expected to lead the market in the coming decade owing to the tremendous growth in medical tourism.
- 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.
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.
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 Complementary And Alternative Medicine Market Intelligence Study, published by Grand View Research.
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