Which Segment Accounted For The Largest Complementary And Alternative Medicine Market Share By 2028?

Complementary And Alternative Medicine Industry Overview

The global complementary and alternative medicine market size was valued at USD 82.27 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.03% from 2021 to 2028. The market is set to gain momentum in the coming years owing to the changing regulatory scenario, coupled with robust government initiatives, resulting in the establishment of strong transnational connections across healing pathways linking global, national, and local movements regarding alternative medicine. Additionally, government initiatives exploring norms related to the right to health in all its forms are set to supplement the participation of service providers and users in the field of alternative and complementary healthcare. Government initiatives play a major role in propelling the demand for integrative health and complementary medicine practices by strengthening targeted expenditure, setting up government facilities, and releasing guidelines to ensure appropriate usage of complementary and alternative medicine (CAM).

Regulatory bodies are also focusing on the promotion of medical tourism as it attracts people from other places and helps them seek world-class alternative medical treatment. For instance, Indian regulatory authorities have made significant investments in the development and standardization of alternative medical facilities in some of the states. A government body, “Ministry of Ayush” has been set up that overlooks education, product, development, research, and other facilities of yoga, Ayurveda, homeopathy, and naturopathy in India.

Gather more insights about the market drivers, restrains and growth of the Global Complementary And Alternative Medicine market

Additionally, research-oriented toward the use of traditional medicines for the treatment of COVID-19 individuals is set to gain traction in the coming years. The government authorities across the globe are keen on promoting traditional alternatives for the treatment of COVID-19 individuals, however, it is imperative to cater to the conventional research standards devised for all the other drug candidates.

This trend has specifically emerged after research studies performed on the potential of different medicinal plants to offer effective treatment to the COVID-19 individuals, which is expected to have a positive impact on the CAM market growth. Lack of clinical data to support the claims of natural medicine practitioners has emerged as a restraining factor for alternative medicine practitioners. However, robust funding for clinical studies along these lines is expected to overcome this limitation in the near future.

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Complementary And Alternative Medicine Market Segmentation

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

• Intervention Outlook (Revenue, USD Billion, 2017 - 2028)
  • Traditional Alternative Medicine/Botanicals
    • Ayurveda
    • Apitherapy
    • Bach Flower Therapy
    • Naturopathic Medicine
    • Traditional Chinese Medicine
    • Traditional Korean Medicine
    • Traditional Japanese Medicine
    • Traditional Mongolian Medicine
    • Traditional Tibetan Medicine
    • Zang Fu Theory
  • Mind Healing
    • Autosuggestion
    • Hypnotherapy
    • Neuro-linguistic Programming
    • Self-hypnosis
    • Spiritual Mind Treatment
    • Transcendental Meditation
  • Body Healing
    • Acupressure
    • Acupuncture
    • Alexander Technique
    • Auriculotherapy
    • Autogenic Training
    • Chiropractic
    • Cupping Therapy
    • Kinesiology
    • Osteomyology
    • Osteopathy
    • Pilates
    • Qigong
    • Reflexology
    • Yoga
  • External Energy
    • Magnetic Therapy
      • Bio-magnetic Therapy
      • Magnetic Resonance Therapy
    • Radionics
    • Reiki
    • Therapeutic Touch
    • Chakra Healing
  • Sensory Healing
    • Aromatherapy
    • Music therapy
    • Sonopuncture
    • Sound Therapy

 

• Distribution Method Outlook (Revenue, USD Billion, 2017 - 2028)
  • Direct Sales
  • E-sales
  • Distance Correspondence

 

• Regional Outlook (Revenue, USD Billion, 2017 - 2028)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Market Share Insights

• 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.
  
  

Key Companies profiled:

Some prominent players in the global complementary and alternative medicine market include

• Columbia Nutritional
• Nordic Nutraceuticals
• Ramamani Iyengar Memorial Yoga Institute
• The Healing Company Ltd.
• John Schumacher Unity Woods Yoga Centre
• Sheng Chang Pharmaceutical Company
• Pure encapsulations, LLC.
• Herb Pharm
• AYUSH Ayurvedic Pte Ltd.
  
  

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