According to the report, global demand for complementary and alternative medicine market was valued at approximately USD 55.2 billion in 2018, and is expected to generate revenue of around USD 163.3 billion by end of 2025, growing at a CAGR of around 16.8% between 2019 and 2025.
The report covers forecast and analysis for the complementary and alternative medicine market on a global and regional level. The study provides historic data from 2016 along with forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the complementary and alternative medicine market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the complementary and alternative medicine market on a global as well as regional level.
In order to give the users of this report a comprehensive view on the complementary and alternative medicine market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the complementary and alternative medicine market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the complementary and alternative medicine market on global and regional basis.
The study includes a strategic view on the complementary and alternative medicine by segmenting the market based on distribution channel, intervention, and region. All the segments of complementary and alternative medicine market have been evaluated based on present demand and future trends and the market is predicted from 2018 to 2025.
Complementary and alternative medicines (CAM) are medical practices and products that usually are not part of typical medical care. The treatments that are not considered standard treatments but are used along with standard or typical medical treatments are referred as complementary medicine. The medicines that are used as alternative to standard practice/medicine are referred alternative medicine. CAM therapies include a wide range of nutritional and botanicals products such as vitamins, herbal supplements, dietary supplements etc.
Complementary and alternative medicines market is driven by growing adoption rate of natural remedies such as herbal supplements and wellness therapies like acupuncture, yoga etc. Also, considerable low prices of complementary and alternative medicines over standard treatment and growing shift towards natural healing and wellness instead of pharmaceutical therapy is expected to drive the demand for complementary and alternative medicines. However, poor understanding and lack of scientific results of complementary and alternative medicines may act as restraint for market growth. Emerging as well as developed markets are expected to open new avenues for complementary and alternative medicines market.
Based on intervention, global complementary and alternative medicine market is bifurcated into botanicals, acupuncture, body, mind, & yoga and magnetic intervention. Botanicals intervention segment is sub segmented into Ayurveda, homeopathy and naturopathy. Body, mind, and yoga segment are sub categorized into meditation, yoga, chakra healing, energy healing and hypnotherapy. Botanicals segment dominated the complementary and alternative medicines market in 2018 owing to their increasing adoption rate.
The distribution channel segment is divided into e-training, direct contact, and distance correspondence. Direct contact segment dominated the market in 2018 whereas e-training segment is projected to witness highest CAGR over the forecast period as it is easy, time saving and convenient method of distribution.
The estimated and projected demand for regions such as North America, Middle East & Africa, Latin America Asia Pacific, and Europe is covered for complementary and alternative medicine market with further split into major countries such as U.S., France, China, UK, Germany, Japan, Brazil, India among others is included in the report.
Major players included in the report are Herb Pharm, Herbal Hills, Columbia Nutritional Inc., Deepure Plus, Helio USA Inc., Pure encapsulations, Inc., Nordic Naturals, and other wellness institutes like John Schumacher’s Unity Woods Yoga Center, Iyengar Yoga Institute, The Healing Company, Yoga Tree, and Quantum Touch Inc. among others.
The report segment of global complementary and alternative medicine market as follows:
Global Complementary and Alternative Medicine Market: By Intervention
Global Complementary and Alternative Medicine Market: By Distribution Channel
Global Complementary and Alternative Medicine Market: By Region