Complementary and Alternative Medicine Market
The global Complementary and alternative medicine industry generated $102.0 billion in 2021, and is estimated to reach $437.9 billion by 2031
PORTLAND, OR, UNITED STATES, August 7, 2023/EINPresswire.com/ — The global Complementary and alternative medicine industry generated $102.0 billion in 2021, and is estimated to reach $437.9 billion by 2031, witnessing a CAGR of 15.6% from 2022 to 2031.
The growth of the Complementary and alternative medicine market is driven by factors such as increasing consumer demand for holistic approaches to healthcare, rising awareness of natural remedies, and a focus on preventive healthcare. Additionally, some people seek CAM treatments when conventional medicine has not provided satisfactory results or when they prefer a more personalized and holistic approach to wellness.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/11547
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ, ๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ, ๐๐ง๐ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ
Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases and surge in popularity of complementary and alternative medicines & therapies along with rise in costs of traditional medicines and their side effects drive the growth of the global complementary and alternative medicine market. However, side effects associated with self-medication restrain the market growth. On the other hand, rise in adoption of strategies such as collaborations, mergers, and acquisitions by leading players create new opportunities in the coming years.
๐๐ก๐๐ญ ๐ข๐ฌ ๐ญ๐ก๐ ๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐จ๐ฏ๐ข๐-๐๐ ๐๐๐ง๐๐๐ฆ๐ข๐ ๐จ๐ง ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ ๐๐ง๐ ๐๐ฅ๐ญ๐๐ซ๐ง๐๐ญ๐ข๐ฏ๐ ๐๐๐๐ข๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐จ๐๐๐ฅ๐ฅ๐ฒ?
Owing to the surge in COVID-19 infection worldwide and lack of availability of therapeutics for treatment against COVID-19, people turned toward complementary and alternative medicines as preventive measures and treatments.
According to the research published by Mahlagha Dehghan et. al. in January 2022, nearly 84% of the participants of the survey reported usage of one of the complementary and alternative medicines (CAMs) during the COVID-19 pandemic in Iran.
Adoption of yoga and meditation experienced a sharp rise during the pandemic due to closure of fitness centers, gyms, swimming pools, and sports stadiums with lockdown restrictions in place. So, people began therapies and exercising at home. This, in turn, led to the growth of the global complementary and alternative medicine market.
Surge in online classes and sessions that offer beginner and advanced courses related to alternative therapies such as yoga, aerobics, and meditation impacted the market positively during the pandemic.
๐๐ก๐ ๐ฆ๐๐๐ข๐๐ข๐ง๐๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐๐๐ซ๐ฌ๐ก๐ข๐ฉ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on type, the medicines segment accounted for the highest market share in 2021, contributing to nearly two-thirds of the global complementary and alternative medicine market, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 15.9% from 2022 to 2031. This is due to surge in prevalence of chronic and autoimmune disorders and increase in the adoption of natural remedies such as Ayurvedic medicines and herbal supplements. The report also analyzes the therapy segment.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฉ๐จ๐ซ๐ญ (๐๐๐ ๐๐๐ ๐๐ฌ ๐๐๐ ๐ฐ๐ข๐ญ๐ก ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ, ๐๐ก๐๐ซ๐ญ๐ฌ, ๐๐๐๐ฅ๐๐ฌ, ๐๐ง๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ) @ https://www.alliedmarketresearch.com/checkout-final/c41afb3cc8d904beeb8fe4865ac1b501
๐๐ก๐ ๐๐ข๐๐๐๐ญ๐๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐ฌ๐ก๐๐ซ๐ ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on disease indication, the diabetes segment contributed to the largest market share in 2021, accounting for nearly one-third of the global complementary and alternative medicine market, and is expected to maintain its dominant share during the forecast period. This segment is expected to manifest the largest CAGR of 16.3% from 2022 to 2031. This is attributed to rise in the prevalence of different types of diabetes and rise in geriatric population. The report also analyzes segments including cardiovascular, neurology, cancer, arthritis, and others.
๐๐ก๐ ๐๐ข๐ซ๐๐๐ญ ๐ฌ๐๐ฅ๐๐ฌ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ ๐ญ๐จ ๐๐จ๐ง๐ญ๐ข๐ง๐ฎ๐ ๐ข๐ญ๐ฌ ๐๐จ๐ฆ๐ข๐ง๐๐ง๐๐ ๐๐ฎ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐๐จ๐ซ๐๐๐๐ฌ๐ญ ๐ฉ๐๐ซ๐ข๐จ๐
Based on distribution channel, the direct sales segment held the highest market share in 2021, accounting for nearly three-fifths of the global complementary and alternative medicine market, and is expected to continue its dominance during the forecast period. In addition, this segment is projected to manifest the highest CAGR of 16.1% during the forecast period. This is due to the adoption of natural remedies such as herbal supplements and Ayurvedic medicines along with increase in offline stores. The report also discusses segments including online sales and distance correspondence.
๐ ๐จ๐ซ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ- https://www.alliedmarketresearch.com/purchase-enquiry/11547
๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ ๐ญ๐จ ๐ฆ๐๐ข๐ง๐ญ๐๐ข๐ง ๐ข๐ญ๐ฌ ๐ฅ๐๐๐ ๐ฌ๐ญ๐๐ญ๐ฎ๐ฌ ๐๐ฒ ๐๐๐๐
Based on region, North America contributed to the highest market share in 2021, holding around two-fifths of the global complementary and alternative medicine market, and is expected to maintain its lead status by 2031. This is due to increase in the healthcare expenditure, the presence of major players in the country, and the strategies adopted for innovative product development. However, Asia-Pacific is projected to grow at the fastest CAGR of 16.7% from 2022 to 2031, owing to rise in prevalence of chronic diseases and abundant availability of centers for practicing yoga and meditation.
๐๐จ๐ฆ๐ฉ๐ฅ๐๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ ๐๐ง๐ ๐๐ฅ๐ญ๐๐ซ๐ง๐๐ญ๐ข๐ฏ๐ ๐๐๐๐ข๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ: All and One Medical
AYUSH Ayurvedic Pte Ltd.
Douglas Laboratories
Herbal Hills
Herb Pharm LLC
John Schumacher Unity Woods Yoga Center
Juvenon LLC
New Life Chiropractic
Nordic Naturals
Nordic Nutraceuticals
Pure Encapsulations LLC
Quality of Life Labs
Ramamani Iyengar Memorial Yoga Institute
Sheng Chang Pharmaceutical Company
The Chicago Body Works
The Natureโs Bounty Co.
Valensa International
๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐๐๐๐ฅ๐ญ๐ก๐๐๐ซ๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
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