Complementary and Alternative Medicine Market by Intervention (Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, and Sensory Healing), Distribution Method (Direct Sales, E-Sale, and Distance Correspondence): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 122.57 billion mark in 2022 and is expected to hit US$ 697.81 billion by 2030, recording a CAGR of 24.3% during the forecast period. 

Market Dynamics

Government assistance for setting up complementary and alternative treatment centers

The PIB Delhi 2021 report states that the Ministry of Ayush announced launching a massive nationwide campaign for distributing polyherbal Ayurvedic drugs AYUSH 64 and Siddha drug Kabasura Kudineer to benefit the vast majority of out-of-hospital COVID patients. The efficacy of these drugs has been proved through robust multi-center clinical trials. Also, AYUSH-64 is recommended in National Clinical Management Protocol based on Ayurveda and Yoga, which the National Task Force vets on COVID Management of ICMR and Guidelines for Ayurveda Practitioners for COVID-19 patients intended for home isolation. Such aforementioned factors are responsible for the overall market growth of the global complementary and alternative medicine market during the forecast period of 2022-2028.

Future Trends

Rising attention to alternative medicine

The CBI-EU report states rising consumer concerns about the potential side effects of pharmaceutical drugs or regular medication. Many consumers have shifted their focus towards alternative medicines involving homeopathy, natural remedies, and supplements. Also, some experts have started promoting the benefits of alternative medication, particularly to patients suffering from chronic health conditions. Europe has the second largest market for complementary and alternative medicine globally, with studies revealing that the most used are CAM treatment is massage therapy (used by 11.9% of the population), followed by homeopathy (5.7%), osteopathy (5.2%), herbal therapies (4.6%), acupuncture (3.6%), chiropractic (2.3%), reflexology (1.7%), and spiritual healing (1.3%). Such notable developments create lucrative opportunities for natural ingredients in nutraceuticals, supplements, and natural remedies, ultimately contributing to overall market growth during the forecast period of 2022-2028.

Market Segmentation

Within the report, the market is segmented into intervention, distribution method, and geography. On the basis of intervention, the market is segregated as traditional alternative medicine/botanicals, mind healing, body healing, external energy, and sensory healing. By distribution method, the market is segregated as direct sales, e-sales, and direct correspondence. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Intervention Insights

Based on intervention, traditional alternative medicine/botanicals segment will account considerable market share during the analysis period of 2022-2028. As botanicals are widely used in alternative medicine in developing and developed countries, they are utilized in herbal supplements, homeopathic medicines, and other natural products. Additionally, botanicals are used extensively in the form of dietary supplements along with standard food and medicine. Such supportive factors act as a standalone factor responsible for segmental growth responsible for overall market growth during the forecast period of 2022-2028.

Key Takeaway:

In March 2022, The World Health Organization (WHO) announced an agreement with the Government of India (GOI) to establish the WHO Global Center for Traditional Medicine. The agreement is supported by an investment of US$250 million from the GOI, aiming to harness the potential of traditional medicine worldwide through modern science and technology to improve people's and the planet's health.

Recent strategic developments in complementary and alternative medicine market

The complementary and alternative medicine market has undergone several significant developments, and a few of these have been mentioned below:

• In December 2019, Modern Acupuncture, announced inauguration of a new clinic in Florida, the second-most Modern Acupuncture clinic and 54th in the US. The reach is expected to expand related to acupuncture services offered by the clinic in the country and strengthen its market presence.

The complementary and alternative medicine market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Columbia Nutritional, The Healing Company, Unity Woods, Sheng Chang Pharmaceutical Company, Pure Encapsulations, LLC., Herb Pharm, Best Herbal Supplements by Ayush Herbs, Nordic Pharma, Pure Encapsulations, LLC., and Modern Acupuncture are among the prominent players operating in the market.

Target audience for the report:

• Complementary and alternative medicine service providers
• Complementary and alternative medicine related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• End users of complementary and alternative medicine
• Research institutes, organizations, and consulting companies[HN2] 

Scope of the report:

In this report, the market has been segmented on the basis of:

• Intervention:
  • Traditional Alternative Medicine/Botanicals
    • Ayurveda
    • Apitherapy
    • Naturopathic Medicine
    • Others
  • Mind Healing
    • Autosuggestion
    • Hypnotherapy
    • Self-hypnosis
    • Transcendental Meditation
    • Others
  • Body Healing
    • Acupressure
    • Acupuncture
    • Pilates
    • Yoga
    • Others
  • External Energy
    • Magnetic Therapy
    • Radionics
    • Reiki
    • Chakra Healing
  • Sensory Healing
    • Aroma Therapy
    • Music Therapy
    • Sonopuncture
    • Sound Therapy
• Distribution Method
  • Direct Sales
  • E-Sales
  • Distance Correspondence
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies Profiled
  • Columbia Nutritional
  • The Healing Company
  • Unity Woods
  • Sheng Chang Pharmaceutical Company
  • Pure Encapsulations, LLC.
  • Herb Pharm
  • Best Herbal Supplements by Ayush Herbs
  • Nordic Pharma
  • Pure Encapsulations, LLC.
  • Modern Acupuncture