Complementary and Alternative Medicine Market to Reach $437.9 Billion, Globally, by 2031 at 15.6% CAGR: Allied Market Research

Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases drives the growth of the global complementary and alternative medicine market.

PORTLAND, Ore., Aug. 26, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Complementary and Alternative Medicine Market by Type (Medicines, Therapy), by Disease Indication (Diabetes, Cardiovascular, Neurology, Cancer, Arthritis, Others), by Distribution Channels (Direct Sales, Online Sales, Distance Correspondence): Global Opportunity Analysis and Industry Forecast, 2021–2031.” According to the report, 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.

Drivers, Restraints, and Opportunities

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.

Download Sample Report-

Impact of Covid-19 on Complementary and Alternative Medicine Market Scenario-

  • 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.

Get detailed COVID-19 impact analysis on the Complementary and Alternative Medicine Market-

The medicines segment to maintain its leadership status during the forecast period

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.

The diabetes segment to maintain its dominant share during the forecast period

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.

The direct sales segment to continue its dominance during the forecast period

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.

For Purchase Inquiry-

North America to maintain its lead status by 2031

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.

Leading Market Players

  • 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 Nature’s Bounty Co.
  • Valensa International

Official Press Release

Similar Research Reports for Information, Communication and Technology:

 Gas Chromatography Market- Global Opportunity Analysis and Industry Forecast, 2021–2030

 Medical Electrodes Market- Global Opportunity Analysis and Industry Forecast, 2021–2030

3D Cell Culture Market- Global Opportunity Analysis and Industry Forecast, 2021–2030

Neurovascular Devices Market- Global Opportunity Analysis and Industry Forecast, 2021–2030

Viral Vector and Plasmid DNA Manufacturing Market- Global Opportunity Analysis and Industry Forecast, 2021–2030

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link:

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975  
[email protected]  
Web:

Logo:

SOURCE Allied Market Research

Source

Similar Posts