DUBLIN–(BUSINESS WIRE)–Jun 10, 2022–
The global complementary and alternative medicine market reached a value of US$ 100.04 billion in 2021. Looking forward, the market is projected to reach US$ 315.5 billion by 2027, exhibiting a CAGR of 20.8% during 2022-2027.
- Ayush Ayurvedic Pte Ltd.
- Columbia Nutritional LLC
- Helio USA Inc.
- Herb Pharm LLC
- Herbal Hills
- Nature’s Bounty
- Nordic Naturals
- Pure Encapsulations LLC (Nestle S.A.)
- The Healing Company Ltd.
- Unity Woods Yoga Center
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Complementary and alternative medicine (CAM) refers to medical products and practices that are not considered a part of conventional or standard medical treatment. It comprises a combination of self-administered products and activities, such as herbal medicines, homeopathic remedies, dietary supplements, and yoga, with chiropractic care, massage therapy, and acupuncture. It also includes manipulative and body-based practices, biofield therapy, and whole medical systems. At present, CAM is widely used to treat individuals with cancer and alleviate common side effects like nausea, pain, and fatigue.
The rising consumer preferences for natural products and gentle therapies represent one of the key factors catalyzing the demand for CAM worldwide. Moreover, as it provides comfort and reduces the stress of patients, CAM is gaining widespread adoption in the diagnosis and prevention of various medical ailments. The growing prevalence of chronic diseases, along with the rising geriatric population, is positively influencing the market.
Furthermore, due to its increasing popularity, several health insurance companies are offering CAM coverage in their medical plans, which is contributing to market growth. Apart from this, governing agencies of numerous countries are focusing on promoting medical tourism, which is fueling the demand for CAM around the world. Additionally, there is a significant rise in the need for natural or alternative medicines to treat coronavirus disease (COVID-19) patients. This, in turn, is anticipated to promote the usage of CAM and offer lucrative opportunities to market players for expanding their consumer reach.
Key Questions Answered in This Report
- How has the global complementary and alternative medicine market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global complementary and alternative medicine market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the disease indications?
- What is the breakup of the market based on the distribution channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global complementary and alternative medicine market and who are the key players?
- What is the degree of competition in the industry?
5 Global Complementary and Alternative Medicine Market
7 Market Breakup by Disease Indications
8 Market Breakup by Distribution Channel
9 Market Breakup by Region
12 Porters Five Forces Analysis
14.3 Profiles of Key Players
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: ALTERNATIVE MEDICINE HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 06/10/2022 06:55 AM/DISC: 06/10/2022 06:56 AM
Copyright Business Wire 2022.