July 19, 2021
According to the research report titled, ‘Global Complementary And Alternative Medicine Market Size study, by Intervention (Traditional Alternative Medicine/Botanical, Mind Healing, Body Healing, External Energy and Sensory Healing), by Distribution Method (Direct Sales, E-sales and Distance Correspondence), and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global complementary and alternative medicine market was worth USD 82.27 billion in 2020 and is expected to register 22% CAGR with a valuation of USD 330.95 billion over 2021-2027.
Increasing prevalence of chronic diseases like cancer, as well as side-effects of allopathy medicines are propelling the growth of global complementary and alternative medicine market. Additionally, surging investment in research & development, coupled with technological advancements in healthcare, and governmental initiatives to encourage the adoption of complementary and alternate medicines are also catalyzing the industry outlook.
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For the unversed, complementary and alternative medicines are an arrangement of self-administered activities and products, like homeopathic remedies, herbal medicines, dietary supplements, and yoga, with acupuncture, massage therapy, and chiropractic care.
On the contrary, dearth of awareness of using herbal supplements as well as lack of scientific results for these medicines are likely to restrain the market scenario during the forecast period.
In terms of intervention, the industry size is classified into external energy, mind healing, sensory healing, body healing, and traditional alternative medicine/botanicals. Based on distribution method, the marketspace is bifurcated into e-sales, direct sales, and distance correspondence.
As per expert verbatim, North America held major portion of worldwide complementary and alternative medicine industry share in the recent past, owing to presence of skilled professionals in the region and expanding populace with severe disorders.
Parallelly, Asia Pacific market is anticipated to record the highest growth rate over 2021-2027, creditable to rising popularity of health supplements, and availability of herbal supplements.
Leading companies in global complementary and alternative medicines market sphere include Columbia Nutritional LLC, Ramamani Iyengar Memorial Yoga Institute, John Schumacher’s Unity Woods Yoga Centre, Pure Encapsulations Inc., AYUSH Ayurvedic Pte Ltd., The Healing Company Ltd., Herb Pharm LLC, Sheng Chang Pharmaceutical Co. Ltd., Nordic Nutraceuticals, and LKK Health Products Group Ltd. among others.