How is the Complementary And Alternative Medicine Market Poised for Growth: Trends and Opportunities Through 2034
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What is the Predicted Annual Growth Rate of the Complementary And Alternative Medicine Market Over the Coming Decade?
The market size for complementary and alternative medicine has seen a dramatic increase in the past few years. Its growth is projected to continue from $182.31 billion in 2024 to $220.68 billion in 2025, signifying a compound annual growth rate (CAGR) of 21.0%. This surge in the historical period can be traced back to several factors such as improved consumer awareness, a higher incidence of chronic illnesses, escalating healthcare costs, discontentment with traditional medicine, and favorable societal and cultural acceptance.
The market size for complementary and alternative medicine is projected to skyrocket in the upcoming years, hitting $468.31 billion in 2029 with a compound annual growth rate (CAGR) of 20.7%. Factors contributing to this growth in the forecasting period include an emphasis on personalized medicine and unique treatments, a focus on preventative health and wellbeing, increased insurance availability for CAM therapies, elevated demand for organic and natural products, and the influence of digital health platforms and telemedicine. Throughout the forecast period, the expanding use of telehealth consultations for CAM, a growing focus on mental health and wellness, a surge in self-care and homemade remedies, increasing usage of wearable health technology, and the implementation of artificial intelligence and machine learning in CAM treatments will be key trends.
Which Drivers Are Expected to Have the Greatest Impact on the Complementary And Alternative Medicine Market’s Growth?
The growth of the complementary and alternative medicine market is anticipated to be propelled by the rising incidence of chronic diseases. Chronic illnesses are enduring health issues that do not spontaneously resolve over time. The amplified incidence of these diseases is influenced by many factors including an aging population, unhealthy lifestyle choices, environmental conditions, and advancements in diagnostics that result in improved detection. Complementary and alternative medicine (CAM) contributes to reducing the impact of chronic diseases by offering alternative therapeutic options, advocating for holistic health practices, and tackling key issues like stress and inflammation. To give an example, the Singapore Heart Foundation (SHF), a non-profit organization based in Singapore, reported that the number of deaths due to ischemic heart diseases increased slightly to 5,302 in May 2024, up from 5,290 in 2022. Hence, the escalation in chronic disease frequency is fuelling the expansion of the complementary and alternative medicine market.
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What Are the Major Players Making an Impact in the Complementary And Alternative Medicine Market’s Growth?
Major companies operating in the complementary and alternative medicine market are:
• Bikram Yoga
• ARKOPHARMA Laboratories Company Limited
• Aboca SpA
• Boiron USA
• Laboratorios Funat
Which Upcoming Trends Are Set to Influence the Complementary And Alternative Medicine Market’s Path Forward?
In the complementary and alternative medicine market, major corporations and governing bodies are increasingly concentrating on the development of innovative solutions like aromatherapy, in order to gain a competitive advantage. Aromatherapy, a specialisation within complementary and alternative medicine (CAM), leverages the power of plant-derived essential oils and aromatics to foster health and well-being. For example, in December 2022, Adoratherapy, a US-based aromatherapy products creator, introduced its Alkemie Chakra Healing range inclusive of aroma perfume sprays, dry touch body oils, body creams, and lotion candles all carrying the same fragrances. These fragrances were formulated with the intention of achieving harmony and healing, using essential oils as the primary active components in tune with aromatherapy concepts.
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Which Key Market Segments Comprise the Complementary And Alternative Medicine Market and Drive Its Revenue Growth?
The complementary and alternative medicine market covered in this report is segmented –
1) By Type: Alternative Medical Systems, Mind-Body Interventions, Biologically Based Therapies, Manipulative And Body-Based Methods, Energy Therapies, Other Types
2) By Disease Indication: Arthritis, Asthma, Cancer, Diabetes, Cardiology, Neurology, Other Disease Indications
3) By Application: E-training, Direct Contact, Distance Correspondence
4) By End-Users: Hospitals, Specialty Clinics, Therapy Centers, Other End-Users
Subsegments:
1) By Alternative Medical Systems: Traditional Chinese Medicine (TCM), Ayurveda, Naturopathy, Homeopathy, Native American Medicine, Unani Medicine
2) By Mind-Body Interventions: Meditation, Yoga And Tai Chi, Cognitive Behavioral Therapy (CBT), Hypnotherapy, Biofeedback
3) By Biologically Based Therapies: Herbal Medicine, Dietary Supplements, Functional Foods, Probiotics, Vitamins And Minerals, Aromatherapy
4) By Manipulative And Body-Based Methods: Chiropractic Care, Massage Therapy, Osteopathic Manipulative Therapy, Acupressure, Reflexology
5) By Energy Therapies: Reiki, Therapeutic Touch, Acupuncture, Qigong, Healing Touch
6) By Other Types: Aromatherapy, Light Therapy, Music Therapy, Art Therapy, Crystal Healing
What Regions Are Steering Growth in the Complementary And Alternative Medicine Sector?
North America was the largest region in the complementary and alternative medicine market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the complementary and alternative medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Complementary And Alternative Medicine Market Classified and Defined in Market Analysis?
Complementary and alternative medicine (CAM) refers to a diverse range of healthcare practices and products not typically considered part of conventional medicine, often used alongside or instead of conventional treatments. These medicines aim to provide tailored, patient-centered care that supplements traditional medical treatments or gives alternatives for people looking for holistic and integrative approaches to healthcare.
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