Global Alternative and Complementary Medicine Market By Intervention (Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, and Sensory Healing), By Distribution Method (Direct Sales, Distance Correspondence, and E-sales), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Alternative And Complementary Medicine Market Overview:

The global market for alternative and complementary medicine was worth USD 100,040.32 million in 2021. This market is projected to grow at a CAGR, of 21.6% between 2023-2032.

With a changing regulatory landscape and strong government initiatives, the market is expected to grow rapidly in the future. These efforts will lead to stronger transnational connections between healing pathways that link global, local, and national movements regarding alternative medicine.

In addition, government initiatives examining norms in relation to the right of health in all forms will be supplementing the participation of service providers as well as users in the field. In order to increase demand for integrative healthcare and complementary medicine, government initiatives are crucial. These include increasing targeted expenditure, setting up facilities in the government, and publishing guidelines to help ensure that appropriate use of complementary or alternative medicine (CAM) is made.

Global Alternative and Complementary Medicine Market

Intervention Analysis

With a market share of 37.5%, botanicals, often known as traditional alternative medicine, dominated the market in 2021. Both developed and developing nations use botanicals as alternative medicine. They are available in herbal supplements, homeopathic medicine, and other natural products. They are commonly used as dietary supplements in most countries.

The popularity of other products, such as tea and oils made from herbs, has increased in industrialized nations. India and China are two countries where herbal products are very popular. This trend will continue to increase the market growth. Because these herbs and medicinal plants can be packaged in many forms, including tablets and ointments as well as syrups and whole herbs, they are gaining significant popularity.

Magnetic CAM intervention will be more popular due to the high demand for biomagnetic therapy. Due to its popularity among patients, doctors, and naturopaths as a beneficial form of complementary or alternative medicine therapy, magnetic resonance therapy will grow at a CAGR of 22.7% over the forecast period.

The concept of bio-magnetic treatment has gained significant traction in the industry and among customers. This is because it has emerged as one of the most promising forms of therapy. The revenue from bio-magnetic therapies is growing as the industry shifts from chemistry-oriented health care to surgery-oriented.

Distribution Method Analysis

Direct sales had a greater revenue share than 72.5% in 2021. Direct sales are expected to dominate the market over the next decade due to the phenomenal growth of medical tourism. The trend has been supported by government funding to enhance treatment facilities and promote alternative medicines. Different Ayurveda and Acupuncture practitioners across the country are interested in the direct distribution of alternative medicine to grow their businesses.

These organizations concentrate on interactions between practitioners and patients as well as therapeutic strategies that increase revenue. Michelle Greek from Seneca Falls Acupuncture PLLC has published articles about the frequency of successful treatment methods in acupuncture practices. She focuses on patient response and willingness to follow up with further recommendations or visits.

From 2023 to 2032, the distance correspondence segment will experience the fastest CAGR at 22.40%. The strong revenue from this segment can be attributed to the growing popularity of distance education, as well as training programs for meditation and yoga. Also, most practitioners are now using distance healing techniques.

A growing number of practitioners are also attempting to provide acupuncture services from a distance in order to increase their marketability. In Asheville, North Carolina, SUN and Moon Healing provides online acupuncture. Tree of Life Acupuncture & Resonation Acupuncture is another such entity that offers innovative distance acupuncture services (Katie Briggs).

Key Market Segments

Intervention

• Traditional Alternative Medicine/Botanicals
  • Apitherapy
  • Ayurveda
  • Naturopathic Medicine
  • Bach Flower Therapy
  • Others
• Mind Healing
  • Hypnotherapy
  • Autosuggestion
  • Self-hypnosis
  • Neuro-linguistic Programming
  • Others
• Body Healing
  • Acupuncture
  • Acupressure
  • Auriculotherapy
  • Alexander Technique
  • Others
• External Energy
  • Radionics
  • Magnetic Therapy
  • Therapeutic Touch
  • Reiki
  • Chakra Healing
• Sensory Healing
  • Music therapy
  • Aromatherapy
  • Sound Therapy
  • Sonopuncture

Distribution Method

• Direct Sales
• Distance Correspondence
• E-sales

Market Dynamics

Regulation bodies are also focused on Medical Tourism because it attracts people out of other countries and helps them find world-class alternatives to medical treatment. Indian regulatory bodies have made substantial investments in standardizing and developing alternative medical facilities in certain states. A government body called the “Ministry of Ayush” was established to oversee education, product, research, and other aspects of yoga and Ayurveda in India.

In the future, research-oriented toward traditional medicine for COVID-19 people will gain momentum. Although governments around the world want to promote traditional options for COVID-19 patients, it is crucial to follow the same research standards as for all other drug candidates.

Research that looked at different medicinal plants’ potential to treat COVID-19 patients successfully set off this trend. The study is anticipated to positively impact the development of the CAM sector.

Alternative medicine practitioners have been hampered by the absence of clinical evidence to support the claims of natural medicine practitioners. With strong financing for clinical research along these lines, this will soon be resolved.

Regional Analysis

Europe had the largest share at 32.6% in 2021. Alternative and complementary medicine has seen a lot of popularity, with a wide variety of procedures that are less dependent upon modern medicine like acupuncture. In Norway, we have seen a marked increase in hospitals that offer alternative and complementary medicine, particularly acupuncture.

In Norway, more than 40% of hospitals provided acupuncture therapy as of 2008. Acupuncture remains the most sought-after and widely accepted alternative medicine treatment in Norway. It is available in both outpatient and inpatient hospitals.

From 2023 to 2032, Africa and the Middle East will experience the fastest growth at 23.8%. This region has seen significant growth in the number of alternative medicine practitioners. Numerous studies have been conducted to determine how popular herbal treatments are in Middle Eastern nations. These studies offer a focused investigation of variables like accessibility, cost, and regional herb use. This will contribute to faster market expansion.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis

Recent years have seen market fragmentation due to an increasing number of medium and large-sized competitors. To sustain increasing industry competition, market entities have taken different strategic initiatives such as portfolio expansions, business expansions, marketing programs, and strategic business plans.

Modern Acupuncture opened a new clinic at Pinecrest in Florida in December 2019. It is the 54th U.S. Modern Acupuncture facility. This clinic will be able to offer more acupuncture services and increase its market share.

Key Market Players

These are some of the most prominent players in this global market for complementary and alternative medicine.

• Ramamani Iyengar Memorial Yoga Institute
• Nordic Nutraceuticals
• John Schumacher Unity Woods Yoga Centre
• The Healing Company Ltd.
• Pure encapsulations LLC.
• Sheng Chang Pharmaceutical Company
• AYUSH Ayurvedic Pte Ltd.
• Herb Pharm
• Columbia Nutritional
• Other Key Players

For the Global Alternative And Complementary Medicine Market research study, the following years have been considered to estimate the market size: