Fairfield Market Research, a leading market intelligence and consulting firm, has recently released a report predicting an accelerated opportunity for the global complementary and alternative medicine market. With the market surpassing the US$100 billion mark in 2021, the report highlights impressive growth prospects for the years to come.
Market Analysis in Brief
Complementary and alternative medicines encompass a range of health practices and treatments that facilitate cancer treatment. Complementary medicines are often used alongside standard treatments recommended by doctors, while alternative medicines aim to substitute these standard treatments. Examples of complementary medicine include meditation, biofeedback, massage, tai chi, reiki, guided imagery, music therapy, and dietary supplements. Manipulation therapies and body-based therapies are commonly used forms of complementary medicine. With the increasing prevalence of chronic diseases, the global complementary and alternative medicine market is expected to grow rapidly.
Read More: https://www.fairfieldmarketresearch.com/report/complementary-alternative-medicine-market
Key Report Findings
The report reveals several key findings about the global complementary and alternative medicine market:
- Market Size Exceeded US$100 Billion: In 2021, the global complementary and alternative medicine market surpassed the US$100 billion mark, indicating its significant size and growth potential.
- Government Initiatives and Prevalence of Chronic Diseases Drive Growth: Robust initiatives by governments and the rising prevalence of chronic diseases are major drivers of market growth.
- Increasing Acceptance of External Energy Intervention: Patients, doctors, and naturopaths are becoming more informed about treatment options and are readily accepting and adopting external energy intervention as part of their healthcare practices.
- Asia Pacific to Become the Fastest-Growing Market: The Asia Pacific region is expected to witness rapid growth and emerge as the fastest-growing market for complementary and alternative medicine.
- Top Players: Columbia Nutritional, The Healing Company Ltd., Nordic Nutraceuticals, Ramamani Iyengar Memorial Yoga Institute, and John Schumacher Unity Woods Yoga Centre are the top five organizations operating in the market.
Growth Drivers
Growing Geriatric Population and Concurrent Rise in Prevalence of Medical Ailments
Complementary and alternative medicine offers a range of treatment options that differ from traditional medical approaches. These include the use of herbs, acupuncture, massage therapy, homoeopathic remedies, and chiropractic care. These treatments can effectively address various conditions such as fatigue, nausea, pain, and cancer. As consumers become more aware of natural therapies, the demand for complementary and alternative medicine continues to rise.
The growth of the complementary and alternative medicine market is further propelled by the comfort and reduced stress associated with these treatments. Moreover, these treatments offer alternative approaches to the diagnosis and treatment of various medical issues. The increasing prevalence of diseases and the growing geriatric population contribute significantly to market growth.
According to the United Nations, the global geriatric population is anticipated to reach 2 billion by 2050, indicating a significant demographic shift. The rising popularity of complementary and alternative medicine presents numerous opportunities for health insurance companies. Some insurance providers are already offering coverage for complementary and alternative medicine treatments.
Favorable Government Initiatives
Governments worldwide are recognizing the efficacy and effectiveness of complementary and alternative medicine. Consequently, several initiatives are being undertaken to update regulatory frameworks, norms, and health-related rights pertaining to all types of medicines. These initiatives promote the quality and accessibility of complementary and alternative medical treatments, leading to the expansion of the medical tourism sector.
Governments are also allocating substantial funds to alternative medicine and promoting its benefits. Awareness among consumers regarding the availability of complementary and alternative medicines and their advantages, including minimal complications and side effects, has increased significantly. These factors create a favorable environment for the flourishing of the global complementary and alternative medicine market in the upcoming years.
Overview of Key Segments
Traditional Alternatives/Botanicals Gain Prominence
Consumers are increasingly accepting botanicals and herbs as substitutes for conventional medicines. The demand for natural products, including herbal and botanical supplements, herbal medicines, and homoeopathic products, is becoming more pervasive.
Botanicals are often used as complementary additions to regular medicines and as dietary supplements for the treatment of various diseases. Therefore, the traditional alternatives/botanicals segment is expected to hold a dominant share in the global complementary and alternative medicine market.
External Energy Segment Flourishes
The external energy segment is projected to experience significant growth throughout the forecast period. Magnetic resonance and bio-magnetic therapy are driving the demand for external energy interventions. Patients, doctors, and naturopaths are increasingly aware of these treatment options and are readily adopting external energy interventions. As a result, the external energy segment is expected to contribute significantly to the overall revenue of the global complementary and alternative medicine market.
Direct Sales Channels Make a Major Contribution
The direct sales channel segment is gaining tremendous traction in the distribution of complementary and alternative medicine. The growth of medical tourism significantly contributes to the prominence of this segment. Government investments in improving treatment facilities and promoting alternative medicines also play a vital role in the segment’s increasing significance.
Ayurveda and acupuncture practitioners heavily rely on direct sales, further driving the growth of this segment. The adoption of acupuncture treatment among patients is also increasing, further supporting the growth of the complementary and alternative medicine market.
Additionally, distance correspondence emerges as the fastest-growing segment during the forecast period. This can be attributed to the rising adoption and preference for distance education, meditation programs, yoga training programs, and mind healing programs among practitioners.
Asia Pacific Dominates with Launches and New Developments
The Asia Pacific region is expected to dominate the global complementary and alternative medicine market, with growing awareness of these treatment options and the rising incidence of chronic diseases. Initiatives to launch and develop various alternative medicine and therapies are further propelling market growth in the region.
In recent years, the region has witnessed a significant increase in the prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, and neurological diseases. For example, cardiovascular diseases have become a leading cause of mortality in Japan, and gastric cancer diagnoses have been projected to increase in Australia. These factors contribute to the growing demand for complementary and alternative medicine in the Asia Pacific region.
Leading Industry Participants
Several prominent players operate at the forefront of the global complementary and alternative medicine market. Some of these key players include Columbia Nutritional, The Healing Company Ltd., Nordic Nutraceuticals, Ramamani Iyengar Memorial Yoga Institute, John Schumacher Unity Woods Yoga Centre, Pure Encapsulations, LLC., Sheng Chang Pharmaceutical Company, Herb Pharm, and AYUSH Ayurvedic Pte Ltd. These organizations contribute to the advancement and growth of the market through their innovative products and services.
In conclusion, the global complementary and alternative medicine market is poised for significant growth in the coming years. The rise in chronic diseases, coupled with government initiatives and the growing acceptance of these treatment options, are driving market expansion. With the Asia Pacific region leading the way, complementary and alternative medicine is set to play a crucial role in the future of healthcare.
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