SAN FRANCISCO, January 24, 2022 /PRNewswire/ — The World complementary and alternative medicine for the anti-aging and longevity market size is expected to reach $182.9 billion by 2028, according to a new report from Grand View Research, Inc. It is projected to grow at a CAGR of 22.2% from 2021 to 2028. Growth in household income in developed countries, acceptance of herbal and Ayurvedic medicine, and increase in age-related diseases mainly have the complementary and alternative medicine (CAM) market for the fight against aging and longevity.
Main information and conclusions of the report:
- By intervention, the alternative traditional/botanical medicine segment held the largest revenue share in 2020. It is expected to maintain the trend during the forecast period owing to the increasing use of spiritual techniques as well as herbal medicines in disease management around the world.
- On a client basis, High Net Worth Individuals (HNW) held the second largest revenue share in 2020 due to high disposable income and higher awareness of CAM therapies in the area of anti aging and longevity, life expectancy
- Europe became the most revenue-generating region in 2020 due to countries with high disposable incomes, the growing popularity of CAM modalities and an aging population
- MEA is expected to expand at the highest CAGR throughout the forecast period. It is expected that Kuwait and Qatar largely contributing to the growth of the regional market
- In June 2021, the government of India launched the “mYoga” application, developed by the National Institute of Yoga Morarji Desai, Ministry of Ayush in partnership with the WHO. The app contains the practice and training audios and videos based on the common yoga protocol. The objective is to promote one world, one health
Read the 205-page market research report, “Complementary and Alternative Medicine for Anti Aging and Longevity Market Size, Share and Trends Analysis Report by Intervention (Herbals, Mind Healing), by Customer, by Region and Segment Forecast , 2021-2028“, by Grand View Research
In the alternative traditional/botanical medicine intervention segment, Ayurveda dominated the market in 2020 as cosmetics market players are involved in the R&D of Ayurveda-based anti-aging cosmeceuticals. The mind healing segment is expected to see steady growth from 2021 to 2028 due to the growing acceptance of meditation and mindfulness in corporate offices. The sensory healing segment is expected to grow at a considerable CAGR over the forecast period owing to the growing popularity in hospitals and clinics. For example, in October 2021, Spatial, an audio platform, has partnered with HealthTune Scientific and Catalyst by Wellstar to use sensory healing to reduce stress and anxiety for frontline healthcare workers.
Ayurveda is recognized as a medicine in 16 countries including Brazil, Switzerland, Hungary, Nepal, Bahrain, United Arab Emirates and Saudi Arabia. While some regions such as Romania, Hungary, Ontario, and Turkey regulate Ayurvedic practices. In the UK, this is part of national health policy. Thus, the growing acceptance of Ayurvedic medicine is expected to drive the complementary and alternative medicine market to a large extent. Additionally, insurance coverage by both public and private players is expected to fuel the growth of the market.
COVID-19 has become a catalyst for the implementation of CAM therapies in daily life. Due to the pandemic, online yoga classes have seen a 25% increase in enrollment. Similarly, during the COVID-19 pandemic, the demand for yoga equipment accelerated by 154%. Key players and incumbent regulatory bodies are undertaking various strategic initiatives such as regional expansion to grow their presence in the market.
Market segmentation :
Grand View Research has segmented the global complementary and alternative medicine market for anti aging and longevity on the basis of intervention, client, and region:
- Complementary and Alternative Medicine Intervention Outlook for Anti-Aging and Longevity (Revenue, USD Million, 2017 – 2028)
- Traditional/botanical alternative medicine
- Naturopathic Medicine
- Traditional Chinese Medicine
- Zang Fu theory
- body healing
- Acupuncture & Massage
- Qigong & Tai Chi
- mind healing
- Meditation and Mindfulness
- External Energy Healing
- Magnetic and electromagnetic therapy
- chakra healing
- Sensory Healing
- sound healing
- Complementary and Alternative Medicine for Anti-Aging and Longevity Customer Outlook (Revenue, USD Million, 2017 – 2028)
- High Net Worth (HNW) Individuals
- Individuals with very high net worth (VHNW)
- Ultra High Net Worth (UHNW) Individuals
- Complementary and Alternative Medicine Regional Outlook for Anti-Aging and Longevity (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- United Arab Emirates
- Saudi Arabia
List of Complementary and Alternative Medicine for Anti-Aging and Longevity Market Key Players
- Spine Chiropractic Center
- Anadolu Medical Center
- Acupuncture Children
- Ayurveda Kuwait
- Mayan Reiki School
- Al Zuhair Holistic Medicine Center
- Ayurmana by Dharma Ayurveda
- Miskawaan Health Group
- Therme Vienna
- Optimal center of the spine and joints
- First chiropractic center
- Lama Polyclinic LLC
- Al Manar Ayurvedic Center
- American Chiropractic Center
- Qatar Chiropractic and Physiotherapy Clinic
- Elixir Health Center
- Acupuncture.Paris (AnabelChantellier)
- Transforma Health
- Swiss Academy of Ayurvedic Medicine
- Clinic Les Alpes
- Paracelsus KlinikLustm√ºhle Ag
- Swiss alternative medicine
- Turnpaugh Health and Wellness
- The Center for Natural and Integrative Medicine
- Angel Longevity Medical Center
- Peaks Of Health Metabolic Medical Center
- Clinic JscmTcm
- London Hydrotherapy
- Ming Chen Clinic
- Ukacupuncture Clinic
- Bionorica SE
- Weg Der Mitte
- Pascoe Natural Medicine
- Brixsana Private Clinic
- Homeopathy Center Vescovio
- Sha Wellness Clinic
- Sukha Ayurveda
- Sarria Quiropractica
- Natural Healing Acupuncture Medical Center
- Kindcare Medical Center
- To cure
- Aviv Clinics
- Seva experience
- Bahrain Hospital and Wellness Center
- Intouch clinic
- Chinese international body care houses
- Doha Chiropractic Center
- Hospital Specialized Medical Center
- Fakeeh. Care
- Almoyassar Physiotherapy Center
- Muroona Clinic and Fitness
- Terme Di Riolo S.r.l.
Check out more studies related to complementary and alternative medicine, published by Grand View Research:
- Complementary and Alternative Medicine Market – The global complementary and alternative medicine market size has been valued at $82.27 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 22.03% from 2021 to 2028. The market is expected to gain momentum in the coming years owing to the changing regulatory scenario, associated to strong government initiatives.
- European Complementary and Alternative Medicine Market – The Europe the size of the complementary and alternative medicine market has been valued at $27.44 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 20.89% from 2021 to 2028. Complementary and alternative medicine (CAM) is considered a mainstream treatment and the market is primarily driven by taking growing awareness of the many associated benefits.
- Middle East Integrative Health or Complementary and Alternative Medicine Market – The Middle East the size of the Integrative Health or Complementary and Alternative Medicine market has been valued at $4.52 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 22.75% from 2020 to 2027. The market is expected to gain momentum in the coming years owing to the increasing use of integrative medicine in the treatment of chronic diseases, such as respiratory diseases and oncological disorders.
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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SOURCEGrand View Research, Inc.