SAN FRANCISCO, February 17, 2021 /PRNewswire/ –The World complementary and alternative medicine market size is expected to reach $404.66 billion by 2028according to a new report from Grand View Research, Inc. It is expected grow at a CAGR of 22.03% from 2021 to 2028. The market has witnessed a significant expansion in its consumer base in recent years due to the benefits and philosophies that can attract customers.
The fundamental philosophies of alternative medicine practices and complementary therapies include a high preference for natural products over synthetic products, avoiding the implementation of quick-fix type therapies, ensuring sufficient time for healing, the onset of all disease is attributed to the body-imbalance, the body has the ability to heal itself, the whole patient must be treated and not just a specific part of the diseased body, and soft therapies must be administered before the harsh ones.
Main suggestions of the report:
- By intervention, traditional alternative medicine or herbal medicines dominated the market with a share of 38.48% in 2020. Herbal medicines are among the leading forms of alternative treatment practices including natural and herbal treatment supplements. of plants, combined with therapeutic interventions, incorporating herbs, oils and other healing supplements
- In the body healing interventions segment, yoga held the largest share of 36.27% in 2020. In the mind healing segment, hypnotherapy is expected to show the fastest CAGR of 22.44 % from 2021 to 2028.
- Europe held the largest share of 33.35% in 2020 due to protracted research efforts to bring CAM practices to mainstream medicine
- the Middle East and Africa is expected to grow at the fastest CAGR of 24.78% from 2021 to 2028
- Based on the distribution method, remote mail order and online sales are expected to see significant lucrative opportunities in the near future, particularly given the lockdown and social distancing implications associated with the recent outbreak of COVID- 19 around the world.
Read the 140-page research report with ToC on “Complementary and Alternative Medicine Market Size, Share and Trends Analysis Report by Intervention (Herbals, Mind Healing, Body Healing, Energy External, Sensory Healing), by Distribution Method and Segment Forecast, 2021-2028” at: https://www.grandviewresearch.com/industry-analysis/complementary-alternative-medicine-market
The most commonly administered and popular complementary therapies include the Alexander Technique, acupuncture, herbal medicine, homeopathy, aromatherapy, reiki, naturopathy, and yoga. Profitable business expansion strategies are being adopted not only by market players but also by medical circles to ensure effective marketing and promotion of alternative medicine therapies.
Traditional medicines focusing on yoga, mind and body are expected to grow in popularity in the coming years. Expanding applications of yoga and mind healing in chronic diseases, such as cancer, diabetes, COVID-19, and cardiovascular diseases, is expected to contribute to the growth of healing interventions segment of the industry. ‘spirit.
More than half of physicians working in offices in the United States have recommended at least one complementary health intervention to their patients, as reported by a survey published in January 2020. Additionally, a large number of female physicians incorporate alternative medicine approaches, while male physicians most often recommend osteopathic manipulation and chiropractic treatment interventions. An increase in the number of such surveys should allow physicians, consumers and medical schools to better understand potential differences in the use of complementary and alternative medicines.
Companies launch strategic product developments to compete in the market. For example, in July 2019, Colombia Nutritional has launched a new process solution with multi-phase onboarding functionality designed for the efficient online launch of the latest products. The main objective of this strategic product development was to maintain a minimum order quantity (MOQ) which would further improve the quality of service provided.
Grand View Research has segmented the global complementary and alternative medicine market on the basis of intervention, distribution method, and region:
- Complementary and Alternative Medicine Intervention Outlook (Revenue, USD Million, 2017 – 2028)
- Traditional/botanical alternative medicine
- Bach Flower Therapy
- Naturopathic Medicine
- Traditional Chinese Medicine
- Korean traditional medicine
- Japanese traditional medicine
- Mongolian traditional medicine
- Traditional Tibetan Medicine
- Zang Fu theory
- mind healing
- Neuro Linguistic Programming
- Self Hypnosis
- spiritual mind treatment
- transcendental meditation
- body healing
- Alexander Technique
- Autogenic training
- cupping therapy
- External energy
- Magnetic therapy
- Bio-magnetic therapy
- Magnetic resonance therapy
- Therapeutic touch
- chakra healing
- Sensory Healing
- Music therapy
- sound therapy
- Complementary and Alternative Medicine Delivery Methods Outlook (Revenue, USD Million, 2017 – 2028)
- direct sales
- Remote correspondence
- Complementary and Alternative Medicine Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- hong kong
- New Zealand
- Latin America
- Middle East & Africa
List of Complementary and Alternative Medicine Market Key Players
- Nutritional Colombia
- herbal pharmacy
- herbal hills
- Ramamani Iyengar Memorial Yoga Institute
- John Schumacher Unity Woods Yoga Center
- Yoga Tree Studios, Inc.
- Helio United States Inc.
- Nordic Nutraceuticals
- Pure Encapsulations, LLC.
- The Healing Company Ltd.
- Quantum Touch
- True Yoga
- Amrita Ayurveda & Yoga
- AYUSH Ayurvedic Pte Ltd.
- Sheng Chang Pharmaceutical Company
- LKK Health Products Group Limited
- Body and soul yoga club
- Namat Fitness Management (Shanghai) Co., Ltd. (Y+)
- ALCES LLP
Find more research reports on Pharmaceutical industryby Grand View Research:
- Middle East Integrative Health or Complementary and Alternative Medicine Market–The size of the Integrative Health or Complementary and Alternative Medicine market in the Middle East was 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.
- US chiropractic market–The US chiropractic market size was valued at $12.26 billion in 2017. It is expected to expand at a CAGR of 4.32% over the forecast period.
- Botany and Acupuncture Market–Global Herbal Medicines and Acupuncture Market Size was valued at $38.97 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 19.78% from 2020 to 2027.
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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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