Rising prevalence of various chronic diseases such as cancer and cardiovascular disease is driving the growth of the global complementary and alternative medicine market.
PORTLAND, Oregon., August 26, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Complementary and Alternative Medicine Market by type (drugs, therapy), by disease indication (diabetes, cardiovascular, neurology, cancer, arthritis, others), by distribution channels (direct sales, online sales, remote mail order): analysis of global opportunities and forecasts of industry, 2021-2031. “ According to the report, the global complementary and alternative medicine industry generated $102.0 billion in 2021, and should reach $437.9 billion by 2031, with a CAGR of 15.6% from 2022 to 2031.
Drivers, constraints and opportunities
The increasing prevalence of various chronic diseases such as cancer and cardiovascular diseases and the skyrocketing popularity of complementary and alternative medicines and therapies as well as the rising costs of traditional medicines and their side effects are driving the growth of the global complementary and alternative medicine market. However, side effects associated with self-medication are restraining the market growth. On the other hand, the increase in the adoption of strategies such as collaborations, mergers and acquisitions by major players is creating new opportunities in the coming years.
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Impact of Covid-19 on Complementary and Alternative Medicine Market Scenario-
- Due to the increase in COVID-19 infection worldwide and the lack of availability of therapeutics for the treatment of COVID-19, people have turned to complementary and alternative medicine as preventive measures and treatments.
- According to research published by Mahlagha Dehghan and. Al. in January 2022nearly 84% of survey participants said they had used one of complementary and alternative medicine (CAM) during the COVID-19 pandemic in Iran.
- The adoption of yoga and meditation has seen a surge during the pandemic due to the closure of fitness centers, gyms, swimming pools and sports stadiums with lockdown restrictions in place. So people started home therapies and exercises. This, in turn, has led to the growth of the global complementary and alternative medicine market.
- The increase in online classes and sessions offering beginner and advanced classes related to alternative therapies such as yoga, aerobics, and meditation has had a positive impact on the market during the pandemic.
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The Drugs Segment to Maintain Its Leading Status During the Forecast Period
On the basis of type, the drugs segment accounted for the highest market share in 2021, contributing nearly two-thirds of the global complementary and alternative medicine market, and is expected to maintain its leading status during the forecast period. . Additionally, this segment is estimated to witness the highest CAGR of 15.9% from 2022 to 2031. This is due to increasing prevalence of chronic and autoimmune diseases and increasing adoption natural remedies such as Ayurvedic medicines and herbal supplements. The report also analyzes the therapy segment.
Diabetes segment will retain its dominant share during the forecast period
Based on disease indication, the diabetes segment contributed the largest market share in 2021, accounting for nearly one-third of the global complementary and alternative medicine market, and is expected to maintain its dominant share during of the forecast period. This segment is expected to show the highest CAGR of 16.3% from 2022 to 2031. This is attributed to the increase in the prevalence of different types of diabetes and the increase in the geriatric population. The report also analyzes segments such as cardiovascular disease, neurology, cancer, arthritis and others.
The direct sales segment will continue its dominance during the forecast period
Based on distribution channel, the direct sales segment held the highest market share in 2021, accounting for nearly three-fifths of the global complementary and alternative medicine market, and is expected to maintain its dominance during the period of forecast. Also, this segment is expected to show the highest CAGR of 16.1% during the forecast period. This is due to the adoption of natural remedies such as herbal supplements and Ayurvedic medicines as well as the increase in offline stores. The report also discusses segments such as online sales and remote correspondence.
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North America maintain its leadership status by 2031
Based on the region, North America contributed the highest market share in 2021, holding around two-fifths of the global complementary and alternative medicine market, and is expected to maintain its leading status by 2031. This is due to the increase in healthcare expenditure , the presence of major players in the country and the strategies adopted for the development of innovative products. However, Asia Pacific is expected to grow at the fastest CAGR of 16.7% from 2022 to 2031, owing to the increasing prevalence of chronic diseases and abundant availability of yoga and meditation practice centers.
Main market players
- All and One Medical
- AYUSH Ayurvedic Pte Ltd.
- Douglas Laboratories
- herbal hills
- Herb Pharm LLC
- John Schumacher Unity Woods Yoga Center
- Juvenon LLC
- New chiropractic life
- Nordic naturals
- Nordic Nutraceuticals
- Pure LLC Encapsulations
- Quality of Life Laboratories
- Ramamani Iyengar Memorial Yoga Institute
- Sheng Chang Pharmaceutical Company
- Chicago Body Works
- Nature’s Bounty Co.
- Valensa International
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