Alternative medicine

Complementary and Alternative Medicine Market Worth $296.3 Billion by 2027: Grand View Research, Inc.

SAN FRANCISCO, May 27, 2020 /PRNewswire/ — The World complementary and alternative medicine market the size should reach $296.3 billion by 2027presenting a CAGR of 19.9%according to a new report from Grand View Research, Inc. Relatively high demand for alternative medicine in developing countries and growing applications of traditional medicine practiced in Asia are two key market drivers. China and India are the main contributors to the Asia Pacific region and thus provide a significant boost to income generation through complementary and alternative treatment throughout the study period.

Main suggestions of the report:

  • Plants are the oldest form of alternative treatment practices, which include herbal and natural treatment supplements as well as another natural form of treatments incorporating oils, herbs and other healing supplements.
  • Botanical Interventions segment dominated the global market throughout the study period while Magnetic Intervention is expected to grow at the fastest rate from 2020 to 2027
  • Traditional medicines that focus on healing the mind and body are among the most frequently adopted forms of alternative therapy in the world. Mind and body intervention incorporates various forms of energy and mental exercises to heal ailments
  • Yoga dominated the global complementary and alternative medicine market throughout the study period while hypnotherapy is expected to witness the highest growth rate during the forecast period.
  • Europe is expected to witness the highest market share during the forecast period. Growing preference for alternative therapeutic approaches among patients will drive the regional complementary and alternative medicine market.
  • Major industry participants include Nordic Nutraceuticals, Pure encapsulations, LLC, AYUSH Ayurvedic Pte Ltd and Sheng Chang Pharmaceutical Company
  • Companies are inclined to strategic partnerships to establish their presence in the market; for example, in June 2019AstraZeneca has partnered with the Luye Pharma group to market a herbal medicine
  • The herbal medicine product is developed from red yeast rice and is formulated to help patients suffering from cholesterol. With this partnership, AstraZeneca is set to expand its

Read the 200-page research report with ToC on “Complementary and Alternative Medicine Market Size, Share, and Trend Analysis Report by Intervention (Magnetic Intervention, Energy Healing), By Delivery Method (Sales online, direct sales), by region and segment forecast, 2020 – 2027″ to: https://www.grandviewresearch.com/industry-analysis/complementary-alternative-medicine-market

Furthermore, the increase in the number of licensed and trained physicians who can offer cutting-edge complementary therapies is expected to boost patient preference for traditional medicine. It becomes an integral part of the health system by Asiaespecially in China in which most hospitals in the country have separate departments and services dedicated to traditional therapeutic approaches.

Moreover, in terms of research, the CAM has reached a profitable stage. This can be attributed to the growing number of scientists working in established universities across the United States, Europeand Asia Pacific which focus on building a strong foundation for targeted alternative treatment for Parkinson’s disease, cancer and diabetes.

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 Billion, 2016 – 2027)
    • Botanicals
      • Ayurveda
      • Naturopathy
      • Homeopathy
    • Acupuncture
    • Healing of mind and body
      • Yoga
      • Meditation
      • energy healing
        • Eden Energy Medicine
        • Others
      • chakra healing
      • Hypnotherapy
      • Kinesiology
      • Magnetic intervention
        • Magnetic resonance therapy
        • Bio-magnetic therapy
  • Complementary and Alternative Medicine Delivery Methods Outlook (Revenue, USD Billion, 2016 – 2027)
    • direct sales
    • E-sales
    • Remote correspondence
  • Complementary and Alternative Medicine Regional Outlook (Revenue, USD Billion, 2016 – 2027)
    • North America
    • Europe
      • France
      • Germany
      • Swiss
      • Austria
      • Spain
      • Norway
      • Denmark
      • Sweden
      • Belgium
      • Netherlands
      • UK
      • Ireland
    • Asia Pacific
      • Japan
      • China
      • India
      • Australia
      • hong kong
      • Singapore
      • New Zealand
    • Latin America
    • Middle East & Africa

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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.