Complementary and Alternative Medicine Market Report 2023: Estimated Yield, Revenue Analysis, New Opportunities and Forcast Players Nordic Nutraceuticals, The Healing Company Ltd., Sheng Chang Pharmaceutical Company

As per the report published by The Brainy Insights, the global complementary and alternative medicine market is expected to grow from USD 108.32 billion in 2022 to USD 913.82 billion by 2032, at a CAGR of 23.77% during the forecast period 2023-2032. Over the forecast period, Asia-Pacific is anticipated to develop at the highest CAGR of 27.99%. The market for complementary and alternative medicine in Asia-Pacific is expanding due to the rise in demand for herbal supplements. In this region, medicinal plants are still widespread. Therefore, it is projected that the market for complementary and alternative medicine in the Asia-Pacific region will grow during the forecast period. The National Medical Commission in India suggested in September 2021 that each healing college create a "Department of Integrative Medicine Research" to encourage the merging of contemporary medicine with homoeopathy and indigenous Indian medicinal systems like Ayurveda. As a result, it will encourage market growth.

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Complementary and Alternative Medicine Market Size by Intervention (Mind Healing, External Energy, Traditional Alternative Medicine/Botanicals, Sensory Healing, Body Healing), Distribution Method (E-sales, Direct Sales, Distance Correspondence), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Nordic Nutraceuticals, The Healing Company Ltd., Sheng Chang Pharmaceutical Company, Herb Pharm, Columbia Nutritional, John Schumacher Unity Woods Yoga Centre, AYUSH Ayurvedic Pte Ltd., Ramamani Iyengar Memorial Yoga Institute, Pure encapsulations, LLC., among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The global complementary and alternative medicine market has been segmented based on intervention, distribution method, and region. The intervention segment is divided into mind healing, external energy, traditional alternative medicine/botanicals, sensory healing, and body healing. The traditional alternative medicine/botanicals segment dominated, with a market share of around 23.05% in 2022. Traditional remedies are most frequently utilised in both highly developed and developing nations. They are marketed as organic products, herbal cures, and homoeopathic treatments. In most countries, they are regularly used as nutritional supplements in addition to standard diet and treatment. In the modern world, the appeal of various products has grown, like tea and herbal oils. The distribution method segment is divided into e-sales, direct sales, and distance correspondence. The direct sales segment dominated the market, with a market share of around 36.16% in 2022. It is a result of the medical industry's rapid growth. This development is encouraged by government financing for improving healthcare facilities and promoting complementary therapies.



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To expand their operations, several acupuncture and Ayurveda practitioners and organisations intend to look into the direct sales of complementary medicines and alternative therapies.

The market is anticipated to grow over the next several years due to significant regulatory reforms and a shifting regulatory environment. Strong international alliances will be built between nations to work together on alternative medicine projects, which will be adopted and spread worldwide. Government initiatives considerably promote the growth of complementary and alternative medicine practises by raising targeted spending, constructing government facilities, and establishing rules to ensure the use of these therapies. By examining the laws governing the right to health in all forms, the government hopes to increase the involvement of service providers and patients in alternative and complementary medical areas.

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