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Alternative & Complementary Medicine Market worth $249.19 billion by 2030, growing at a CAGR of 12.59% - Exclusive Report by 360iResearch
Alternative & Complementary Medicine Market | 360iResearch
The Global Alternative & Complementary Medicine Market to grow from USD 108.59 billion in 2023 to USD 249.19 billion by 2030, at a CAGR of 12.59%.
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Alternative and complementary medicines (ACM) encompass a broad spectrum of healthcare practices, therapies, and products not commonly associated with standard Western medicine. ACM falls into two categories, namely, complementary and alternative. Complementary medicine is used with traditional medical treatments to alleviate symptoms and augment the efficacy of conventional care, whereas alternative medicine serves as a substitute for these treatments. These approaches derive from various philosophical and evidence-based foundations, often traced to age-old medical traditions. Key practices in the ACM include acupuncture, homeopathy, chiropractic services, yoga, meditation, and dietary supplements. Notably, when these non-conventional practices complement conventional medicine, they are termed "complementary," but when they replace conventional medicine, they are identified as "alternative. Key drivers include increasing consumer preference for natural products, growing awareness of the side effects of allopathic medications, and a rising aging population prone to chronic diseases. However, the market challenges include regulatory hurdles, the lack of standardization and quality control across products and services, and limited medical insurance coverage for alternative treatments. Opportunities lie in expanding preventive healthcare, partnerships between complementary and conventional care providers, and technological advancements in product development. There is also potential for an increase in healthcare expenditure in emerging economies, where traditional medicine is often deeply rooted in cultural practices.
Market Segmentation & Coverage:
This research report categorizes the Alternative & Complementary Medicine Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Type, market is studied across Body Therapy, Diet & Herbs-Based Therapy, Energy Healing Therapy, Mind Therapy, Sensory Healing, and Traditional Alternative Medicine Therapy. The Energy Healing Therapy is further studied across Chakra Healing, Magnetic Therapy, Radionics, Reiki, and Therapeutic Touch. The Sensory Healing is further studied across Aromatherapy, Music therapy, Sonopuncture, and Sound Therapy. The Traditional Alternative Medicine Therapy is further studied across Apitherapy, Ayurveda, Bach Flower Therapy, Naturopathic Medicine, Traditional Chinese Medicine, Traditional Japanese Medicine, Traditional Korean Medicine, Traditional Mongolian Medicine, Traditional Tibetan Medicine, and Zang Fu Theory. The Traditional Alternative Medicine Therapy commanded largest market share of 25.79% in 2023, followed by Diet & Herbs-Based Therapy.
Based on Indication, market is studied across Arthritis, Asthma, Cancer, Cardiology, Diabetes, and Neurology. The Diabetes commanded largest market share of 26.85% in 2023, followed by Arthritis.
Based on Distribution Channel, market is studied across Direct Sales, Distance Correspondence, Online Sales, and Special Clinics/Centres. The Direct Sales commanded largest market share of 60.43% in 2023, followed by Online Sales.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 38.57% in 2023, followed by Americas.
FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Alternative & Complementary Medicine Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Alternative & Complementary Medicine Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Alternative & Complementary Medicine Market, highlighting leading vendors and their innovative profiles. These include AmeriCare Physical Therapy, Boiron, Cipla Limited, Columbia Nutritional, LLC, Dabur India Ltd., First Natural Brands Ltd., Full Motion Physical Therapy, Herb Pharm, LLC, Mountain Rose Herbs, Nature's Bounty, Inc., Nordic Naturals, PEKANA Naturheilmittel GmbH, Pharmesis International Ltd., Pure Encapsulations, LLC, Rocky Mountain Oils LLC, schwa-medico GmbH, Seirin Corporation, The Arya Vaidya Pharmacy (CBE) Ltd., The Himalaya Drug Company, and Weleda AG.
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Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Alternative & Complementary Medicine Market, by Type
7. Alternative & Complementary Medicine Market, by Indication
8. Alternative & Complementary Medicine Market, by Distribution Channel
9. Americas Alternative & Complementary Medicine Market
10. Asia-Pacific Alternative & Complementary Medicine Market
11. Europe, Middle East & Africa Alternative & Complementary Medicine Market
12. Competitive Landscape
13. Competitive Portfolio
14. Appendix
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Alternative & Complementary Medicine Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Alternative & Complementary Medicine Market?
3. What is the competitive strategic window for opportunities in the Alternative & Complementary Medicine Market?
4. What are the technology trends and regulatory frameworks in the Alternative & Complementary Medicine Market?
5. What is the market share of the leading vendors in the Alternative & Complementary Medicine Market?
6. What modes and strategic moves are considered suitable for entering the Alternative & Complementary Medicine Market?
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