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Global Complementary And Alternative Medicine Market Size, Share, Growth Analysis And Forecast To 2033
Global Complementary And Alternative Medicine Market Size
According to The Business Research Company's, The complementary and alternative medicine market size has grown exponentially in recent years. It will grow from $151.23 billion in 2023 to $182.31 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to the growth in consumer awareness, increased prevalence of chronic diseases, rise in healthcare costs, dissatisfaction with conventional medicine, and cultural and societal acceptance.
The complementary and alternative medicine market size is expected to see exponential growth in the next few years. It will grow to $388.00 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to personalized medicine and tailored treatments, emphasis on preventive healthcare and wellness, expanding insurance coverage for CAM therapies, rising demand for natural and organic products, digital health platforms and telemedicine. Major trends in the forecast period include the growth of telehealth consultations for CAM, emphasis on mental health and well-being, the rise of self-care and DIY remedies, the adoption of wearable health technology, and the integration of AI and machine learning in CAM treatments.
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Market Drivers and Trends:
The increase in the prevalence of chronic diseases is expected to drive the growth of the complementary and alternative medicine market going forward. Chronic diseases are long-term health conditions that persist over time and typically do not resolve on their own. The increase in the prevalence of chronic diseases can be attributed to various factors, such as aging populations, unhealthy lifestyles, environmental factors, and improved diagnostics leading to better detection. CAM aids in mitigating the prevalence of chronic disease by offering alternative treatment options, promoting holistic approaches to health, and addressing underlying factors such as stress and inflammation. For instance, in July 2023, according to the Department of the Treasury, an Australia-based national treasury and financial department, in 2020-21, nearly half of Australians of all ages (46.6%) had one or more chronic diseases, and almost one in five (18.6%) had two or more chronic conditions. Therefore, the increase in the prevalence of chronic diseases is driving the growth of the complementary and alternative medicine market.
Major companies and authorities operating in the complementary and alternative medicine market are increasing their focus on developing advanced solutions, such as aromatherapy solutions, to gain a competitive edge in the market. Aromatherapy is a branch of complementary and alternative medicine (CAM) that involves using essential oils and aromatic compounds from plants to promote health and well-being. For instance, in December 2022, Adoratherapy, a US-based developer of aromatherapy products, launched its Alkemie Chakra Healing collection, featuring aroma perfume sprays, dry touch body oils, body lotions, and lotion candles all with the same scents. The scents were created to balance and heal using aromatherapy principles, which incorporate essential oils as active elements.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Bikram Yoga, ARKOPHARMA Laboratories Company Limited, Aboca SpA, Boiron USA, Laboratorios Funat, Nordic Nutraceuticals, Dabur India Ltd., Nordic Naturals, UAS Laboratories, A.Vogel Ltd., Quantum-Touch, Herb Pharm LLC, Creative Biolabs, Nature's Bounty, Baidyanath Group, SKM Siddha and Ayurvedha Company Ltd., Weleda AG, Afriplex, Herbal Hills, Arya Vaidya Pharmacy, Edizioni Riza spa, Vaidyaratnam Oushadhasala Pvt. Ltd., Nutritional Wellness Center, PEKANA Naturheilmittel GmbH, Himalaya Global Holdings Ltd. (Himalaya Herbal Healthcare), Geriatric & Medical Companies Inc., Naturoveda Health World, Alternative Medicine Institute, e-Therapeutics plc
Complementary And Alternative Medicine Market 2024 Key Insights:
• The complementary and alternative medicine market size is expected to see exponential growth in the next few years. It will grow to $388.00 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%.
• Increase In The Prevalence Of Chronic Diseases Driving The Complementary And Alternative Medicine Market
• Advanced Aromatherapy Solutions In The CAM Market
• North America was the largest region in the complementary and alternative medicine market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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