Press release
Complementary and Alternative Medicine Market Valued at USD 135.14 Bn in 2023
Complementary and Alternative Medicine Market
The global complementary and alternative medicine (CAM) market is experiencing significant growth, with projections indicating a substantial rise in market size and adoption rates. Valued at approximately USD 135.14 billion in 2023, the market is expected to reach nearly USD 362.96 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 17.9% during the forecast period.
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Complementary and Alternative Medicine Market Competitive Landscape and Regional Demand
The CAM market is characterized by a diverse range of therapies and practices, including traditional alternative medicine, mind healing, body healing, external energy, and sensory healing. This diversity has led to a fragmented market with numerous players operating globally. Notably, regions such as Asia-Pacific are witnessing higher demand, driven by cultural acceptance and government initiatives promoting traditional medicine practices.
United States: Growth and Trends
In the United States, the CAM market is poised for substantial growth, attributed to increasing consumer interest in holistic health approaches and integrative medicine. The rising prevalence of chronic diseases has led individuals to seek alternative therapies alongside conventional treatments. Notably, the establishment of integrative medicine departments within clinics reflects this trend, aiming to merge conventional and complementary medicine practices.
NCBI
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Asia-Pacific: Opportunities and Consolidation
The Asia-Pacific region is expected to grow at a lucrative rate during the forecasted period. The increased demand for herbal supplements is driving the expansion of the CAM industry in this region. China held the largest market share, and India is estimated to grow at the fastest CAGR over the forecast period. Approximately 80% of people in China opt for traditional medicine supplements, reiki, and acupuncture to address chronic illnesses and various other diseases. Additionally, the National Medical Commission (NMC) in India mandated the establishment of "Departments of Integrative Medicine Research" in medical colleges to foster collaboration between modern medicine and traditional practices like Ayurveda.
Europe: Trends and Updation
Europe dominated the global CAM market, accounting for a market share of over 33.14% in 2023. The increased adoption of alternative medicines among consumers and decreasing dependency on modern medicines have boosted the growth of the European CAM market. The region's market size was estimated at USD 41.01 billion in 2023 and is projected to reach approximately USD 397.62 billion by 2033, with a CAGR of 25.5% from 2024 to 2033.
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Middle East and Africa: Trends and Updation
In the Middle East and Africa, there is a growing interest in CAM practices, particularly in regions with rich traditions of herbal medicine. Governments are increasingly recognizing the potential of CAM in enhancing healthcare delivery and are implementing initiatives to integrate these practices into national health systems. This integration aims to provide more comprehensive healthcare options to the population, reflecting a trend towards embracing traditional medicine alongside conventional healthcare services.
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Complementary and Alternative Medicine Market Segmentation
By Intervention
Traditional Alternative Medicine/Botanicals
Mind Healing
Body Healing
External Energy
By Product
Vitamins
Minerals
Herbal products
others
By Diseases
Cancer
Diabetes
Chronic pain
Coronary artery disease
Others
By Distribution Channel
Direct Sales
E-sales
Distance Correspondence
Other
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