Today, complementary and alternative medicine (CAM) is used widely across the globe. Complementary medicine is used alongside conventional therapies, while alternative medicine is used instead of standard medication and procedures.
Over the years, the CAM market has grown drastically due to government initiatives and people’s preference for natural and non-toxic alternatives, among other reasons.
Here’s a brief analysis of the global market for CAM. It includes the market concentration, trends, and size, as well as regions, interventions, and key players.
Trends and Size Of Alternative Medicine
According to Grand View Research, the global CAM market had an estimated value of 144.68billion in 2023. This is projected to grow at a compound annual growth rate (CAGR) of 25.3% between 2024 and 2030, hitting 694.22 billion in 2030. Increased awareness of alternative medicine, government initiatives, and rising disposable incomes are among the key drivers of this expected growth.
More widespread adoption of electronic modes is also anticipated to boost the market grip of CAM as it gives players easier access to a larger audience. For instance, through social media and the internet, industry players can speak to the billions of people who use these platforms without setting up offices in every region.
Also, many botanicals and natural supplements are sold through several e-commerce outlets today. Besides, CAM practitioners can offer therapies remotely using video and teleconference. All these significantly increase the convenience of these interventions, making them more attractive to the population.
Characteristics and Concentration
As highlighted, the CAM market is characterized by increased adoption of technology. Players use technology to drive sales and administer interventions. In addition, while state-specific regulatory organs must register several products offered under CAM, the industry has no strict requirements in terms of efficacy or quality. For instance, in the US, you do not require drug-related licensing to sell Ayurvedic medicine. However, you must have an FSSAI registration if you use food products.
Further, insurance plans do not cover alternative treatments like massage therapy, acupuncture, and ayurvedic treatment. That means one has to pay from their pockets in addition to paying for their regular medical cover. This, plus the lack of clear regulations, affects the take-up of these therapies in many parts of the world. Even so, the growing inclination of consumers toward holistic wellness sustains their desire for CAM therapies.
Regional Insights
In 2023, Europe’s 33.98% share of the CAM market was the biggest globally. Amongst countries, the UK dominated the CAM industry in Europe. Homeopathy, acupuncture, hypnosis, chiropractic, osteopathy, and medical herbalism collectively account for approximately 543.71 million US dollars in yearly spending in the country.
In the UK, four out of 10 people turn to CAM at some point. About 60% of arthritis and musculoskeletal disorder patients are particularly drawn to these treatments.
Asia Pacific’s market share is projected to expand incredibly within the forecast period. In 2023, China held the largest share among this region’s nations. However, India is expected to register the highest CAGR within this period.
In fact, it is now a requirement for every medical college in India to set up a department for research on integrative medicine. This move will definitely have a positive effect on the region’s CAM industry.
The other regions featured in this analysis include North America, Latin America, and Middle East & Asia.
Intervention Insights
CAM interventions are divided into botanicals/traditional alternative medicine, mind healing, body healing, external energy, and sensory healing. In 2022, the botanicals segment dominated the CAM market with a share of 23.05%.
In 2023, the same segment led with a market share of 34.02%. This segment has been expanding at a lucrative rate as more individuals opt for natural remedies to address various health concerns.
Both emerging and industrialized countries widely use traditional medicine today. Players advertise them as organic products, homeopathic remedies, and herbal remedies. Besides regular medication and diet, consumers commonly use them as nutritional supplements. Kratom, too, has potential therapeutic effects that may complement other conventional treatments.
Other products like herbal oils and specialty teas have also grown in popularity. From 2024 to 2030, experts expect the mind healing division of CAM to experience the fastest growth. That is because of the increased awareness of mental health and recent initiatives to integrate CAM mental healing therapies into primary care.
Key Players
Some big names presently operating in the sector are Pure Encapsulations, LLC, John Schumacher Unity Woods Yoga Center, and Nordic Nutraceuticals. These firms mainly use product and service launches to gain more market share.
Some fast-rising players include DRONANIA Pharmaceuticals GmbH, BGG Europe SA, and Siddhalepa Ayurveda GmbH. These emerging companies employ strategies like mergers and acquisitions to increase their global footprints.
Wrap Up
Complementary and alternative medicine have indeed gained worldwide popularity in recent times. Although the lack of regulation and insurance coverage discourages some consumers from using it, CAM adoption will likely grow until at least the close of this decade. With intensified government efforts and technological advancements, more and more individuals should be drawn into alternative medicine.
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