According to IMARC Group’s latest report, titled “Complementary and Alternative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 100.04 Billion in 2021. Complementary and alternative medicine (CAM) represents a range of therapeutic products and diagnostic procedures that are not considered part of mainstream medical therapies. It encompasses homeopathic remedies, self-administered tools, bio-field therapy, naturopathy, acupuncture, and dietary supplements. CAM alleviates muscle tension, improves wound healing, provides relaxation, and reduces stress, pain, and anxiety. As a result, it is generally used alongside conventional medicines to treat various chronic ailments and common side effects.
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The global CAM market is primarily driven by the increasing prevalence of neurological disorders, especially amongst the geriatric population. This is further supported by shifting preferences toward natural medicines owing to their several beneficial properties. Additionally, the rising health concerns and the coronavirus disease (COVID-19) pandemic have prompted governments to invest in pharmaceutical companies to develop alternative natural drugs for treating patients, which is propelling the market growth. Other factors, such as significant improvements in the healthcare infrastructure, extensive medical tourism promotion, and ongoing research and development (R&D) activities to introduce CAM with enhanced efficacy, are contributing to the market growth. Looking forward, IMARC Group expects the global complementary and alternative medicine market to reach US$ 315.5 Billion by 2027, exhibiting a CAGR of 20.8% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Ayush Ayurvedic Pte Ltd.
- Columbia Nutritional LLC
- Helio USA Inc.
- Herb Pharm LLC
- Herbal Hills
- Nature’s Bounty
- Nordic Naturals
- Pure Encapsulations LLC (Nestlé S.A.)
- The Healing Company Ltd.
- Unity Woods Yoga Center
Complementary and Alternative Medicine Market Segmentation:
Breakup by Type:
- Traditional Alternative Medicine Therapy
- Body Therapy
- Diet and Herbs Based Therapy
- Energy Healing Therapy
- Mind Therapy
Breakup by Disease Indications:
Breakup by Distribution Channel:
- Special Clinics/Centres
- Distance Correspondence
- Direct Sales
- Online Sales
Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa.
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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