Global complementary and alternative medicine market size is projected to reach USD 296.3 billion by 2027

July 23, 2020 - The global complementary and alternative medicine market size is projected to reach USD 296.3 billion by 2027, exhibiting a CAGR of 19.9%. A comparatively high demand for alternative medicine across developing countries and expanding applications of traditional medicine practiced in Asia are two key driving factors of the market. China and India are the key contributors to the Asia Pacific region and thus are offering significant momentum to the revenue generation by complementary and alternative treatment through the study period.

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In addition, increase in the number of licensed and trained physicians who can offer state-of-the-art complementary therapies is set to boost patient preference toward traditional medicine. It is becoming integral in the healthcare system in Asia, especially in China wherein most of the hospitals in the country have distinct departments and wards that are dedicated to traditional therapeutic approaches.

Moreover, in terms of research, CAM has reached a remunerative stage. This can be attributed to the rising pool of scientists working at established universities across U.S., Europe, and Asia Pacific who are focusing on building a robust foundation for the alternative treatment targeted toward Parkinson’s disease, cancer, and diabetes.

Further key findings from the report suggest:

• Botanicals are the most ancient form of alternative treatment practices, which include herbal and natural treatment supplements along with another natural form of treatments incorporating oils, herbs, and other curative supplements

• The botanicals intervention segment dominated the global market throughout the study period, whereas magnetic intervention is expected to grow at the fastest rate from 2020 to 2027

• Mind and body healing oriented traditional medicines are some of the most frequently adopted forms of alternate therapies worldwide. Mind and body intervention incorporates various forms of energy and mind exercises to heal ailments

• Yoga has dominated the global complementary and alternative medicine market throughout the study period, whereas hypnotherapy is projected to witness the highest growth rate over the forecast period

• Europe is anticipated to witness highest market share over the forecast period. Rising preference for alternative treatment approaches among patients will drive the regional market for complementary and alternative medicine.

• Key industry participants include Nordic Nutraceuticals, Pure encapsulations, LLC, AYUSH Ayurvedic Pte Ltd, and Sheng Chang Pharmaceutical Company

• Companies are inclined toward strategic partnerships to establish their presence in the market; for instance, in June 2019, AstraZeneca partnered with Luye Pharma Group to market a herbal therapy

• The herbal medicine product is developed from red yeast rice and is formulated to assist patients suffering from cholesterol. With this partnership, AstraZeneca is set to expand its business across China.

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