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Written by Business News » Updated on: October 19th, 2024
IMARC Group has recently released a new research study titled "Complementary and Alternative Medicine Market Report by Type (Traditional Alternative Medicine Therapy, Body Therapy, Diet and Herbs Based Therapy, Energy Healing Therapy, Mind Therapy, and Others), Disease Indications (Arthritis, Cancer, Asthma, Diabetes, Cardiology, Neurology, and Others), Distribution Channel (Special Clinics/Centres, Distance Correspondence, Direct Sales, Online Sales, and Others), and Region 2024-2032", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global complementary and alternative medicine market size reached US$ 144.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 657.0 Billion by 2032, exhibiting a growth rate (CAGR) of 17.8% during 2024-2032.
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Factors Affecting the Growth of the Complementary and Alternative Medicine Industry:
Rising Consumer Demand for Holistic Health Approaches:
One of the most significant factors propelling the CAM market is the growing consumer demand for holistic and personalized healthcare solutions. As people become more health-conscious and seek ways to complement conventional medical treatments, they turn to CAM therapies such as acupuncture, herbal medicine, chiropractic care, and mindfulness practices.
This shift is largely driven by a desire for natural, less invasive treatment options and a more personalized approach to health. Many individuals are also attracted to CAM due to its emphasis on treating the whole person—mind, body, and spirit—rather than just addressing symptoms. This holistic perspective resonates with those who prefer to integrate lifestyle changes, preventive measures, and alternative therapies into their health regimen.
Increasing Integration of CAM with Conventional Medicine:
Another major driver is the growing acceptance and integration of CAM with conventional medical practices. Healthcare providers and institutions are increasingly recognizing the benefits of incorporating CAM therapies into standard care protocols. This integration often involves collaborative approaches where CAM practitioners work alongside conventional healthcare professionals to provide comprehensive patient care.
The rising number of integrative medicine centers and multidisciplinary clinics reflects this trend. Such integration is supported by increasing research and evidence demonstrating the efficacy of certain CAM treatments, which encourages both patients and healthcare providers to explore these options as complementary therapies. This acceptance is further bolstered by the growing number of medical schools and institutions offering training in CAM practices, thereby increasing their credibility and professional integration.
Technological Advancements and Increased Accessibility:
Technological advancements play a crucial role in expanding the CAM market by making alternative therapies more accessible and convenient for consumers. The proliferation of digital health platforms, telemedicine, and mobile health applications has facilitated easier access to CAM practitioners and resources. For example, online consultations with CAM professionals, virtual wellness programs, and digital tools for tracking health and wellness have become increasingly popular.
These technologies allow users to engage with CAM practices from the comfort of their homes, overcoming geographical and logistical barriers. Additionally, the rise of e-commerce platforms has made it easier for consumers to access a wide range of CAM products, such as dietary supplements, essential oils, and herbal remedies, thus fueling market growth.
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Complementary and Alternative Medicine Market Report Segmentation:
By Type:
Traditional alternative medicine therapies, such as acupuncture and herbal medicine, have a long history and widespread acceptance, making them the most prominent segment in the market.
By Disease Indications:
On the basis of disease indications, the market has been categorized into arthritis, cancer, asthma, diabetes, cardiology, neurology, and others.
By Distribution Channel:
Direct sales provide consumers with immediate access to CAM products and personalized recommendations, driving their significant market share.
Regional Insights:
North America has a high prevalence of health-conscious consumers and a well-established infrastructure for CAM practices, contributing to its dominance in the market.
Global Complementary and Alternative Medicine Market Trends:
The growth of the complementary and alternative medicine (CAM) market is significantly driven by increasing awareness and educational efforts about the benefits and safety of CAM therapies. As more information becomes available through various media and health education platforms, consumers are becoming better informed about alternative treatment options and their potential advantages. Additionally, rising levels of chronic diseases and dissatisfaction with conventional treatments are prompting individuals to explore CAM as a viable complement or alternative. The expanding body of research supporting the efficacy of CAM practices, combined with a growing number of wellness influencers advocating for natural and preventative approaches to health, is further strengthening market growth by broadening public acceptance and interest in these therapies.
Top Companies Operated in Complementary and Alternative Medicine Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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