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Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases drives the growth of the global complementary and alternative medicine market.
PORTLAND, Ore., Aug. 26, 2022 /PRNewswire/ — Allied Market Research published a report, titled, "Complementary and Alternative Medicine Market by Type (Medicines, Therapy), by Disease Indication (Diabetes, Cardiovascular, Neurology, Cancer, Arthritis, Others), by Distribution Channels (Direct Sales, Online Sales, Distance Correspondence): Global Opportunity Analysis and Industry Forecast, 2021–2031." According to the report, the global complementary and alternative medicine industry generated $102.0 billion in 2021, and is estimated to reach $437.9 billion by 2031, witnessing a CAGR of 15.6% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases and surge in popularity of complementary and alternative medicines & therapies along with rise in costs of traditional medicines and their side effects drive the growth of the global complementary and alternative medicine market. However, side effects associated with self-medication restrain the market growth. On the other hand, rise in adoption of strategies such as collaborations, mergers, and acquisitions by leading players create new opportunities in the coming years.
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Impact of Covid-19 on Complementary and Alternative Medicine Market Scenario-
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The medicines segment to maintain its leadership status during the forecast period
Based on type, the medicines segment accounted for the highest market share in 2021, contributing to nearly two-thirds of the global complementary and alternative medicine market, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 15.9% from 2022 to 2031. This is due to surge in prevalence of chronic and autoimmune disorders and increase in the adoption of natural remedies such as Ayurvedic medicines and herbal supplements. The report also analyzes the therapy segment.
The diabetes segment to maintain its dominant share during the forecast period
Based on disease indication, the diabetes segment contributed to the largest market share in 2021, accounting for nearly one-third of the global complementary and alternative medicine market, and is expected to maintain its dominant share during the forecast period. This segment is expected to manifest the largest CAGR of 16.3% from 2022 to 2031. This is attributed to rise in the prevalence of different types of diabetes and rise in geriatric population. The report also analyzes segments including cardiovascular, neurology, cancer, arthritis, and others.
The direct sales segment to continue its dominance during the forecast period
Based on distribution channel, the direct sales segment held the highest market share in 2021, accounting for nearly three-fifths of the global complementary and alternative medicine market, and is expected to continue its dominance during the forecast period. In addition, this segment is projected to manifest the highest CAGR of 16.1% during the forecast period. This is due to the adoption of natural remedies such as herbal supplements and Ayurvedic medicines along with increase in offline stores. The report also discusses segments including online sales and distance correspondence.
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North America to maintain its lead status by 2031
Based on region, North America contributed to the highest market share in 2021, holding around two-fifths of the global complementary and alternative medicine market, and is expected to maintain its lead status by 2031. This is due to increase in the healthcare expenditure, the presence of major players in the country, and the strategies adopted for innovative product development. However, Asia-Pacific is projected to grow at the fastest CAGR of 16.7% from 2022 to 2031, owing to rise in prevalence of chronic diseases and abundant availability of centers for practicing yoga and meditation.
Leading Market Players
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