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Jan 24, 2022, 05:05 ET
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SAN FRANCISCO, Jan. 24, 2022 /PRNewswire/ — The global complementary and alternative medicine for anti aging and longevity market size is expected to reach USD 182.9 billion by 2028, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.2% from 2021 to 2028. Growing household income in developed countries, acceptance of herbal and ayurvedic medicine, and increasing age-related diseases have majorly the market for complementary and alternative medicine (CAM) for anti aging and longevity.
Key Insights & Findings from the report:
Read 205 page market research report, “Complementary And Alternative Medicine For Anti Aging & Longevity Market Size, Share & Trends Analysis Report By Intervention (Botanicals, Mind Healing), By Customer, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
In the traditional alternative medicine/botanicals intervention segment, Ayurveda led the market in 2020 as cosmetic market players are involved in the R&D of Ayurveda-based anti-aging cosmeceuticals. The mind healing segment is expected to witness steady growth from 2021 to 2028 due to the rising acceptance of meditation and mindfulness in corporate offices. The sensory healing segment is expected to expand at a considerable CAGR over the forecast period due to the increasing popularity in hospitals and clinics. For instance, in October 2021, Spatial, an audio platform, partnered with HealthTune scientific and Catalyst by Wellstar to use sensory healing to reduce stress and anxiety of frontline healthcare workers.
Ayurveda is acknowledged as a medicine in 16 countries including Brazil, Switzerland, Hungary, Nepal, Bahrain, UAE, and Saudi Arabia. Whilst, some regions such as Romania, Hungary, Ontario, and Turkey regulate ayurvedic practices. In the U.K., it is a part of the National Health Policy. Thus, increasing acceptance of ayurvedic medicine is expected to drive the complementary and alternative medicine market to a major extent. In addition, insurance coverage by public and private players is anticipated to fuel market growth.
COVID-19 has become a catalyst for the implementation of CAM therapies in day-to-day life. Owing to the pandemic, online yoga classes witnessed a 25% increase in enrollment level. Similarly, in the COVID-19 pandemic, the demand for yoga equipment accelerated by154%. Key players and governing regulatory bodies are undertaking various strategic initiatives such as regional expansion to develop their presence in the market.
Grand View Research has segmented the global complementary and alternative medicine for anti aging and longevity market on the basis of intervention, customer, and region:
List of Key Players of Complementary And Alternative Medicine For Anti Aging & Longevity Market
Check out more studies related to complementary & alternative medicine, published by Grand View Research:
Browse through Grand View Research’s coverage of the Global Pharmaceuticals Industry.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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