Complementary & Alternative Medicine Market Worth $210.81 Billion By 2026
The global complementary and alternative medicine market size is expected to generate a revenue of USD 210.81 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 17.07% during the forecast period. Factors such as the increasing adoption and usage of natural supplements/wellness medicine coupled with government initiatives to promote adoption of the therapy is expected to create revenue generation avenues.
Complementary and alternative forms of therapy are used in the treatment of chronic ailments, long-term pain among others and are also used for additional vitamins and other dietary supplementation of regular diet. Moreover, with considerable increase in the costs of conventional medicine and inclination towards body wellness rather than pharmaceutical cure is likely to boost the market over the forecast period.
Approximately two third population of most of the developed and developing countries has reported using one or the other form of alternative or complementary medicine. Certain countries are moving towards legalization of some alternative medicine and therapies backed with approved clinical data.
Further key findings from the report suggest:
- The market is driven by high adoption of herbal dietary supplements and other wellness therapies like yoga, and acupuncture
- Botanical has become the most prominent form of alternative medicine as the segment was observed to hold the largest market share in terms of revenue 2018
- Europe and Asia Pacific in combination are anticipated to hold a major market share in terms of revenue over the forecast period
- Developing regions such as Latin America and Middle East Africa are set to witness considerable growth in demand over the forecast period driven by high cost of conventional medicine and lack of their availability in certain countries
- Some of the key players and wellness institutes active in the complementary and alternative medicine market are Columbia Nutritional Inc.; Herb Pharm; Herbal Hills; Helio USA Inc.; Deepure Plus; Nordic Naturals; Pure encapsulations, Inc.; and other wellness institutes like Iyengar Yoga Institute; John Schumacher’s Unity Woods Yoga Center; Yoga Tree; The Healing Company; and Quantum Touch Inc.