Fairfield Market Research, a leading market research firm, has forecasted a promising future for the global complementary and alternative medicine (CAM) market. Surpassing the US$100 billion mark in 2021, the CAM market is expected to witness impressive growth in the coming years.
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Market Analysis in Brief
Complementary and alternative medicine refers to a range of medicines and health practices that support cancer treatment. Complementary medicines are often used alongside standard treatments prescribed by doctors, while alternative medicines aim to replace traditional treatments altogether. Examples of complementary medicine include meditation, biofeedback, massage, tai chi, reiki, guided imagery, music therapy, and dietary supplements. Manipulation therapies and body-based therapies are widely used as complementary treatments. With the increasing prevalence of chronic illnesses, the global CAM market is poised for rapid growth.
Key Report Findings
- Market Size Surpasses US$100 Billion: The global CAM market exceeded the US$100 billion mark in 2021, demonstrating its substantial market value.
- Government Initiatives and Prevalence of Chronic Diseases Drive Growth: Robust initiatives by governments and the rising prevalence of chronic diseases serve as key drivers for market expansion.
- Acceptance of External Energy Intervention: Patients, doctors, and naturopaths are increasingly informed about and accepting of treatment options involving external energy intervention.
- Asia Pacific as the Fastest-Growing Market: The Asia Pacific region is anticipated to experience the fastest growth in the CAM market.
- Top Organizations: Columbia Nutritional, The Healing Company Ltd., Nordic Nutraceuticals, Ramamani Iyengar Memorial Yoga Institute, and John Schumacher Unity Woods Yoga Centre are the top five organizations operating in the market.
Growth Drivers
Growing Geriatric Population and Prevalence of Medical Ailments
Complementary and alternative medicine offers an alternative approach to traditional medical treatments by utilizing herbs, acupuncture, massage therapy, homoeopathic remedies, and chiropractic care. These treatments address various conditions such as fatigue, nausea, pain, and even cancer. As consumers become more aware of natural therapies, the demand for complementary and alternative medicine has significantly increased.
The growth of the CAM market is further driven by the comfort and reduced stress associated with these treatments, as well as their ability to support the treatment and diagnosis of various medical issues. The rising prevalence of diseases and the growing geriatric population are expected to contribute to market growth.
According to the United Nations, the global geriatric population is projected to reach 2 billion by 2050. This increase in the elderly population is expected to create numerous opportunities for health insurance companies, with some already offering coverage for complementary and alternative medicine.
Favorable Government Initiatives
Governments around the world are recognizing the efficacy and effectiveness of complementary and alternative medicine. To promote its adoption, several initiatives are being undertaken to update regulatory frameworks, norms, and health-related rights pertaining to all types of medicines. This landscape is propelling market players and service providers to actively contribute to the expansion of the CAM market. Governments are ambitiously promoting the quality and accessibility of complementary and alternative medical treatments, which also benefits the medical tourism sector.
Government investments in alternative medicine and the rising demand for immunity-boosting homoeopathic and Ayurvedic herbs and medicines further contribute to the market’s growth. Additionally, increased consumer awareness of the availability and benefits of complementary and alternative medicines, with their emphasis on minimal complications and side effects, has played a significant role in driving market expansion. These factors collectively indicate a flourishing CAM market in the years to come.
Overview of Key Segments
Traditional Alternatives/Botanicals Gain Prominence
Botanicals and herbs have gained acceptance as substitutes for traditional medicines, with increasing demand for natural products, herbal and botanical supplements, herbal medicines, and homoeopathic products.
Botanicals are commonly used as complementary additions to regular medicines and food for the treatment of various diseases. The traditional alternatives/botanicals segment is expected to hold a dominant share in the global CAM market.
External Energy Segment Shows Strength
The external energy segment is anticipated to grow significantly throughout the forecast period. This can be attributed to the escalating demand for magnetic resonance and bio-magnetic therapy. Patients, doctors, and naturopaths are becoming more aware of these treatment options and are readily accepting external energy intervention. As a result, the external energy segment is expected to contribute significantly to the revenue of the global CAM market.
Direct Sales Channels Play a Major Role
The direct sales channel segment is gaining tremendous traction in the CAM market. The segment’s growth is fueled by the flourishing medical tourism industry and substantial government funding aimed at improving treatment facilities and promoting alternative medicines. Ayurveda, acupuncture practitioners, and other alternative medicine providers heavily rely on direct sales, contributing to the segment’s increasing prominence. The adoption of acupuncture treatment among patients is also on the rise, further supporting the growth of the CAM market.
Distance correspondence emerges as the fastest-growing segment during the forecast period. This can be attributed to the increasing adoption of distance education, meditation programs, yoga training programs, and mind-healing programs among practitioners.
Overview of Key Segments
Asia Pacific Leads with Launches and Developments
The Asia Pacific region is expected to dominate the CAM market, with growing awareness of complementary and alternative medicines and a rising incidence of chronic diseases. Initiatives to launch and develop various alternative medicines and therapies in the region further contribute to market growth.
In recent years, the healthcare sector has faced a rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases, and neurological diseases. Cardiovascular diseases, including heart disease, have become a leading cause of mortality in Japan, according to the Health and Global Policy Institute (HGPI). Similarly, Cancer Australia projected that nearly 2,572 people would be diagnosed with gastric cancer in Australia in 2022.
Leading Industry Participants
Columbia Nutritional, The Healing Company Ltd., Nordic Nutraceuticals, Ramamani Iyengar Memorial Yoga Institute, John Schumacher Unity Woods Yoga Centre, Pure Encapsulations, LLC., Sheng Chang Pharmaceutical Company, Herb Pharm, and AYUSH Ayurvedic Pte Ltd. are among the prominent players at the forefront of the global complementary and alternative medicine market.
Conclusion
The global complementary and alternative medicine market is on a path of accelerated growth, driven by government initiatives, a rising geriatric population, and the increasing prevalence of chronic diseases. Consumers’ acceptance of external energy intervention and the prominence of botanicals as alternatives to traditional medicines further fuel market expansion. The Asia Pacific region leads the way with successive launches and new developments in the CAM market. As complementary and alternative medicine becomes increasingly recognized and integrated into healthcare systems worldwide, the future of the market looks promising.
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