Complementary and Alternative Medicine Market Growth or Demand Increase or Decrease for what contains:
- The global CAM market is experiencing significant growth, widely utilized in both developed and developing countries.
- The rising incidence of chronic conditions like cancer and the increasing elderly population are major drivers of market growth.
- Government initiatives supporting alternative medicine practices and high public interest in CAM due to factors like the high cost and side effects of modern pharmaceuticals are also contributing to market expansion.
Complementary and Alternative Medicine Market CAGR Estimation:
Complementary and Alternative Medicine Market size was valued at USD 135.14 Billion in 2023 and the revenue is expected to grow by 17.9% from 2024 to 2030, reaching nearly USD 362.96 Billion by 2030.
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Complementary and Alternative Medicine Market Segmentation:
By Disease:
- Cancer: Expected to grow at a CAGR of 8.1% during the forecast period, with a significant percentage of cancer patients in various countries using CAM.
- Diabetes, Chronic Pain, Coronary Artery Disease, and Others.
By Disease, the cancer category is predicted to increase at an 8.1% CAGR over the forecast period. The use of complementary and alternative medicine among cancer patients has steadily increased during the last several decades. 16% of cancer patients in the United Kingdom use complementary and alternative treatment. The number is comparable to the 13% reported for complementary and alternative medicine in the United States. However, a survey of 127 cancer patients in the United Kingdom revealed that 29% used complementary and alternative treatment.
By Intervention:
- Traditional Alternative Medicine/Botanicals
- Mind Healing (Meditation, Relaxation Techniques)
- Body Healing (Massage Therapy, Acupuncture)
- External Energy
Complementary and Alternative Medicine Market Overview:
- CAM encompasses a wide range of healthcare practices such as traditional Ayurvedic medicine and Chinese medicine, as well as therapies like shark cartilage, bee pollen, and ozone therapy.
- It includes approaches that complement or serve as alternatives to conventional medicine.
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Complementary and Alternative Medicine Market: Which Regions are Experiencing Growth or Increased Demand?
North America:
- Leads the market due to a large population with significant disorders, high healthcare expenditure, and the presence of key players.
- North America held the highest revenue share in 2023.
Europe:
- Significant revenue share expected during the forecast period.
- High demand for alternative therapies like acupuncture.
Asia Pacific:
- Expected to experience significant growth due to rising demand for herbal supplements and the abundance of medicinal plants.
Complementary and Alternative Medicine Market Scope and Methodology:
- The research covers market size estimation, growth rate projections, key market dynamics, competitive landscape analysis, and regional insights.
- Methodology includes primary and secondary research, data triangulation, and market breakdown.
Research Methodology:
- Data collected through primary interviews with key industry players, surveys, and secondary research from industry reports and publications.
- Analysis involves market modeling, segment analysis, and forecasting using statistical tools.
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Complementary and Alternative Medicine Market Key Players:
1. Pure Encapsulations, Inc.(US)
2. Nordic Naturals(US)
3. Unity Woods Yoga Center(US)
4. Quantum Touch(US)
5. Geriatric & Medical Companies, Inc.,(US)
6. Herb Pharm(US)
7. Helio USA Inc.(US)
8. Merck Sharp & Dohme Corporation(US)
9. UAS Laboratories.(US)
10. The Healing Company (New Zealand)
11. Nature’s Bounty(UK)
12. First Natural Brands Ltd.(UK)
13. Herbal Hills(India)
14. Sheng Chang Pharmaceutical Company (Taiwan)
15. Ramamani Iyengar Memorial Yoga Institute (Maharashtra, India)
16. Ayush Ayurvedic Pte. Ltd.(Singapore)
17. Columbia Nutritional LLC (Washington, United States)
18. Yoga Tree Studios, Inc. (Toronto, Ontario, Canada)
19. ALCES LLP, (London, United Kingdom)
20. Amrita Ayurveda and Yoga, (Kerala, India)
21. NatureKue, (Singapore)
22. Body and Soul Yoga Club, (Brussels, Belgium)
23. Bikram Yoga, (California, United States)
24. LKK Health Products Group Limited (Hong Kong, China)
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Key questions answered in the Complementary and Alternative Medicine Market are:
• What is Complementary and Alternative Medicine?
• What is the growth rate of the Complementary and Alternative Medicine Market?
• Which are the factors expected to drive the Complementary and Alternative Medicine market growth?
• What are the different segments of the Complementary and Alternative Medicine Market?
• What growth strategies are the players considering to increase their presence in Complementary and Alternative Medicine?
• What are the upcoming industry applications and trends for the Complementary and Alternative Medicine Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Complementary and Alternative Medicine Market?
• What major challenges could the Complementary and Alternative Medicine Market face in the future?
• What segments are covered in the Complementary and Alternative Medicine Market?
• Who are the leading companies and what are their portfolios in Complementary and Alternative Medicine Market?
• What segments are covered in the Complementary and Alternative Medicine Market?
• Who are the key players in the Complementary and Alternative Medicine market?
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