The Complementary And Alternative Medicine Market was valued at $68.20 Billion in 2018 and is forecast to grow at a modest 20.6 % CAGR between 2018 and 2025, culminating in 2026 global sales of $xxx.57 Billion.
Industry at a Glance.
Complementary and alternative medicines are herbal medicine and dietary medicine which involves practices such as massage, acupuncture, tai chi, and drinking green tea. One example is using acupuncture to help lessen some side effects of cancer treatment. Alternative medicine is the treatment that is used instead of standard medical treatments.
The rising popularity of Yoga, meditation, magnetic intervention, acupuncture, and complementary wellness treatments, as well as number of yoga studios, meditation centers, spas, and complementary wellness facilities, are expanding the market growth across the globe.
As per the National Center for Complementary and Alternative Medicine (NCCAM) and American Association of Retired People (AARP) conducted one survey stated that the use of CAM is increasing globally among the population aged 50 years and above.
Complementary and alternative forms of therapy are used in the treatment of chronic ailments and long-term pain through vitamins and supplements of the regular diet. comparative low prices of alternative and complementary medicines as that of standard medicines and growing demand in the direction of natural wellness and healing instead of pharmaceutical therapy are the crucial factors for the growth of complementary and alternative medicines market in the coming future.
“Optimal Price Point (OPP) for Global Complementary And Alternative Medicine”
Estimated Average product/ service cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Due to the wide array of products available in the market, pricing, positioning, and sales channel optimization play a vital role in the success of a product. On average, in Global, Complementary And Alternative Medicine are available at USD xxx- USD xxxx. However, high-end products are available at much higher prices. The prices in emerging countries and developed countries vary significantly due to the difference in purchasing power and availability of the latest products.
Global Complementary And Alternative Medicine Market by “Key Intervention Categories”
We have segmented the Global Complementary And Alternative Medicine-based on Key Intervention categories as Magnetic Intervention, Energy Healing, Botanicals, and Acupuncture.
We have observed the rapid growth of, Complementary And Alternative Medicine followed by Energy Healing segment with a CAGR of x.8% and is expected to propel the market growth over the forecast period. Energy healing is a traditional healing system that restores the balance and flow of energy throughout the body, mind, and soul. This technique works directly with the physical, emotional and spiritual aspects of well-being. It is used to treat various medical conditions, especially ailments related to mental health.
We also noticed the Magnetic Intervention segment anticipated to drive the market with a CAGR of 3.2% from 2018 to 2026.
Global Complementary And Alternative Medicine Market by “Distribution Method”
We have segmented the Global Complementary And Alternative Medicine-based on Distribution Method as E-Sales, Direct Sales, and Distance correspondence.
We have observed the rapid growth of, Complementary And Alternative Medicine followed by the Direct Sales segment has the largest market share in 2018 and is estimated to grow during the prediction period. These segments directly interact with the patient and provide them a better quality of therapy such as acupuncture, energy healing, naturopathy, magnetic intervention.
We also noticed the Distance correspondence segment anticipated to drive the market with a CAGR of 3.1% from 2018 to 2026.
North America and Europe accounted for the maximum revenue share of over xx% in 2018 due to increased demand for Global Complementary And Alternative Medicine followed by EU- Top 5 countries contribute $X.9 Billion in 2018 and expected to reach $x.5 Billion by 2026.
The North American region led the market and accounted for the largest share, in terms of developing market and End-use industries, in the global market. Owing to the high use of CAMs in this region. For instance, As per the Health and Retirement, around 85% of the geriatric population in North America reported the use of complementary and alternative medicines.
Europe is having the second largest market share in the global market in 2018. an increasingly aging population coupled with the rising use of complementary and alternative medicines in Europe. According to the European Commission (EC) report published in 2016, around 27.8% of the European population were aged 65 years and above. The organization has also stated that the aging population is anticipated to increase at a high rate in the coming year in Europe.
“Competitive Landscape” and “Merger & Acquisition Insights”
The key market participants are Pure Encapsulations, LLC., The Healing Company Ltd, AYUSH Ayurvedic Pte Ltd, Sheng Chang Pharmaceutical Company, Nordic Nutraceuticals, Columbia Nutritional, Ramamani Iyengar Memorial Yoga Institute, Herb Pharm, and John Schumacher Unity Woods Yoga Centre are few major players in Global Complementary And Alternative Medicine markets. The Global Complementary And Alternative Medicine market is fragmented with a large number of global & local players. Merger &Acquisitions, collaborations & new products launch are some of the major strategies adopted by key market players. Apart from this innovation & new product development are major focus areas for dominant companies.
Global Complementary And Alternative Medicine Market by Key Intervention categories (Revenue, Million, 2018 – 2026)
- Magnetic Intervention
- Energy Healing
Global Complementary And Alternative Medicine Market by Distribution Method (Revenue, Million, 2018 – 2026)
- Direct Sales
- Distance correspondence
Global Complementary And Alternative Medicine Market Regional Outlook (Revenue, USD Million, 2018-2026)
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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