|Status : Published
|Published On : Dec, 2023
|Report Code : VRHC1220
|Industry : Healthcare
|Available Format :
|Page : 204
The Global Complementary and Alternative Medicines (CAM) Market was valued at USD 198.0 billion in 2023 and is expected to grow at a CAGR of 6.1% during the forecast period (2025–2030). The market is growing due to extensive awareness pertaining to the use of traditional therapy procedures. Moreover, the extensive adoption of natural wellness medicines and natural supplements along with initiatives undertaken by the government to promote the adoption of therapy that is further expected to bolster the growth of global complementary and alternative medicines market.CAM encompasses a diverse array of practices and products, such as herbal medicine, acupuncture, chiropractic, naturopathy, homeopathy, traditional Chinese medicine, Ayurveda, aromatherapy, energy healing, and many others. These practices typically focus on a holistic approach to health and well-being, aiming to treat the underlying causes of illness rather than just addressing the symptoms.The CAM market has experienced significant growth in recent years, driven by various factors including increasing consumer interest in natural and holistic approaches to healthcare, rising healthcare costs, and growing awareness of the potential benefits of CAM therapies. Many individuals are seeking alternative treatment options and are incorporating CAM practices into their healthcare routines.
A complementary and alternative medicine (CAM) is an amalgamation of varied healthcare and medical systems, products and practices that are not adopted for the usage of conventional medicine. For instance, complementary medicine is a treatment that includes acupuncture that helps in reducing the ill effects of cancer treatment. Additionally, alternative medicine is a therapy that is used in place of standard medical treatments. For instance, using use of special diet is being included for the treatment of cancer inspite of anticancer drugs prescribed by oncologist. However, it is important to note that the effectiveness and safety of CAM therapies can vary widely, and not all CAM practices have been scientifically validated or regulated to the same extent as conventional medicine. It is crucial for individuals to consult with qualified healthcare professionals and conduct thorough research before pursuing any CAM treatments.The CAM market is a complex and evolving industry, with a wide range of products and services available. As with any healthcare-related market, it is subject to regulations and oversight by relevant authorities to ensure consumer safety and quality standards.
Insight by Type
Based on type, the global complementary and alternative medicines (CAM) market is classified into mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Amongst these segments, nature-based segment is anticipated to generate largest revenue by 2030 due to extensive demand for management and prevention of medical conditions along with low side effects for nature-based medicines.
Insight by Mode of Service
On the basis of mode of service, the global CAM market is segmented into direct consultation, therapy classes, and e-learning. Among these segments, therapy classes segment is anticipated to generate highest CAGR during the forecast period due to extensive demand observed for therapies in both emerged and emerging economies for the managing several medical situations.
Insight by Application
On the basis of application, the global CAM market is categorised into neurological disorders, depression and anxiety, weight loss pain management, skin disorders, chronic diseases, infertility, and others. Amongst these segments, skin disorder and chronic diseases segments are expected to generate highest CAGR during the forecast period due to extensive costs of conventional medicine and increasing disposition towards body wellness.
Insight by End User
Based upon end user, the global complementary and alternative medicines (CAM) market is segmented into yoga and meditation centers, hospitals and clinics, therapy centers, home care, and others. Amongst these segments, yoga and meditation centers are anticipated to contribute largest revenue by 2024 owing to extensive awareness and popularity of these centers in emerged as well as emerging economies.
Increasing adoption of unhealthy lifestyle and extensive geriatric population are the key factors that are driving the growth of global complementary and alternative medicines (CAM) market. Prospective for alternative therapies and medicines are being adopted for management of various medical situations such as insomnia, hypertension, obesity and stress. Furthermore, the economies pertaining rich diversity of conventional therapies and medicines are other factors that are driving the growth of global complementary and alternative medicines (CAM) market.
CAM has gained popularity over the years, driven by factors like increasing interest in natural and holistic health solutions, growing awareness about preventive care, and the desire for personalized treatment options. Many people seek CAM therapies as a complement to conventional medicine or as an alternative when conventional treatments have been ineffective or have undesirable side effects.
The CAM market is diverse, with a wide array of products and services available to consumers. These can include herbal supplements, vitamins and minerals, essential oils, dietary and nutritional products, traditional healing practices, energy therapies, and more. The market also encompasses various practitioners, including herbalists, naturopaths, acupuncturists, chiropractors, and homeopaths.
The global CAM market has experienced significant growth in recent years. However, it is important to note that regulations and acceptance of CAM practices vary across countries and regions. Some countries have established regulatory frameworks and licensing requirements for CAM practitioners, while others have more limited acceptance or stricter regulations.
Lack of understanding of alternative medicine and lack of scientific results are other factors that are hampering the growth of the global CAM market.
Europe is anticipated to contribute the largest market revenue in complementary and alternative medicines (CAM) by 2030 due to the excessive utilisation of botanicals in various dietary supplements in the countries of France and Germany. Furthermore, technological advancements in the healthcare domain, the prevalence of medical tourism and expensive conventional medicine are the key factors that are driving the growth of complementary and alternative medicines in this region.
Moreover, complementary and alternative medicines market in Asia-Pacific is anticipated to witness highest CAGR during the forecast period due to excessive emphasis of population of this region towards wellness programs and increasing development of wellness medical infrastructure are the key factors pertaining towards its rapid growth.
The key player in this market comprises of both large as well and small service provides making it a fragmented market structure. Moreover, the eminent key players in the global complementary and alternative medicines market are undertaking mergers and acquisitions and collaborations in order to expand their product portfolio and gaining competitive advantage. Some of the players having prominent presence in the global complementary and alternative medicines market include Dabur India Ltd., Biologische Heilmittel Heel GmbH, Novartis AG, The Arya Vaidya Pharmacy (CBE) Ltd., Boiron, Cipla Limited, PEKANA Naturheilmittel GmbH, Weleda AG, Herb Pharm, Deepure Plus, Herbal Hills, Helio USA Inc., Columbia Nutritional Inc., Nordic Naturals, and Pure Encapsulations, Inc.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
The Complementary and Alternative Medicines (CAM) Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research