Complementary and alternative medicines are the medical treatments and remedies that are used as a substitute for allopathic treatments. There are different kinds of complementary and alternative medicines like homeopathy, yoga, chiropractic, reiki, and Ayurveda. However, various other alternatives like mediation and acupuncture are also gaining traction significantly among people. These treatments are not part of mainstream practices. Complementary medicines are used along with the mainstream medical treatments while alternative medicines are utilized as substitutes for standard medical treatments.
Global Complementary And Alternative Medicine Market: Growth Factors
The global complementary and alternative medicine market is anticipated to grow significantly during the forecast period due to the transforming regulations along with the growing government’s initiatives to establish robust transnational connections across healing roadways linking the local, global, and national movements of alternative medicines. Such government initiatives and transforming norms regarding the right to health are likely to support the participation of users and service providers in the complementary and alternative medicine sector which in turn is boosting the growth of the global complementary and alternative medicine market. Moreover, regulatory bodies are concentrating on the widespread promotion of medical tourism to attract people all across the world and assist them with world-class alternative medical treatments. The growing research and development activities in the field of complementary and alternative medicine market are bolstering the growth of the market globally.
Global Complementary And Alternative Medicine Market: Segmentation
The global complementary and alternative medicine market can be segmented into distribution methods, interventions, and regions.
By distribution method, the market can be segmented into distance correspondence, E-sales, and direct sales. The direct sale segment holds hegemony over others owing to the growing medical tourism facility across the globe.
By intervention, the market can be segmented into sensory healing, external energy, body healing, mind healing, and traditional alternative medicine/botanicals. The traditional alternative medicine/botanicals segment accounts for the largest share in the global complementary and alternative medicine market as botanicals are widely used as alternative medicines. These are also used as homeopathic medicines, herbal supplements, and other natural products. The traditional alternative medicine/botanicals segment can further be bifurcated into zang-fu theory, traditional Tibetan medicine, traditional Mongolian medicine, traditional Japanese medicine, traditional Korean medicine, traditional Chinese medicine, naturopathic medicine, bach flower therapy, apitherapy, and Ayurveda.
The external energy segment is also anticipated to witness huge growth with high CAGR due to the surging demand for biomagnetic therapy. The external energy segment can further be bifurcated into chakra healing, therapeutic touch, reiki, radionics, and magnetic therapy.
The sensory healing segment can further be bifurcated into sound therapy, sonopuncture, music therapy, and aromatherapy.
The body healing segment can further be bifurcated into yoga, reflexology, qigong, pilates, osteopathy, osteology, kinesiology, cupping therapy, chiropractic, autogenic training, auriculotherapy, alexander technique, acupuncture, and acupressure.
The mind healing segment can further be bifurcated into transcendental meditation, spiritual mind treatment, self-hypnosis, neuro-linguistic programming, hypnotherapy, and autosuggestion.
Global Complementary And Alternative Medicine Market: Regional analysis
Europe holds the largest share in the global complementary and alternative medicine market owing to its growing popularity coupled with the growing range of the procedure less modern medication like acupuncture. Moreover, the growing medical tourism and expensive conventional medicines are also contributing to the regional market growth vigorously.
Middle East Asia is anticipated to grow significantly during the forecast period due to the spike in the number of alternative medicine practitioners.
Global Complementary And Alternative Medicine Market: Competitive Players
Some of the significant players in the global complementary and alternative medicine market are Yoga Tree, John Schumacher’s Unity Woods Yoga Center, The Healing Company, Iyengar Yoga Institute, Quantum Touch Inc., Helio USA Inc., Deepure Plus, Herb Pharm, Herbal Hills, Nordic Naturals, Columbia Nutritional Inc., Pure Encapsulations, Inc., AYUSH Ayurvedic Pte Ltd., Pure encapsulations, LLC., Sheng Chang Pharmaceutical Company, John Schumacher Unity Woods Yoga Centre, The Healing Company Ltd., Ramamani Iyengar Memorial Yoga Institute, Quantum-Touch, First Natural Brands Ltd., and Nature’s Bounty.