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Complementary & Alternative Medicine Market Projected Revenues to Receive a Boost Due to Chronic Disease Prevalence

Global Complementary & Alternative Medicine Market, by Intervention (Botanicals, Acupuncture, Mind, Body, and Yoga, Magnetic Intervention), By Distribution Method (Direct Contact, E-Training), as well as by Region – Global Forecast 2021 to 2030.”, which offers a comprehensive view of the Global Complementary & Alternative Medicine Market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2026) cumulative revenue of this market is projected to be over USD $211,798.6 Mn, and is estimated to increase significantly over the latter part of the forecast period.

Complementary & alternative medicine are medicines and health practices that are not usually used by doctors to treat cancer. Complementary medicine is used in addition to conventional treatments, and alternative medicine is used instead of conventional treatments.

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The increasing incidence and prevalence levels of chronic diseases among individuals across the world that belonging to various age demographics, has resulted in a higher number of individuals seeking alternative forms of therapy to alleviate their existing conditions. This is a major factor that is anticipated to continue to fuel new opportunities of revenue growth for the global complementary & alternative medicine market over the forecast timeline. Moreover, the steady adoption of alternative meditational & lifestyle therapies such as Reiki, acupuncture, Acupressure, yoga, Ayurveda, etc., among individuals from both developing and developed economies, is another major factor that is slated to have a profound impact on the market growth of the global complementary & alternative medicine market in the years to come. Furthermore, the various side-effects associated with the use of allopathic medications as reported by numerous patients such as, vomiting, insomnia, rashes, seizures, internal bleeding, diarrhea, etc., is also a major factor that is leading to a growing number of individuals opting for alternative treatment solutions. This is also anticipated to significantly contribute to the market growth in the foreseeable future. Additionally, increasing investments being made by key industry players towards the development of innovative and improved forms of alternative treatment is also expected to open new avenues for market expansion. These aforementioned factors are some of the most crucial elements that are anticipated to play a critical role in edging the projected revenue of the global complementary & alternative medicine market to USD $380,587.6 Mn by 2030, at a CAGR of 16.2%.

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Last Updated: 14-May-2021