The global complementary and alternative medicine market is anticipated to grow at a significant CAGR during the forecast period. The use of complementary and alternative medicine is raising rapidly as these aids the healing process of a specific health condition to improve overall health. Complementary and alternative medicine generally includes acupuncture, vitamins, and minerals, aromatherapy, herbal treatments, yoga, and naturopathy. These medicines are generally preferred as they are more natural and safer than conventional medicine present in the market. 

Adverse effects of various chronic diseases and drug use during the treatment make the patients suffer from various nutrients deficiencies which can be addressed with dietary supplements and alternative medicines. This results in an increased demand for complementary and alternative medicines in the market. Moreover, the recently observed consumer shift towards adopting healthy alternatives in day to day life to stay naturally healthy and avoid diseases is also driving the demand for complementary and alternative medicines in the market across the globe. 

However, complementary and alternative medicines are usually subjected to strict safety and quality regulations in most of the countries all across the globe. For instance, in Australia, the Therapeutic Goods Administration (TGA) ensures the safety of alternative and complementary medicines including other treatments that are going on in the country. Additionally, the safety of most of the complementary and alternative treatment or how they work is also not proved by any research which is anticipated to hinder the growth of complementary and alternative medicine market.

Segmental Outlook 

The complementary and alternative medicines market is segmented based on intervention into botanicals; acupuncture; body, mind, & yoga; and magnetic intervention. The body, mind, and yoga segment includes Yoga, chakra healing, meditation, hypnotherapy, and energy healing. Magnetic therapy is expected to gain significant traction among professionals operating in the industry. Though it is still in its nascent stage, however, a few clinical trials have stated the potential benefits of this therapy in pain management, which is likely to enhance its penetration in the industry.

Global Complementary and Alternative Medicines Market Share by Intervention, 2018 (%)

Botanicals to hold Significant Share in the Market

The botanicals segment is anticipated to hold a prominent market share owing to its increasing adoption across the globe. The botanical segment includes homeopathy, Ayurveda, and naturopathy. Factors such as affordability as compared to conventional medicine, natural healing, increased strength in the immune system, and cost-effective are driving the segmental growth of the complementary and alternative medicines market. Moreover, medicines related to botanicals are easier to obtain than prescription medicine, and theses stabilize hormones and metabolism of the body which is also a major driving factor of the botanical segment.

Regional Outlooks

The global complementary and alternative medicines market is further segmented based on geography including North America, Europe, Asia-Pacific, and Rest of the World. North America is expected to hold a prominent share in complementary and alternative medicines during the forecast period. The increasing health awareness coupled with the adoption of natural wellness and healing therapies in the region will support the growth of the complementary and alternative medicines market in the region over the forecast period. 

Global Complementary and Alternative Medicines Market Growth by Region, 2019-2025

Asia-Pacific to Augment with the Considerable Growth Rate in the Complementary and Alternative Medicines Market 

Asia-Pacific is anticipated to exhibit a considerable growth rate in the complementary and alternative medicines market due to the increasing adoption of China’s traditional medicine practices. China is promoting its traditional medicine on the global level for expanding its global influence. Additionally, in countries such as Japan, India, and South Korea, the medical-tourism hotspots are attracting tens of thousands of foreigners for complementary and alternative medicine market. 

Market Players Outlook

Some of the key players operating in the global complementary and alternative medicines market include Herbal Hills, Iyengar Yoga Institute, John Schumacher’s Unity Woods Yoga Center, Nordic Naturals, Pure Encapsulations, LLC, Syncremedies Healthcare Pvt Ltd, The Healing Company, Veterans Acupuncture Center of Colorado, Yoga Tree, and others. The market players are considerably contributing to the market growth by adopting various strategies including new product launch collaborations and others to stay competitive in the market.For instance, in July 2019, Columbia Nutritional developed a novel process with a multi-phase on boarding aspect suitable for the efficient launch of the latest products online while meeting customers' specifications. This strategy was targeted toward maintaining Minimum Order Quantity (MOQs) that would further enhance the quality of service offered.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global complementary and alternative medicines market. Based on the availability of data, information related to products& services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.