Complementary and Alternative Medicine Market Size to Hit $437.9 Billion by 2031 | Current Trends and Industry Analysis

Complementary and Alternative Medicine Market Size was valued at $102 billion in 2021, and is estimated to reach $437.9 billion by 2031, growing at a CAGR of 15.6% from 2022 to 2031. Complementary and alternative medicines are medicines that are used for the medical health of a person without the doctor’s prescriptions. It is not a part of standard care. Further, complementary therapies are used alongside conventional medicines or treatments. Whereas, alternative therapies are used instead of conventional medicines or treatments. Although, still there is no scientific or medical evidence for some complementary therapies and many alternative therapies.

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Helio USA Inc., Amrita Ayurveda and Yoga, Bikram Yoga, LKK Health Products Group Limited, Body and Soul Yoga Club, Sheng Chang Pharmaceutical Company, AYUSH Ayurvedic Pte Ltd., Yoga Tree Studios, Inc., ALCES LLP, NatureKue, The Healing Company Ltd., Nordic Nutraceuticals, Herbal Hills, Herb Pharm, Pure encapsulations, LLC., Columbia Nutritional

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On the basis of type, the complementary and alternative medicine market is segmented into medicines and therapy. In 2021, the medicines segment accounted for the largest Complementary and Alternative Medicine Market Share. The dominance of this segment can be attributed to the rise in the prevalence of chronic and autoimmune disorders and the increase in the adoption of natural remedies such as herbal supplements and ayurvedic medicines.

On the basis of disease indication, the Complementary and Alternative Medicine Industry is segmented into diabetes, cardiovascular neurology, cancer, arthritis, and others, the diabetes segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to the rise in prevalence of diabetes and rise in geriatric population across the world are the key factors that drive the growth of the market in upcoming years.

By distribution channel, the Complementary and Alternative Medicine Industry is segmented into direct sales, online sales, and distance correspondence, the direct sales segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to the rise in prevalence of chronic disease along with the geriatric population in developing countries are the key factors that drive the growth of the market in upcoming years.

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