Complementary and Alternative Medicine for Anti-Aging & Longevity Market Share, Size, Trends, Industry Analysis Report, By Intervention; By Customer; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM4324
- Base Year: 2023
- Historical Data: 2019 – 2022
Complementary and alternative medicine for anti-aging & longevity market size was valued at USD 63.11 billion in 2023. The market is anticipated to grow from USD 76.36 billion in 2024 to USD 366.58 billion by 2032, exhibiting a CAGR of 21.7% during the forecast period.
The rapid surge in the number of people seeking alternative approaches to maintain their youthfulness & health and growing people's awareness of holistic well-being across the world are driving the global market growth. As people worldwide are becoming more and more aware of the availability of alternative approaches to healthcare and have a willingness to try complementary methods of anti-aging & longevity, companies are increasingly focusing on the development of innovative anti-aging & longevity solutions.
- For instance, in May 2022, Ame Organic announced the launch of its new skincare line that includes natural anti-aging creams. The newly developed anti-aging creams are formulated with a combination of natural oils, essential oils, and waxes and are free from synthetic & chemical additives.
Moreover, these complementary and traditional approaches to medicine encompass a wide range of practices, including herbal remedies, acupuncture, and dietary supplementary, with the aim to address several age-related issues such as chronic pain, osteoarthritis, and cognitive decline. Thereby, the rising prevalence of such disorders worldwide results in greater demand for anti-aging & longevity products.
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- For instance, according to the World Health Organization, around 528 million people worldwide are estimated to live with osteoarthritis. And about 73% of people living with osteoarthritis are aged more than 55 years.
- Growing global aging population and focus on preventive healthcare driving the market’s growth
As the aging population continues to rise across the globe, the incidences of various age-related issues are also growing at a substantial pace, creating significant demand for solutions addressing age-related issues, including anti-aging & longevity. Also, increasing emphasis on preventive healthcare and adoption of healthy lifestyles among people seeking ways to keep them healthy and prevent diseases is further propelling the demand for complementary and alternative medicine approaches.
For instance, In May 2023, the number of people aged 65 years or over worldwide stood at around 771 million in 2022, accounting for about 10% of the global population. Also, the percentage is projected to increase drastically and will reach 16% in 2050.
- Technological advancements and integration of AI in anti-aging likely to spur market’s growth
The advancements in technology led to the creation of new complementary and alternative medicine products and services, gaining huge traction. Additionally, the growing use of AI in anti-aging research also results in the development or identification of new compounds targeting age-related ailments. For instance, In June 2023, The University of Edinburgh researchers announced that they had developed an innovative method deploying artificial intelligence to identify senolytic drugs.
- Regulatory challenges and lack of scientific evidence restraining the market’s growth
Various regulatory challenges associated with the development of these alternative medicines and the absence of strong scientific evidence supporting the advantages and effectiveness of these therapies for anti-aging & longevity are hampering the market growth.
The market is primarily segmented based on intervention, customer, and region.
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By Intervention Insights
- Traditional alternative medicine segment accounted for largest share in 2023
The traditional alternative medicine segment accounted for the largest share. Segment’s dominance is attributed to a holistic approach to health, which not only helps physically but also improves patient mental and spiritual well-being. Traditional alternative medicines are also considered a safer option compared to pharmaceutical drugs as they have fewer side effects compared to others.
Additionally, the growing popularity and adoption of various traditional alternative medicine approaches, including yoga, meditation, and acupuncture, due to their ability to improve mental health and help people maintain their youthfulness, is further boosting the segment’s growth.
The body healing segment is expected to grow at the highest pace. This growth is attributable to the rising number of people seeking effective body healing therapies as they help in improving sleep quality, stress reduction, improve immune function and emphasize healthy lifestyle.
By Customer Insights
- High net worth individuals’ segment is expected to witness highest growth
The high net worth individuals’ segment will grow at the highest growth rate. Segment’s growth is accelerated by a growing population of high-net-worth individuals, particularly in emerging economies, that allow them to spend more on such types of therapies and practices to improve their overall well-being. Also, the increasing global interest in wellness and lifestyle management trends and the growing proliferation of personalized medicine in the population segment are likely to bode well for the segment’s growth.
For instance, In December 2023, the number of high net-worth individuals in China stood at around 6.2 million and is projected to increase significantly and reach more than 17 million by 2026.
- Europe region dominated the global market in 2023
The Europe region dominated the global market with largest market revenue share. Region’s dominance is attributed to the robust presence of well-established healthcare infrastructure and the wider availability of different alternative medicine options for anti-aging & longevity. Moreover, their growing preference for holistic approaches and rising people awareness about the potential benefits of complementary therapies such as acupuncture and herbal supplements are creating substantial demand for alternative medicine practices in the region.
The Middle East and Africa region is anticipated to emerge as the fastest growing region, owing to increasing research activities promoting the development of new complementary and alternative medicine solutions. In addition, an increasing number of women in the region choosing homeopathic treatment and a rich history of traditional healing practices for promoting anti-aging & longevity further escalating the region’s growth. For instance, according to the World Health Organization, herbal treatments are highly popular in Africa, and almost 70 to 80 percent of region’s population use it as a primary healthcare.
Key Market Players & Competitive Insights
- Rising number of clinical trials and research activities driving market’s competition
The complementary and alternative medicine for anti-aging & longevity market is competitive with the presence of numerous rivals in the global space. Key players in the market are competing on various factors such as developing new innovative products, maintaining high-quality ingredients, establishing a strong reputation and brand image among consumers, and performing various clinical trials and research on products to enhance their effectiveness. For instance, in July 2023, Researchers from Harvard Medical School, announced that they have successfully developed a new approach to fight against aging and age-related diseases.
Some of the major players operating in the global market include:
- Beijing Tcmages Pharmaceuticals (China)
- Boiron (France)
- Calico (US)
- Elysium Health (US)
- International Chinese Body Care Houses (China)
- Mesoblast Limited (Australia)
- Shanghai Jahwa United Co. Ltd. (China)
- Sirtris Pharmaceuticals (US)
- Suisse Life Science Group Plc (UK)
- Sundial Brands (US)
- Tata Harper Skincare (India)
- UKAcupuncture Clinic (UK)
- Unity Biotechnology (US)
- Weleda AG (Switzerland)
Recent Developments in the Industry
- In September 2022, BASF announced the launch of Phytocine. It addresses a broad range of skin concerns and allows customers to easily develop innovative products that support skin hydration, & anti-aging.
- In April 2023, Dior announced the launch of a new scientific think-tank that is specially dedicated to reversing aging. It will significantly invest in the field of reverse aging and focus on better understanding the mechanism of skin rejuvenation.
The complementary and alternative medicine for anti-aging & longevity market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, market trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed market analysis of the market while focusing on various key aspects such as competitive analysis, intervention, customers, and their futuristic industry growth opportunities.
Complementary and Alternative Medicine for Anti-Aging & Longevity Market Report Scope
Market size value in 2024
USD 76.36 billion
Revenue forecast in 2032
USD 366.58 billion
21.7% from 2024 – 2032
2019 – 2022
2024 – 2032
Revenue in USD billion and CAGR from 2024 to 2032
Report customization as per your requirements with respect to countries, region and segmentation.
The complementary and alternative medicine for anti-aging & longevity market report covering key segments are intervention, customer, and region.
Complementary And Alternative Medicine for Anti-Aging & Longevity Market Size Worth $366.58 Billion By 2032
Complementary and alternative medicine for anti-aging & longevity market exhibiting the CAGR of 21.7% during the forecast period.
Europe is leading the global market
key driving factors in complementary and alternative medicine for anti-aging & longevity market are Growing global aging population and focus on preventive healthcare driving the market’s growth