The global complementary and alternative medicine market size is expected to reach USD 391.32 billion by 2028 according to a new study by Polaris Market Research. The report “Complementary And Alternative Medicine Market Share, Size, Trends, Industry Analysis Report, By Intervention (Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, Sensory Healing), By Distribution Method, By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Medical tourism, which draws people from all over the world and encourages them to pursue world-class alternative medical care, is also being promoted by regulatory bodies. In some Indian states, for example, regulatory agencies have invested heavily in settings standards of alternative facilities. "Ministry of Ayush" is established to oversee yoga, Ayurveda, homeopathy, and naturopathy education, product creation, research, and many other services in India.
Alternative treatments include the Alexander process, aromatherapy, natural medicine, homeopathy, reiki, naturopathy, acupuncture, and yoga. Not only industry players, but also medical settings, are implementing profitable business growth strategies to ensure successful marketing and promotion of alternative medicine therapies.
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Yoga and other modern medicines that concentrate on the mind are projected to benefit a lot of traction in the coming years. The growth of the mind healing intervention market of complementary and alternative medicine is expected to be aided by the expanding applications of yoga in chronic illnesses such as cancer, COVID-19, and cardiovascular ailments.
More than half of doctors in the United States have recommended at least one alternative health intervention to their patients, according to a report published in January 2020. Furthermore, many female physicians incorporate holistic medicine methods, while male physicians are more likely to prescribe osteopathic manipulation and chiropractic care strategies. The frequency of such surveys is projected to rise, allowing doctors, patients, and medical schools to learn more about the wide variation in alternative therapy use.
Some of the major players in the global market for complementary and alternative medicine include John Schumacher Unity Woods Yoga Centre, The Healing Company Ltd., Columbia Nutritional, Nordic Nutraceuticals, Herb Pharm, Sheng Chang Pharmaceutical Company, Pure encapsulations, LLC, Ramamani Iyengar Memorial Yoga Institute, and AYUSH Ayurvedic Pte Ltd.
Polaris Market Research has segmented the complementary and alternative medicine market report based on intervention, distribution method, and region:
Complementary and Alternative Medicine, Intervention Outlook (Revenue - USD Million, 2016 - 2028)
Complementary and Alternative Medicine, Distribution Method Outlook (Revenue - USD Million, 2016 - 2028)
Complementary and Alternative Medicine, Regional Outlook (Revenue - USD Million, 2016 - 2028)