NEW YORK, Jan. 23, 2023 /PRNewswire/ — As per Facts and Factors study, The global complementary and alternative medicine market size was worth USD 83.2 billion in 2021 and is estimated to grow to USD 265.0 billion by 2028, with a compound annual growth rate (CAGR) of approximately 21.3% over the forecast period.
Complementary and Alternative Medicine Market: Overview
Complementary and alternative medicine is utilized for a person’s medical care without a prescription from a doctor. It is not a component of routine care. Additionally, traditional drugs and treatments are employed in conjunction with alternative therapies. In contrast, traditional medications and treatments are substituted by alternative remedies. Although certain complementary and alternative medicinal therapies still lack scientific or medical support. Growing public knowledge of the advantages of natural complementary and alternative medicine propels the sector worldwide. However, most complementary and alternative medicine practices are less efficient and lack regulatory licensing, which is anticipated to impede the expansion of the industry.
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As per the analysis shared by our research analyst, the global complementary and alternative medicine market value is to grow at a CAGR of 21.3 % over the forecast period.
In terms of revenue, the global complementary and alternative medicine market size was valued at around USD 83.2 billion in 2021 and is projected to reach USD 265.0 billion by 2028.
The prevalence of long-term conditions that require specialized treatment, such as cancer and neurological problems, and increased awareness of physical well-being is driving the complementary and alternative medicine market.
By intervention, the traditional alternative medicine/botanicals category dominated the market in 2021.
By distribution method, the direct sales category dominated the market in 2021.
Europe dominated the global complementary and alternative medicine market in 2021.
Facts and Factors published the latest report titled “Complementary and Alternative Medicine Market Size, Share, Growth Analysis Report By Intervention (Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, Sensory Healing), By Distribution Method (Direct Sales, E-sales, Distance Correspondence), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” into their research database.
Complementary and Alternative Medicine Market: Growth Drivers
Herbal remedies, homeopathic remedies, massage treatment, acupuncture, and chiropractic care are all examples of complementary and alternative medicine. Numerous illnesses, including pain, exhaustion, cancer, and nausea, are greatly treated by complementary and alternative medicine. The global complementary and alternative medicine market is expanding due to consumers’ increasing knowledge of natural remedies. The comfort and reduced stress linked to complementary and alternative medicine are anticipated to increase the demand for CAM globally. The use of CAM in the diagnosis and treatment of many medical conditions is growing.
Complementary and Alternative Medicine Market: Restraints
The high cost of the drug will restrain the market’s expansion rate. The global complementary and alternative medicine market