According to IMARC Group’s latest report, titled “Complementary and Alternative Medicine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, The global complementary and alternative medicine market exhibited strong growth during 2015-2020. Complementary and alternative medicine (CAM) includes numerous medical products and practices that are usually not a part of conventional or standard medical treatment. It primarily comprises of self-administered products and activities, such as herbal medicines, dietary supplements, homeopathic remedies, and yoga, with chiropractic care, acupuncture, and massage therapy. CAM also includes manipulative and body-based practices, whole medical systems, and biofield therapy. Currently, CAM is extensively used to treat cancer by alleviating common side effects of chemotherapy, such as pain, fatigue, and nausea.
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The increasing consumer preferences towards natural products and gentle therapies are primarily augmenting the global market for complementary and alternative medicines. Additionally, the growing incidences of numerous chronic ailments are also driving the demand for CAM for disease diagnosis and prevention. Moreover, numerous health insurance companies are offering CAM coverage in their medical plans, thereby further propelling the market growth. Due to the sudden outbreak of the COVID-19 pandemic, there is a rising inclination towards natural or alternative medicines to treat coronavirus infection. Looking forward, IMARC Group expects the global complementary and alternative medicine market to grow at a CAGR of around 15% during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
Complementary and Alternative Medicine Market Segmentation:
Breakup by Type:
Breakup by Disease Indications:
Breakup by Distribution Channel:
Breakup by Region:
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