Global Complementary and Alternative Medicines Market Size

Complementary & Alternative Medicines Market Analysis

The complementary and alternative medicines (CAM) market is expected to register a CAGR of 19.5% during the forecast period.

COVID-19 has impacted the growth of the complementary and alternative medicines market. The pandemic has led to a surge in the demand and supply of CAMs and practices. For instance, according to an article published by the Elsevier Public Health Emergency Collection, in March 2022, it has been observed that up to 70% of low- and middle-income nations (LMICs) were estimated to employ CAM exclusively or primarily to treat their medical issues. In addition, the government has approved various traditional medicines to treat COVID-19 during the pandemic. For instance, the China FDA approved Xuebijing with a treatment indication of new coronavirus pneumonia with severe and critical systemic inflammatory response syndrome or/and multiple organ failure.

Moreover, product launches and clinical trials are increasing globally, which has increased the adoption of various CAMs and therapies among the population. For instance, in July 2022, the Government Nizamia Tibbi College and General Hospital are conducting clinical trials on cupping therapy to treat low back pain among patients. With such developments, the studied market is expected to witness an upward trend over the forecast period.

Factors such as increasing awareness about the benefits of complementary and alternative medicines and growing government initiatives and acceptance are boosting market growth. For instance, the Indian government has established the Ministry of Ayush to recover traditional Indian medical knowledge and guarantee the optimal growth and proliferation of Ayush healthcare systems. Additionally, the Ministry was established with the primary goals of developing pharmacopoeial standards for homeopathic medicines and developing plans for cultivating, promoting, and renewing the medicinal plants employed in these systems. Also, in December 2021, the Ministry of Ayush signed an agreement with the London School of Hygiene and Tropical Medicine (LSH&TM) to conduct a study on 'Ashwagandha to promote recovery from Covid-19 in the United Kingdom. Such government initiatives are expected to increase consumer awareness towards CAMs for treating various diseases as well as maintaining a healthy body. This is anticipated to fuel market growth.

The increasing awareness about complementary and alternative medicines such as Ayurveda, yoga, acupuncture, and many others, along with research studies being conducted in the area, is increasing the adoption of CAMs in the treatment of various diseases treatment and management. This is expected to fuel the market growth over the forecast period. For instance, according to an article published in Frontiers in Neuroscience in June 2022, it has been observed that CAMs, such as Synedrella nodiflora (SNE) extracts, have proven to be a viable option for the treatment of epilepsy and associated psychiatric problems and are used in the West African sub-region, including Ghana.

Furthermore, in an article published in Medicines Journal in February 2022, it has been observed that various Chinese traditional medicines are being used for the treatment of stable angina pectoris in patients with chronic heart disease. Also, these medicines have better efficacy and few side effects, and their clinical therapeutic effect is better than that of the conventional treatment of Western medicine alone. Such benefits are expected to increase their adoption among patients worldwide, hence propelling the market growth.

Moreover, the rising launch of therapy facilities also contributes to market growth. For instance, in March 2022, the WHO and the Government of India signed an agreement to establish the WHO Global Center for Traditional Medicine, which is supported by USD 250 million funded by the Government of India to harness the potential of traditional medicine from across the world through modern science and technology to improve the health of people and the planet. Also, in November 2021, SRM College of Occupational Therapy opened a sensory garden that helps parent who has children with processing deficiency.

Therefore, owing to the factors such as rising awareness regarding CAMs and increasing product launches, the studied market is expected to grow over the forecast period. However, the lack of proper scientific evidence and less understanding of alternative medicine are likely to hinder the growth of the complementary and alternative medicines market over the forecast period.