May 27, 2020   SOURCE: PR NewsWire

Complementary & Alternative Medicine Market Worth $296.3 Billion by 2027: Grand View Research, Inc.

SAN FRANCISCO, May 27, 2020 /PRNewswire/ -- The global complementary and alternative medicine market size is projected to reach USD 296.3 billion by 2027, exhibiting a CAGR of 19.9%, according to a new report by Grand View Research, Inc. A comparatively high demand for alternative medicine across developing countries and expanding applications of traditional medicine practiced in Asia are two key driving factors of the market. China and India are the key contributors to the Asia Pacific region and thus are offering significant momentum to the revenue generation by complementary and alternative treatment through the study period.

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Key suggestions from the report:

    --  Botanicals are the most ancient form of alternative treatment practices,
        which include herbal and natural treatment supplements along with
        another natural form of treatments incorporating oils, herbs, and other
        curative supplements
    --  The botanicals intervention segment dominated the global market
        throughout the study period, whereas magnetic intervention is expected
        to grow at the fastest rate from 2020 to 2027
    --  Mind and body healing oriented traditional medicines are some of the
        most frequently adopted forms of alternate therapies worldwide. Mind and
        body intervention incorporates various forms of energy and mind
        exercises to heal ailments
    --  Yoga has dominated the global complementary and alternative medicine
        market throughout the study period, whereas hypnotherapy is projected to
        witness the highest growth rate over the forecast period
    --  Europe is anticipated to witness highest market share over the forecast
        period. Rising preference for alternative treatment approaches among
        patients will drive the regional market for complementary and
        alternative medicine.
    --  Key industry participants include Nordic Nutraceuticals, Pure
        encapsulations, LLC, AYUSH Ayurvedic Pte Ltd, and Sheng Chang
        Pharmaceutical Company
    --  Companies are inclined toward strategic partnerships to establish their
        presence in the market; for instance, in June 2019, AstraZeneca
        partnered with Luye Pharma Group to market a herbal therapy
    --  The herbal medicine product is developed from red yeast rice and is
        formulated to assist patients suffering from cholesterol. With this
        partnership, AstraZeneca is set to expand its

Read 200 page research report with ToC on "Complementary And Alternative Medicine Market Size, Share & Trends Analysis Report By Intervention (Magnetic Intervention, Energy Healing), By Distribution Method (E-Sales, Direct Sales), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/complementary-alternative-medicine-market

In addition, increase in the number of licensed and trained physicians who can offer state-of-the-art complementary therapies is set to boost patient preference toward traditional medicine. It is becoming integral in the healthcare system in Asia, especially in China wherein most of the hospitals in the country have distinct departments and wards that are dedicated to traditional therapeutic approaches.

Moreover, in terms of research, CAM has reached a remunerative stage. This can be attributed to the rising pool of scientists working at established universities across U.S., Europe, and Asia Pacific who are focusing on building a robust foundation for the alternative treatment targeted toward Parkinson's disease, cancer, and diabetes.

Grand View Research has segmented the global complementary and alternative medicine market on the basis of intervention, distribution method, and region:

    --  Complementary and Alternative Medicine Intervention Outlook (Revenue,
        USD Billion, 2016 - 2027)
        --  Botanicals
            --  Ayurveda
            --  Naturopathy
            --  Homeopathy
        --  Acupuncture
        --  Mind & Body Healing
            --  Yoga
            --  Meditation
            --  Energy Healing
                --  Eden Energy Medicine
                --  Others
            --  Chakra Healing
            --  Hypnotherapy
            --  Kinesiology
            --  Magnetic Intervention
                --  Magnetic Resonance Therapy
                --  Bio-magnetic Therapy
    --  Complementary and Alternative Medicine Distribution Method Outlook
        (Revenue, USD Billion, 2016 - 2027)
        --  Direct Sales
        --  E-Sales
        --  Distance Correspondence
    --  Complementary and Alternative Medicine Regional Outlook (Revenue, USD
        Billion, 2016 - 2027)
        --  North America
            --  U.S.
            --  Canada
        --  Europe
            --  France
            --  Germany
            --  Switzerland
            --  Austria
            --  Spain
            --  Norway
            --  Denmark
            --  Sweden
            --  Belgium
            --  Netherlands
            --  U.K.
            --  Ireland
        --  Asia Pacific
            --  Japan
            --  China
            --  India
            --  Australia
            --  Hong Kong
            --  Singapore
            --  New Zealand
        --  Latin America
            --  Brazil
            --  Argentina
            --  Mexico
        --  Middle East & Africa
            --  Israel
            --  UAE
            --  South Africa

Find more research reports on Pharmaceuticals Industry, by Grand View Research:

    --  Cold Pain Therapy Market- Rising prevalence of orthopedic diseases and
        increasing number of sports injuries have led to a high growth of the
        market.
    --  Anti-Acne Cosmetics Market- The negative social stigma associated with
        acne and rising consumption of cosmetics by both men and women,
        especially from the emerging economies are estimated to drive the
        growth.
    --  Cancer Immunotherapy Market- Growing adoption of advanced cancer
        therapeutic options coupled with rising cancer incidence has been one of
        the primary growth stimulants for the market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.