The global complementary and alternative medicine market (CAM) is expected to triple by 2032, according to a new report, reflecting a growing interest in unconventional medical therapies.1
Allied Market Research, a consultancy and market research firm, expects the CAM market to grow from around $100 billion in 2022 to $438 bn. in 2032, with an annual growth rate of 15%.
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So, What Exactly is CAM?
Complementary and Alternative Medicine refers to any form of unconventional medicine or treatment that is not part of the mainstream branch of modern medicine and can include functional medicine, Traditional Chinese Medicine (TCM), Ayurvedic medicine, and many other holistic kinds of practices that are not widely studied.
CAM also encompasses the use of herbal and dietary supplements for preventing and treating illness and disease.
Researchers suggest that the growing interest in alternative therapeutic strategies among the public is driven by a wide variety of factors, such as the COVID-19 pandemic, social media use, a rise in chronic diseases, aging populations, and more.
This trend could have significant consequences for the healthcare industry going forward, with many companies aiming to leverage this opportunity to establish a niche in the CAM market.Β
CAM is Trendy
CAM includes a wide range of unconventional medicine and practices. Its most popular form is herbal medicine, usually derived from traditional Eastern practices like Chinese TCM or Indian Ayurveda. Other common forms of CAM include acupuncture, homeopathy, aromatherapy, massage, reflexology, meditation, yoga, and βbiohacking.β
A study in the UK found that 41% of people, on average, used CAM each year. However, this data was taken from 2000 to 2011.2
More recent studies from various populations suggest widespread use of CAM. For example, a 2022 study in Turkey found that 70% used CAM methods, while in Iran, a study found that 84% of the population used CAM in 2022. In India, more than 65% of participants used Ayurvedic medicine to treat COVID-19 infection.3
Interestingly, a study of search terms via Google Trends in Indonesia revealed a dramatic increase in interest towards CAM following the outbreak of the COVID-19 pandemic, suggesting that the pandemic could be a watershed moment for the CAM industry.4
In China, TCM is considered an integrative or complementary medicine to Western medicine and is used by the general public in that country. In fact, most hospitals in China have TCM departments, and 12% of the total number of hospitals are specialized TCM hospitals.5
Although CAM use in Asia is more prevalent than in the West, studies suggest that this gap is shrinking.
Chinese researchers estimated the prevalence of CAM in European countries to be from 10.0β48.7%, with higher rates in Asian countries (South Korea: 45.8β69%, Japan: 76%, Lao PDR: 77%, Malaysia: 55.6%).5
Besides the COVID-19 pandemic, which we will discuss in-depth, there are many factors behind the rise in CAM popularity. These include:
Growing consumer demand:
With a proactive approach to health becoming more common, there is an increasing demand for CAM therapies and products that prioritize holistic well-being, prevention, and personalized care.6
A shift towards integrative medicine:
Integrative healthcare, which combines conventional medicine with CAM therapies, is gaining acceptance among healthcare providers and patients. This shift is driving the integration of CAM into mainstream healthcare practices.7
Focus on wellness and prevention:
CAM modalities stress the importance of maintaining balance and harmony within the body, aligning with the growing focus on preventive healthcare and lifestyle management.
Increasing research and evidence:
Continuous scientific research and clinical studies on the efficacy and safety of CAM therapies are expanding the evidence base, increasing consumer confidence, and encouraging the adoption of these practices for various health conditions.
Rising popularity of mind-body practices:
Mind-body therapies such as yoga, meditation, and mindfulness are becoming increasingly popular for their holistic approach to mental and emotional well-being, fueling growth in the CAM market segment.
High cost of conventional medicine:
The increasing prevalence of chronic diseases like cancer and cardiovascular conditions also comes with high costs. CAM therapies often present themselves as less expensive alternatives, reducing the financial burden on patientsβ.6
Side effects:
Side effects associated with conventional medications can be a major deterrent. Many people experience adverse effects from pharmaceutical drugs and seek CAM therapies as they are perceived to be safer and have fewer side effects. The natural and holistic approach of CAM, including practices like herbal medicine, acupuncture, and yoga, aligns with this preference for safer, non-invasive treatments.6
Aging populations:
The aging population is also a significant factor behind the growth of CAM. As people live longer, they are increasingly looking for ways to manage age-related health conditions and maintain their quality of life. CAM therapies are particularly appealing to older adults who face multiple chronic conditions and seek to minimize the side effects of conventional medications.7
Social media use:
Finally, social media has significantly contributed to the growth of complementary and alternative medicine (CAM) by increasing public awareness and accessibility.8
During the COVID-19 pandemic, many individuals turned to social media for health information and advice, leading to a heightened interest in CAM therapies. The extensive availability of information online, combined with the influence of social media platforms, facilitated the spread of knowledge about CAM practices such as herbal supplements, traditional medicine, and mind-body practices like yoga and meditation.
Impact of COVID-19
The COVID-19 pandemic was perhaps the main driver behind the growth in complementary and alternative medicine (CAM) industry in recent years.
Research suggests that the pandemic led to increased interest and usage of various CAM therapies due to rising demand and economic factors, uncertainty and fear of treatments, increased research and validation of alternative therapies and substances, and greater awareness through social media.9
During the pandemic, there was a measurable increase in the demand of CAM practices such as herbal supplements, traditional medicine, and mind-body practices like yoga and meditation.
Many people turned to these methods to boost their immunity and manage stress and anxiety associated with the pandemicβ.9
In countries like China, Traditional Chinese Medicine (TCM) was used alongside conventional treatments for COVID-19 patients.Β
TCM practices were widely adopted in hospitals, and many studies indicated their role in alleviating symptoms and improving patient outcomesβ.9
Importantly, studies concluded that the pandemic spurred scientific research into the efficacy of various CAM therapies. This research provided some validation for the use of these therapies, encouraging more people to consider them as viable options for health maintenance and disease preventionβ.
Additionally, during the beginning of the pandemic, when there was heightened public fear and uncertainty, many turned to the internet and social media to obtain health information and advice.Β
This generated a greater public awareness of CAM therapies, partly due to the extensive information available online and through social media.Β
Researchers credit this awareness, combined with easier access to CAM products and services via digital platforms, for facilitating their broader adoptionβ.
Key Players in the CAM Industry
The CAM market is expected to see innovation and expansion through mergers, acquisitions, and partnerships among large companies.10
Increased healthcare spending and initiatives by government organizations to modernize healthcare infrastructure are also boosting the CAM market, alongside awareness campaigns by public and marketing groups.
Companies that are capitalizing on these trends include health supplement companies, companies that specialize in Ayurvedic health, those that offer TCM solutions, and those that offer more general holistic solutions to health.
Major supplement brands include Herb Pharm LLC, Gaia Herbs, NOW Foods, Life Extension, Pure Encapsulations, Douglas Laboratories, Nordic Naturals, Nordic Nutraceuticals, Quality of Life Labs, Natureβs Bounty Co., Valensa International, Herbo Nutra, and Emerson Ecologics.10
These companies offer science-based, high-quality dietary and nutritional supplements, including vitamins, minerals, herbal extracts, and other health products.
In the Ayurveda sector, companies like AYUSH Ayurvedic Pte Ltd, Dabur India Ltd., Himalaya Global Holdings Ltd., Banyan Botanicals, and Arya Vaidya Pharmacy offer Ayurvedic health and wellness products while aiming to advance the science behind Ayurveda.
In addition, Sheng Chang Pharmaceutical Company produces high-quality traditional Chinese medicines and herbal products that support holistic health and is one of the largest TCM pharma companies.
Then, there are more general and holistic CAM companies.
All and One Medical, for example, provides healthcare solutions that combine conventional medicine with complementary and alternative therapies to promote overall wellness and preventive care.
The John Schumacher Unity Woods Yoga Center is another that focuses on enhancing physical and mental well-being through the practice of Iyengar Yoga and offers classes and workshops.
New Life Chiropractic aims to improve overall health and well-being by providing comprehensive chiropractic care that focuses on spinal health and preventive wellness.
The Chicago Body Works offers a range of holistic therapies and treatments designed to enhance physical and mental well-being, including massage and bodywork services.
Weleda AG aims to connect people with nature by producing holistic, natural, and organic products that support health, beauty, and overall wellness while practicing sustainability and social responsibility.
Quantum-Touch Inc. teaches energy healing techniques that promote physical, emotional, and spiritual health.
Another company that is looking to cash in on this market is the Spectrum Chemical Manufacturing Corporation. The company focuses on delivering high-quality chemicals and laboratory supplies to support scientific research and innovation across various industries, including health and wellness.
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Key Takeaways
- The CAM market is projected to grow significantly, tripling from $100 billion in 2022 to $438 billion by 2032.Β
- CAM encompasses a wide range of unconventional medical practices and therapies, including herbal medicine, acupuncture, Traditional Chinese Medicine (TCM), Ayurveda, and mind-body practices like yoga and meditation.Β
- Several factors contribute to the growing popularity of CAM, including increasing consumer demand for holistic and personalized health solutions, a shift towards integrative medicine combining CAM with conventional treatments, and a focus on wellness, prevention, and reducing healthcare costs.
- The COVID-19 pandemic significantly boosted interest and adoption of CAM therapies worldwide. People turned to CAM for immune support, stress management, and overall well-being during the health crisis.Β
- Social media plays a crucial role in increasing consumer awareness and accessibility to CAM. Online platforms have facilitated broader adoption by providing information and easier access to CAM products and services, influencing consumer choices and behaviors.
- CAM usage varies widely across different regions and demographics. Countries like China, Iran, and India have high CAM usage rates, while specific practices like TCM are deeply integrated into healthcare systems in some Asian countries.
- The CAM industry is seeing innovation and opportunity. Key players include supplement companies, Ayurvedic and TCM providers, and holistic wellness practitioners, all aiming to capitalize on the growing market demand.
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