The global integrative medicines (IM) market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. Extensive research associated with the rising elderly population globally and the growing investments in the development of alternative treatment methodologies are expected to boost the growth of this market in the upcoming years. The market’s growth can also be attributed to factors such as the increasing awareness and concerns regarding mental health and the rising prevalence of chronic diseases amongst individuals around the world. According to the International Diabetes Federation (IDF), in 2019, 463 million estimated adults aged between 20-79 years were suffering from diabetes, and by 2045 the number is expected to rise to 700 million. Along with these, rising initiatives by government agencies to explore norms related to the betterment of mental & physical health is projected to offer lucrative opportunities to the market in the near future. For instance, the Indian regulatory authorities have made substantial investments in the progress and normalization of integrative medical facilities in some of the states. A government agency, known as the "Ministry of Ayush" has been set up that superintends education, development, product, research, and other Ayurveda facilities, yoga, homeopathy, and naturopathy in India.
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The market is segmented by intervention into botanicals, body healing, mind healing, external energy, and sensory healing, out of which, the botanicals segment is expected to hold the largest share by the end of 2030 on account of higher positive results and increasing trend of using aromatherapy, acupuncture, and other therapies worldwide. Moreover, increasing focus and initiatives of regulatory bodies towards medical tourism are also projected to contribute to the growth of the market segment during the forecast period. Additionally, based on sales channels, the direct sales segment is anticipated to hold the largest share in the global integrative medicines (IM) market on the back of growing adoption of natural and organic-based medications in the market.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa. The market in the Middle East & Africa is predicted to grow at the highest CAGR over the forecast period on account of the rising prevalence of chronic disorders such as cancer, cardiovascular disorders, and neurological diseases in the region. Furthermore, the market in Europe is evaluated to hold the largest share during the forecast period on the back of increasing cases of diabetes and the strong presence of leading integrative medicine service providers in the region. As per the Organisation for Economic Cooperation and Development (OECD) analysis, approximately 32.3 million adults in the European Union were diagnosed with diabetes in the year 2019. The market in Europe is also anticipated to witness growth on account of the proven success of its healthcare providers in terms of therapy development.
The global integrative medicines (IM) market is further classified on the basis of region as follows:
Our in-depth analysis of the global integrative medicines (IM) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising adoption of natural remedies and increasing elderly population are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2022-2030.
Poor understanding of integrative medicine and lack of scientific results are estimated to hamper market growth.
The market in the Middle East & Africa region will provide ample growth opportunities owing to the increasing awareness about integrative medicines (IM).
The major players dominating the integrative medicines (IM) market are Columbia Nutritional, The Healing Company Ltd., Aphria Inc., Nordic Nutraceuticals, Ayush Ayurvedic Pte Ltd, Pure Encapsulations, LLC, and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by intervention, sales channel, and by region.
With respect to intervention, the botanicals segment is anticipated to acquire the largest market share owing to the growing preference for natural remedies such as Ayurveda, homeopathy, and others.
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