Complementary And Alternative Medicine For Anti Aging & Longevity Market Size Report, 2022-2030
The global Complementary And Alternative Medicine For Anti Aging & Longevity market size was estimated at USD 37.19 billion in 2021 and is expected to surpass around USD 185.1 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 24.9% during the forecast period 2022 to 2030.
Key Takeaways:
Growing household income in developed countries, acceptance of herbal and ayurvedic medicine, and increasing age-related diseases have majorly the market for complementary and alternative medicine (CAM) for anti aging and longevity.
In the traditional alternative medicine/botanicals intervention segment, Ayurveda led the market in 2020 as cosmetic market players are involved in the R&D of Ayurveda-based anti-aging cosmeceuticals. The mind healing segment is expected to witness steady growth from 2021 to 2028 due to the rising acceptance of meditation and mindfulness in corporate offices. The sensory healing segment is expected to expand at a considerable CAGR over the forecast period due to the increasing popularity in hospitals and clinics. For instance, in October 2021, Spatial, an audio platform, partnered with HealthTune scientific and Catalyst by Wellstar to use sensory healing to reduce stress and anxiety of frontline healthcare workers.
Ayurveda is acknowledged as a medicine in 16 countries including Brazil, Switzerland, Hungary, Nepal, Bahrain, UAE, and Saudi Arabia. Whilst, some regions such as Romania, Hungary, Ontario, and Turkey regulate ayurvedic practices. In the U.K., it is a part of the National Health Policy. Thus, increasing acceptance of ayurvedic medicine is expected to drive the complementary and alternative medicine market to a major extent. In addition, insurance coverage by public and private players is anticipated to fuel market growth.
COVID-19 has become a catalyst for the implementation of CAM therapies in day-to-day life. Owing to the pandemic, online yoga classes witnessed a 25% increase in enrollment level. Similarly, in the COVID-19 pandemic, the demand for yoga equipment accelerated by154%. Key players and governing regulatory bodies are undertaking various strategic initiatives such as regional expansion to develop their presence in the market.
Report Scope of the Complementary And Alternative Medicine For Anti Aging & Longevity Market
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Report Coverage |
Details |
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Market Size |
US$ 185.1 Billion by 2030 |
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Growth Rate |
CAGR of 24.9% from 2022 to 2030 |
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Largest Market |
North America |
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Fastest Growing Market |
Asia Pacific |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Intervention, customer and Region, |
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Companies Mentioned |
Centre Chiropractic De La ColonneVertébrale;Anadolu Medical Center;Sinomedica; Acupuncture Enfants; Ayurveda Kuwait; Maya Reiki School;Maylilacs; Al Zuhair Holistic Medicine Center;Ayurmana By Dharma Ayurveda;Trinicum;Miskawaan Health Group;Therme Wien;Healthpi;Vivamayr; Optimal Spine And Joint Center; First Chiropractic Centre; Lama Polyclinic LLC; Al ManarAyurvedic Center; American Chiropractic Center; Qatar Chiropractic & Physiotherapy Clinic;Satyamani; Elixir Health Center;Acupuncture.Paris (AnabelChantellier);Transforma Health; Swiss Ayurvedic Medical Academy; Clinic Les Alpes; Paracelsus KlinikLustmühle Ag; Swiss Alternative Medicine;Turnpaugh Health & Wellness; The Center For Natural And Integrative Medicine; Angel Longevity Medical Center; Peaks Of Health Metabolic Medical Center; JscmTcm Clinic; London Hydrotherapy; Ming Chen Clinic; Ukacupuncture Clinic; Bionorica Se;Weg Der Mitte; Pascoe Natural Medicine; Brixsana Private Clinic; Homeopathy Vescovio Center; Sha Wellness Clinic; Sukha Ayurveda; SarriaQuiropractica; Natural Healing Acupuncture Medical Center; Kindcare Medical Center; Cure; Aviv Clinics; Seva Experience; Bahrain Hospital & Health Resort; Intouch Clinic; International Chinese Body Care Houses; Doha Chiropractic Center; Specialized Medical Center Hospital; Fakeeh.Care; Almoyassar Physical Therapy Center; Muroona Clinic & Fitness; Terme Di RioloSrl; Mei Spa |
Intervention Insights
The traditional alternative medicine or botanicals segment accounted for the largest revenue share of over 33.0% in 2021. As the regulatory guidelines to start a business in this market are relatively relaxed than pharmaceutical companies, key players are interested in investments in CAM therapies. Similarly, government initiatives increase the participation of entrepreneurs in the space of CAM.
Tai Chi is a form of relaxation exercise that helps improve stability, balance, and flexibility in older people, particularly patients with Parkinson’s disease. According to a research article published in 2021, in older adults who practiced Tai Chi, the overall cerebral vascular hemodynamics index was as close as young adults and had a significant improvement as opposed to older adults not practicing Tai Chi.
Technological advancements in sensory healing are boosting segment growth. For instance, HUSO is a sound healing system that employs acupuncture meridians to manage and harmonize the body along with a tone that deals with stress and toxic electromagnetic fields. The product includes headphones and pads for wrists and ankles.
The increasing consumer awareness regarding the benefits of CAM products and the rising adoption of new sensory healing technology in hospitals and clinics are anticipated to drive the market. However, the rising participation of western medicine in the anti-aging and longevity market will restrain the growth of the market.
Customer Insights
The others segment dominated the market and held a revenue share of over 92.0% in 2021. The high net worth (HNW) individuals segment held the second-largest revenue share in 2020. The segment is also projected to register the fastest growth rate from 2021 to 2028. An individual with a net worth between USD 1 to 5 million falls under this category.
Rising income level in the economies is anticipated to drive the high net worth (HNW) individuals segment since various emerging economies consider CAM products for antiaging and longevity as luxurious and undermine the need for them. Individuals from developed countries with high net worth are more likely to incur expenditure on complementary and alternative medicine for antiaging and longevity than developing regions. This is owing to the low opportunity cost and high social presence.
The out-of-pocket expenditure on complementary medicine and therapies discourage low- and middle-income households to enter the market. A study in 2021 concluded that cancer patients from low-income households are more likely to experience financial catastrophe if they incur out-of-pocket expenditure on complementary medicine.
The strong economic growth in the household is a key determinate in complementary and alternative medicine for antiaging and longevity. For instance, despite COVID-19, the U.K. showcased a robust comeback with a 6.1% increase in household income from the 2nd quarter to the 3rd quarter of 2020. Similarly, Italy with 7.4%.
Regional Insights
Europe dominated the global market and accounted for a revenue share of over 32.0% in 2021.CAM has gained immense popularity and acceptance in Europe. The most often used CAM modalities across Europe are homeopathy, herbal medicine, acupuncture, chiropractic, massage, and reflexology.
CAM usage is more prevalent among women, well-educated individuals, and middle-aged people. In terms of health determinants, musculoskeletal problems are the most common conditions treated with CAM. In addition, depression, insomnia, back problems, severe headaches, and stomach or intestinal illnesses are the most typical conditions associated with the adoption of CAM.
Moreover, Ayurveda is gaining popularity in many European countries, with Germany acting as the nerve center of Ayurveda, leading the change in the region, while other nations like Austria and Switzerland are joining the bandwagon. The European Ayurveda Association (EUAA) is a federation of Ayurveda organizations, educational institutions, hospitals, manufacturers, therapists, suppliers, and distributors of Ayurvedic products. The EUAA represents organizations and institutions from 16 countries in the European Economic Area. The organization is focused on the recognition and dissemination of Ayurveda as a holistic medicine in the region.
The Middle East and Africa region are expected to witness the fastest growth over the forecast period. The long history of using several spiritual techniques along with using herbal medicines for the treatment of various disorders is the key factor expected to drive the regional market during the forecast period. It is anticipated that Qatar will be the fastest-growing market for mind-healing therapies in the region in the years to come.
Some of the prominent players in the Complementary And Alternative Medicine For Anti Aging & Longevity Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Complementary And Alternative Medicine For Anti Aging & Longevity market
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Complementary And Alternative Medicine For Anti Aging & Longevity Market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers