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In 2022, the global market for complementary and alternative medicine was valued at USD 117,210.3 million, and it is expected to grow at a compound annual growth rate (CAGR) of 25.1% from 2023 to 2030. This market is expected to see enormous growth due to changes in the regulatory landscape and substantial regulatory reforms, which have resulted in the formation of robust transnational partnerships among countries for collective efforts on alternative medicine. This, in turn, is expected to lead to greater adoption and growth of complementary and alternative medicine.
To promote medical tourism and enable individuals to access high-quality alternative medical care, regulatory bodies are taking initiatives. The Indian regulatory authorities, for instance, have made significant investments in the development and standardization of alternative medical services in multiple areas. The Indian government has established the "Ministry of Ayush" to oversee various services related to ayurveda, yoga, homeopathy, and naturopathy, including education, research, and product development.
Traditional medicine is widely used as nutritional supplements in most countries and is also gaining popularity in the form of herbal oils and tea in the modern world. As of 2022, traditional alternative medicine accounted for 34.19% of the market share. It is the most commonly used type of medicine in both developed and developing countries and is available in various forms, such as herbal supplements, homeopathic medications, and natural products.
In 2022, direct sales accounted for over 57.37% of the revenue share, making it the top-performing sector. With the significant increase in medical tourism, direct sales therapy is expected to continue leading the industry in the next decade. Government funding to improve treatment facilities and support alternative medicine has further boosted this trend. To expand their businesses, several local acupuncture and Ayurveda professionals and organizations plan to explore the direct sale of supplementary medicine and alternative therapies.
