US Complementary And Alternative Medicine Market Insights Forecasts to 2033

• The US Complementary And Alternative Medicine Market Size was valued at USD 29.4 Billion in 2023.
• The Market Size is Growing at a CAGR of 24.17% from 2023 to 2033
• The US Complementary And Alternative Medicine Market Size is expected to reach USD 256.18 Billion by 2033

US Complementary And Alternative Medicine Market is anticipated to exceed USD 256.18 Billion by 2033, growing at a CAGR of 24.17% from 2023 to 2033.

Market Overview

Complementary and alternative medicine include tai chi, massage, acupuncture, and green tea use. Medical devices and procedures that are not a part of conventional medical care are referred to as complementary and alternative medicine, or CAM. Integrative medicine is a medical approach that integrates traditional treatment with complementary and alternative medicine (CAM) techniques that have been scientifically proven to be safe and effective. There are different types of complementary and alternative medicine, such as mind-body therapies, biologically based practices, manipulative and body-based practices, energy healing, and whole medical systems. The rising cases of chronic diseases, the increasing demand for holistic health tactics, the rising awareness, acceptance & improved convenience, and affordability of CAM therapies are driving the growth of the market in the US. A survey conducted in 2002 and 2022 found that the percentage of adults who practice yoga for pain management increased from 12.0% to 28.8%. This growth suggests that the population of the US is highly interested in and accepts yoga as a complementary health approach that can effectively manage pain.

Report Coverage

This research report categorizes the market for the US complementary and alternative medicine market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the complementary and alternative medicine market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the complementary and alternative medicine market.

Driving Factors

The rising incidence of chronic illness is one of the main factors driving the growth of the market. Additionally, the rising awareness and acceptance of complementary and alternative medicine therapies are significantly conducive to the expansion of the market. Furthermore, the growing user-friendliness and affordability of complementary and alternative medicine therapies are also propelling the growth of the market. Moreover, advanced technologies drive the growth of the market as new technologies, like mobile apps, wearable devices, and telemedicine platforms.

Restraining Factors

The high cost of the medication can hinder the expansion of the market. Furthermore, the market for complementary and alternative medicine can be hampered by developing economies' lack of healthcare infrastructure and a lack of qualified professionals. Moreover, the patient's self-medication without first visiting a doctor and public ignorance will serve as restraints and further obstruct the progress.

Market Segmentation

The US complementary and alternative medicine market share is classified into intervention and distribution.

• The traditional alternative medicine/botanicals segment is expected to hold the largest market share through the forecast period.   

The US complementary and alternative medicine market is segmented by intervention into traditional alternative medicine/botanicals and mind healing. Among these, the traditional alternative medicine/botanicals segment is expected to hold the largest market share through the forecast period. This significant number can be related to consumers' growing interest in natural and holistic methods of treatment. A growing number of people are seeking complementary therapies to traditional medicine, such as herbal remedies and plant-based cures.

• The direct sales segment dominates the market with the largest market share over the predicted period.

The US complementary and alternative medicine market is segmented by distribution into direct sales and e-sales. Among these, the direct sales segment dominates the market with the largest market share over the predicted period. Pharmacists and other healthcare professionals should organize community-based campaigns to increase awareness about botanicals, since the high incidence of self-prescribed use of CAM products, especially botanicals and traditional medicine, highlights the significance of these products.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the US complementary and alternative medicine market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Columbia Nutritional
• Pure encapsulations, LLC.
• The American Apitherapy Society Inc.
• The Healing Company Ltd.
• Herb Pharm
• MetaMe
• Nordic Nutraceuticals
• Mindset Health
• John Schumacher Unity Woods Yoga Centre
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2023, as part of its initiatives to increase the accessibility and affordability of its supplements, Nordic Naturals, a major membership-only warehouse club, recently announced its collaboration with Sam's Club. Nordic Naturals is a brand of omega-3 supplements. As a result of the partnership, Nordic Naturals' Algae Omega and Ultimate Omega supplements should be available in Sam's Club locations in the US.  

Market Segment

This study forecasts revenue at US, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the US Complementary And Alternative Medicine Market based on the below-mentioned segments:

US Complementary And Alternative Medicine Market, By Intervention

• Traditional Alternative Medicine/Botanicals
• Mind Healing

US Complementary And Alternative Medicine Market, By Distribution

• Direct Sales
• E-sales