Complementary and Alternative Medicine for Anti-Aging & Longevity Market is anticipated to be driven by the increasing elderly population and associated illnesses. The sedentary lifestyle trend has prompted the use of yoga, particularly during the COVID-19 pandemic. As a result of remote work, companies such as Citi, BlueBeam, 3M, and SAP have implemented virtual wellness programs to reduce stress and anxiety levels among their employees. BlueBeam, for example, provided yoga and Tai Chi sessions, fitness challenges with incentives, and chair massages during the COVID-19 lockdown.
In various instances, western medication has been administered together with Kampo medicine. Studies on geriatric patients have demonstrated the efficiency of integrative and traditional medicine in managing symptoms and side effects of chronic infectious illnesses. Currently, there are numerous ongoing research studies investigating the use of traditional medicine for treating COVID-19.
The growth of the field is being propelled by advancements in sensory healing technology. One such technology is the HUSO, which is a sound healing system that utilizes acupuncture meridians to harmonize and regulate the body, as well as a tone that addresses stress and toxic electromagnetic fields. The product comprises headphones and pads for the wrists and ankles. Ayurvedic medicine has been recognized as a form of treatment in 16 different countries, including Brazil, Switzerland, Hungary, Nepal, Bahrain, the United Arab Emirates, and Saudi Arabia. Some places, like Romania, Hungary, Ontario, and Turkey, have regulations in place for Ayurvedic practices. In the United Kingdom, ayurvedic medicine is included in the National Health Policy. Consequently, the widespread adoption of ayurvedic medicine is predicted to greatly contribute to the expansion of the complementary and alternative medicine market. Furthermore, the provision of insurance coverage by both public and private entities is expected to drive growth in this market.
The Global Complementary and Alternative Medicine for Anti-Aging & Longevity Market size was valued at USD 55.08 billion in 2023 and is expected to expand to USD 224 billion by 2030 at a compound annual growth rate of 9.8% from 2023 to 2030.
The growth of the market can be boosted by product penetration in age-related diseases, less strict government regulations, and strategic initiatives. To meet the unfulfilled needs of consumers, existing players are implementing extensive strategies in complementary and alternative medicine, such as expanding indications, regions, and collaborations. An example of this is the introduction of integrative personalized German therapies for treating cancer in Thailand by the Miskawaan Health Group in April 2021. The company opened the Miskawaan Integrative Cancer Care in Bangkok as part of its regional expansion, which will help the company to diversify its sources of income.
The COVID-19 pandemic has acted as a catalyst for the integration of complementary and alternative medicine (CAM) therapies into everyday life. Due to the pandemic, online yoga classes experienced a 25% rise in enrollment. Similarly, the demand for yoga equipment accelerated by 154% during the pandemic. Major players in the industry and regulatory bodies are taking strategic steps, such as regional expansion, to enhance their market presence.
Europe was the dominant player in the global market, contributing over 30.0% to the revenue share in 2020. Complementary and alternative medicine (CAM) has gained significant popularity and acceptance in Europe. Among the CAM modalities, homeopathy, herbal medicine, acupuncture, chiropractic, massage, and reflexology are most frequently used in Europe. CAM usage is more widespread among well-educated individuals, women, and middle-aged people. Musculoskeletal problems are the most common health determinants treated with CAM. Depression, insomnia, back problems, severe headaches, and stomach or intestinal illnesses are among the most common conditions treated with CAM.
Ayurvedic practices are regulated in certain areas such as Romania, Hungary, Ontario, and Turkey, while in the United Kingdom, it is incorporated into the National Health Policy. Consequently, the rising acceptance of Ayurvedic medicine is predicted to have a significant impact on the complementary and alternative medicine market. Additionally, the provision of insurance coverage by both public and private players is expected to bolster market growth.
The botanicals/traditional alternative medicine sector had the highest revenue share in 2020 and is projected to continue this trend in the forecast period. This is due to the growing use of herbal remedies and spiritual methods in managing illnesses worldwide. The practices of Ayurveda are continuously regulated in different regions and it is incorporated in the National Health Policy, thus the rising acceptance of Ayurveda is predicted to impact on complementary and alternative medicine market.