The global complementary and alternative medicine market reached a value of US$ 100.04 billion in 2021. Looking forward, the market is projected to reach US$ 315.5 billion by 2027, exhibiting a CAGR of 20.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor. Complementary and alternative medicine (CAM) refers to medical products and practices that are not considered a part of conventional or standard medical treatment. It comprises a combination of self-administered products and activities, such as herbal medicines, homeopathic remedies, dietary supplements, and yoga, with chiropractic care, massage therapy, and acupuncture. It also includes manipulative and body-based practices, biofield therapy, and whole medical systems. At present, CAM is widely used to treat individuals with cancer and alleviate common side effects like nausea, pain, and fatigue.

The rising consumer preferences for natural products and gentle therapies represent one of the key factors catalyzing the demand for CAM worldwide. Moreover, as it provides comfort and reduces the stress of patients, CAM is gaining widespread adoption in the diagnosis and prevention of various medical ailments. The growing prevalence of chronic diseases, along with the rising geriatric population, is positively influencing the market. Furthermore, due to its increasing popularity, several health insurance companies are offering CAM coverage in their medical plans, which is contributing to market growth. Apart from this, governing agencies of numerous countries are focusing on promoting medical tourism, which is fueling the demand for CAM around the world. Additionally, there is a significant rise in the need for natural or alternative medicines to treat coronavirus disease (COVID-19) patients. This, in turn, is anticipated to promote the usage of CAM and offer lucrative opportunities to market players for expanding their consumer reach.

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