Complementary And Alternative Medicine For Anti Aging Longevity Industry Overview
The global complementary and alternative medicine for anti aging and longevity market size is expected to reach USD 182.9 billion by 2028, as per a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.2% from 2021 to 2028. 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 RD 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.
Complementary And Alternative Medicine For Anti Aging Longevity Market Segmentation
Grand View Research has segmented the global complementary and alternative medicine for anti aging and longevity market on the basis of intervention, customer, and region:
Based on the Intervention, the market is segmented into Traditional Alternative Medicine/Botanicals, Body Healing, Mind Healing, External Energy Healing, and Sensory Healing.
- The traditional alternative medicine or botanicals segment accounted for the largest revenue share of over 30.0% in 2020. 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.
- 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.
Based on the Customer, the market is segmented into High Net Worth (HNW) Individuals, Very High Net Worth (VHNW) Individuals, Ultra-high Net Worth (UHNW) Individuals, and Others.
- The others segment dominated the market and held a revenue share of over 90.0% in 2020. 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.
- 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.
Key Companies Market Share Insights
Product penetration in age-related diseases, relaxed government regulations, and strategic initiatives are crucial strategies that can aid in market growth. The existing players are implementing extensive strategies in complementary and alternative medicine, including indication expansion, regional expansion, and collaboration to address the unmet needs of consumers.
For instance, in April 2021, Miskawaan Health Group announced the introduction of integrative personalized German therapies in Thailand for treating cancer. The company opened the Miskawaan Integrative Cancer Care in Bangkok. The regional expansion will assist the company to diversify the source of income. Some prominent players in the global complementary and alternative medicine for anti aging longevity market include:
- 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
Order a free sample PDF of the Complementary And Alternative Medicine For Anti Aging Longevity Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
