The global complementary and alternative medicine market size was valued at USD 82.27 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.03% from 2021 to 2028.
How big is the market for alternative medicine?
The global complementary and alternative medicine market size is expected to reach USD 404.66 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.03% from 2021 to 2028.
How much is the acupuncture industry worth?
The global botanicals and acupuncture market size was valued at USD 38.97 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 19.78% from 2020 to 2027.
Is Alternative Medicine Gaining Popularity?
Alternative medicine — including yoga, meditation, herbs and the Atkins diet — appears to be growing in popularity in the United States, perhaps because of dissatisfaction with conventional care, the government said Thursday.
How much does alternative medicine cost?
Americans spend $30.2 billion a year on alternative and complementary medicines and procedures, including $1.9 billion on children 4 to 17 years old.
What countries use alternative medicine?
In wealthier countries with higher health expenditures, like Switzerland, Norway, Sweden, Denmark and the Netherlands, a greater number of CAM treatments are reimbursed, and integrated into the established health care system .
What is a holistic doctor called?
A naturopathic doctor, or doctor of naturopathic medicine (ND), is trained in naturopathic medicine. This system of medicine combines Western science, natural therapies, and holistic approaches to treat health conditions. Natural therapies may be used as both primary and complementary treatments.
How many acupuncturists are in the US?
How many acupuncturists are there? There are approximately 18,000 licensed acupuncturist in the U.S. Out of that number, it is estimated that about 12,000 are actively in practice and that over 50% of those practice in the coastal states of California and New York.
What percent of Americans use acupuncture?
In the 2002 NHIS sample, 4.1% of the respondents reported lifetime use, and 1.1% (representing 2.13 million Americans) reported recent use of acupuncture.
How big is the acupuncture market?
The global acupuncture needles market size was valued at $95.80 million in 2018 and is expected to reach $177.79 million by 2026, registering a CAGR of 8.2% from 2019 to 2026. Acupuncture is a component of traditional Chinese medicine.
Why is alternative medicine becoming so popular?
Alternative medicine is so popular because it gives patients choices. A health conscious choice allows patients to make life style changes, understand medical alternatives to care, and be an active participant in their medical treatment.
Why is alternative medicine bad?
Alternative and complementary therapy can pose dangers
Some concerns include: Delaying surgery, radiation, chemotherapy, or other traditional treatment by using an alternative therapy can allow the cancer to grow and spread to other parts of the body.
Is chiropractic complementary or alternative medicine?
Chiropractic is a form of alternative medicine designed to treat issues involved with the musculoskeletal system. Although chiropractic is alternative medicine, chiropractors are required to have graduate level degrees and are highly educated.
Is alternative medicine more expensive?
Cost savings: According to the European Pharmaceutical Review, some data has indicated that alternative medicine therapies may be less expensive than conventional medical treatments. Given the often onerous costs of conventional health care, it’s not surprising that employees might be looking for ways to save.
How much do Americans spend on complementary and alternative medicine?
Americans Spent $30.2 Billion Out-Of-Pocket On Complementary Health Approaches. Americans spent $30.2 billion–$28.3 billion for adults and $1.9 billion for children—out-of-pocket on complementary health approaches, according to a nationwide survey.
What is the study of alternative medicine?
Alternative Medicine Studies is an Open Access, online-only scientific journal about alternative medical systems including: Acupuncture; Anthroposophic medicine; Ayurveda; Chiropractic; Herbalism and Natural products; Homeopathy; Naturopathy; Osteopathy and Traditional medicines (e.g. Chinese-Tibetan).