Europe Complementary And Alternative Medicine Industry Overview
The Europe complementary and alternative medicine market size was valued at USD 27.44 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.89% from 2021 to 2028.
Complementary and alternative medicine (CAM) is considered a traditional treatment and the market is majorly driven by the growing awareness regarding the numerous associated benefits. Furthermore, an increase in the adoption of herbal supplements, spas, and other wellness treatments has resulted in the considerable growth of the market. The rising penetration of coaching institutes for these therapies has led to an increase in practice and implementation. However, most of the techniques applied in alternative medicine are not approved by regulatory bodies in the European region. Therefore, to increase the penetration of CAM, several governments and regulatory bodies have undertaken efforts to establish clinical evidence and provide support for considering these techniques as alternative medicines.
Gather more insights about the market drivers, restrains and growth of the Europe Complementary And Alternative Medicine Market
The use of CAM is common in Western European countries. In recent decades, there has been an increase in the number of patients using these therapies, which are extensively evaluated as less toxic and significantly safer than conventional medical treatments. This trend has been prevalent in both the general population as well as patient groups and particularly in those who are suffering from chronic diseases. For instance, as per data provided by Wolters Kluwer Health, Inc., in Austria, the use of CAM for IBD is relatively high. A total of 50.7% of patients had used CAM for inflammatory bowel disease at least once.
Moreover, a favorable reimbursement scenario is expected to augment the use of CAM over the forecast period. For instance, 90% of the German population’s healthcare is covered by social health insurance and 10% is privately insured. As compared to other European countries, the German health system has a comparatively strong market orientation and most of the CAM is not covered by social health insurance, however, there is a great inclination in the German population to pay privately for alternative treatments. Thus, providing these services can also be economically attractive for GPs.
Furthermore, from being the origin of homeopathy to being the first in the usage of CAM in Europe to leading coverage and regulation movements, Germany is always at the lead of alternative medicine. Germany has been pioneering in healthcare and healthcare coverage, and the next steps they take in complementary and alternative medicine regulation are likely to set trends and offer lucrative opportunities for growth over the forecast period.
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Key Companies profiled:
Some of the prominent players in the Europe complementary and alternative medicine market include:
- Columbia Nutritional
- SUN AND MOON HEALING
- Ramamani Iyengar Memorial Yoga Institute
- Nordic Nutraceuticals
- John Schumacher Unity Woods Yoga Centre
- The Healing Company Ltd.
- Pure encapsulations, LLC
- Sheng Chang Pharmaceutical Company
- AYUSH Ayurvedic Pte Ltd.
- Herb Pharm
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