Complementary And Alternative Medicine For Anti Aging & Longevity Market size is expected to reach USD 182.9 billion by 2028

 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.

 

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 Insights, the market is segmented into Traditional Alternative Medicine/Botanicals, Body Healing, Mind Healing, External Energy Healing, 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.
  • Tai Chi is a form of relaxation exercise that helps improve stability, balance, and flexibility in older people, particularly patients with Parkinson’s disease. According to a research article published in 2021, in older adults who practiced Tai Chi, the overall cerebral vascular hemodynamics index was as close as young adults and had a significant improvement as opposed to older adults not practicing Tai Chi.
  • The increasing consumer awareness regarding the benefits of CAM products and the rising adoption of new sensory healing technology in hospitals and clinics are anticipated to drive the market. However, the rising participation of western medicine in the anti-aging and longevity market will restrain the growth of the market.

 

Based on the Customer Insights, the market is segmented into High Net Worth (HNW) Individuals, Very High Net Worth (VHNW) Individuals, Ultra-high Net Worth (UHNW) Individuals, 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.
  • Rising income level in the economies is anticipated to drive the high net worth (HNW) individuals segment since various emerging economies consider CAM products for antiaging and longevity as luxurious and undermine the need for them. Individuals from developed countries with high net worth are more likely to incur expenditure on complementary and alternative medicine for antiaging and longevity than developing regions. This is owing to the low opportunity cost and high social presence.
  • 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.

 

Complementary And Alternative Medicine For Anti Aging & Longevity Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

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.

 

 

 

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