Europe Complementary And Alternative Medicine Market Growth & Trends

The Europe complementary and alternative medicine market size is expected to reach USD 125.18 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 20.89% from 2021 to 2028. The market is majorly driven by the growing awareness regarding alternative medicine and its numerous associated benefits. Further, an increase in the adoption of, spas, and other wellness treatments has resulted in a considerable adoption of complementary and alternative medicine services.

The presence of a large number of service providers along with educational institutes is likely to create lucrative growth opportunities over the forecast period. In addition, R&D activities to determine the potential of CAM in treating a number of chronic diseases are anticipated to boost the market growth over the forecast period.

The willingness of people to use CAM will further offer lucrative growth opportunities in the forecast period. Naturopaths were referred four times as regularly as acupuncture, TCM, osteopathy, and other methods were employed more than 3 times by people without supplemental health insurance. In addition, people in Switzerland with additional health insurance for CM used all CM modalities.

Germany accounted for the largest revenue share in the European market in 2020. The European market is fragmented and witnesses moderate market competition. This is due to the presence of a number of well-established service providers as well as recognized education providers in the region.

Europe Complementary And Alternative Medicine Market Report Highlights

  • The body healing intervention segment held the largest revenue share in 2020 owing to the increasing inclination of the consumers towards the use of these therapies. Owing to its growing popularity, a number of insurance companies are offering coverage in their medical plans, which is expected to offer lucrative growth opportunities in the forecast period
  • The traditional alternative medicine/botanicals intervention segment was the second-largest revenue-generating segment in 2020. Government initiatives along with increasing awareness among the population are expected to drive the segment over the forecast period
  • The mind healing intervention segment is expected to witness growth over the forecast period due to the rising prevalence of mental illness, along with well-established research institutes in the region
  • In the near future, there will be a demand by technology and medical companies to further research on how energy networks connect to bodies and brains
  • Moreover, sensory integration therapy has become one of the most demanded and utilized approaches for autism
  • The increasing research and focus of researchers on developing therapies is expected to fuel the market growth