Complementary And Alternative Medicine For Anti-aging & Longevity Market (2024 - 2030) Size, Share & Trends Analysis Report By Intervention (Botanicals, Mind Healing), By Customer, By Region, And Segment Forecasts

CAM For Anti-aging & Longevity Market Summary

As people seek alternative approaches to maintain their health and youthfulness, the demand for these therapies is expected to surge, contributing to market expansion. The market is anticipated to grow at a lucrative rate over the forecast period owing to a significant increase in awareness about the benefits of treatment using alternative medicines. High demand is being reported in developed countries due to the increased adoption of traditional medicine sourced from Asian countries. There has been a notable increase in the use of alternative therapies, such as acupuncture, herbal supplements, and mind-body practices, among older adults seeking to manage age-related conditions, such as arthritis, chronic pain, and cognitive decline.

These therapies encompass a diverse range of practices, including acupuncture, herbal remedies, dietary supplements, and mind-body techniques. They aim to address age-related conditions, such as osteoarthritis, chronic pain, cognitive decline, and stress management. For instance, according to March 2023 published data from the National Center for Complementary and Integrative Health (NCCIH), millions of older Americans incorporate Complementary and Alternative Medicine (CAM) into their healthcare routines to manage age-related health issues.

Moreover, in August 2023, WHO convened its inaugural global summit on traditional medicine, bringing together international partners to explore evidence-based approaches for advancing global healthcare. The summit focused on integrating traditional & complementary medicine into mainstream healthcare systems. It also highlighted the importance of practices like Ayurveda, yoga, and homeopathy. The summit's outcome document emphasized the need for collaboration & evidence-based strategies in traditional medicine, with more than 100 countries adopting relevant national policies & strategies.

Customer Insights

On the basis of 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. In 2023, the others segment which includes aging populations beyond traditional HNW and UHNW categories held the largest market share of 91.95%. This growth can be attributed to its inclusivity of a wide range of customer types, including middle-income individuals and those with various net worth levels. This segment's substantial market share indicates that complementary and alternative medicine for antiaging and longevity is not limited to a specific elite group but caters to a broader demographic, making it a widely adopted choice for consumers seeking holistic approaches to aging-related concerns.

High net worth (HNW) individuals segment is expected to record the fastest growth rate over the forecast period. HNW individuals play a crucial role in shaping the financial landscape across different regions. When we look at their financial wealth in USD trillions, it becomes evident that wealth distribution varies significantly by region. The Middle East stands out with a substantial HNWI financial wealth of USD 24.0 trillion, reflecting the affluence and economic activities in the region. North America follows closely with 27.7 trillion USD, highlighting the wealth concentration in this part of the world. Europe and the Asia-Pacific region also command significant HNWI financial wealth at 20.6 and 19.8 trillion USD, respectively.

Market Dynamics

Global space for antiaging cosmetics and skincare products has witnessed consistent growth, offering a wide array of products designed to target various age-related skin concerns. This increased demand reflects a preference for external solutions, such as topical creams and serums, rather than holistic internal approaches such as herbal remedies, acupuncture, or mindfulness. While these cosmetic products promise quick visible results, holistic approaches may take longer to demonstrate their benefits but offer more comprehensive and lasting health advantages over time. For instance, in April 2023, SkinCeuticals launched A.G.E. Interrupter Advanced, a groundbreaking corrective cream specifically designed to address visible signs of aging influenced by glycation and collagen loss.

However, stringent regulatory environment and the growing demand for medically approved drugs may restrain the market growth. The U.S. FDA imposes rigorous regulations on drugs and medical treatments, including those associated with antiaging. Obtaining FDA approval necessitates extensive clinical trials and substantial research investments, making it challenging for alternative medicine to meet the same standards as pharmaceutical drugs. The time-consuming and costly nature of this regulatory process acts as a significant hurdle for alternative approaches.

Regional Insights

Europe held the largest market share of 32.54 % in 2023, attributed to the well-established healthcare system that often includes complementary and alternative medicine options, making them more accessible to the population. In addition, there is a growing awareness of holistic well-being and a preference for natural approaches in European countries, which drives the demand for these therapies.

The Middle East and Africa region are expected to witness the fastest growth over the forecast period. Countries such as UAE and their government and private organizations are highly supportive of increasing CAM research in the country and have undertaken various initiatives to propel the use of CAM in the region. The UAE government approved homeopathy practices in the country in 2001. The UAE is one of the first countries to incorporate homeopathy within its health coverage.

Furthermore, the increasing popularity of CAM in the country is expected to boost market growth in the coming years. According to a survey conducted by Dubai Healthcare City in 2022, around 48% of the people in the country have tried CAM and around 55% were happy with the results. Generally, women are increasingly choosing homeopathic treatment, especially to cure several illnesses they suffer during pregnancy. Moreover, homeopathy showed incredible results in curing some of the common diseases prevalent in the UAE, such as anxiety, depression, child health ailments, and stress allergies.

Intervention Insights

On the basis of intervention, the market is segmented into traditional alternative medicine/botanicals, body healing, mind healing, external energy healing, and sensory healing. The traditional alternative medicine/botanicals segment dominated the market in 2023 with the largest market share of 33.14%. This growth can be attributed to a preference for natural and time-tested remedies among consumers. This segment's large market share reflects the enduring trust in botanical and traditional approaches to address aging-related concerns.

According to the March 2023 World Health Organization (WHO) estimates, approximately one-fourth of the global population is projected to be over 60 by the year 2050. The aging demographic is expected to increase the prevalence of chronic health conditions. In August 2023, the WHO convened its inaugural global summit on traditional medicine, bringing together international partners to explore evidence-based approaches for advancing global healthcare. The summit focused on integrating traditional & complementary medicine into mainstream healthcare systems. It also highlighted the importance of practices like Ayurveda, yoga, and homeopathy.

Mind healing is anticipated to grow with a fastest CAGR over the forecast period. Mind healing practices are techniques specifically designed to enhance the positivity of the mind. According to the National Health Interview Survey in September 2022, in the U.S., about 14% to 24% of patients with CVD use mind-body treatment, and 2% to 3% have used meditation. Furthermore, 50% of CVD patients want to participate in a clinical study of alternative therapies, and 17% want to participate in a clinical trial assessing meditation techniques.

Key Companies & Market Share Insights

Key players are implementing extensive strategies in complementary and alternative medicine, including indication expansion and new product launches, regional expansion, and collaboration to address the unmet needs of consumers.

• In August 2023, Aviv Clinicsintroduced an innovative executive health and performance checkup program for accessing cognitive functions and physical health beyond traditional health assessments

• In August 2023, SHA Wellness Clinic launched an innovative sexual health unit to optimize hormonal & sexual health to improve quality of life and overall emotional balance

• In February 2023, SEVA Experience entered into a partnership with The Standard, Huruvalhi Maldives for a wellness program, which included meditation, yoga, and holistic practices

Complementary And Alternative Medicine For Anti-aging & Longevity Market Report Scope

Global Complementary And Alternative Medicine For Anti-aging & Longevity Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the global complementary and alternative medicine for anti-aging & longevity market report based on intervention, customer, and region:

• Intervention Outlook (Revenue, USD Million, 2018 - 2030)

  • Traditional Alternative Medicine/Botanicals

    • Ayurveda

    • Naturopathic Medicine

    • Traditional Chinese Medicine

    • Zang Fu Theory

    • Others

  • Body Healing

    • Yoga

    • Acupuncture & Massage

    • Chiropractic

    • Qigong & Tai chi

    • Kinesiology

    • Reflexology

    • Eurythmy

    • Others

  • Mind Healing

    • Meditation & Mindfulness

    • Relaxation

    • Others

  • External Energy Healing

    • Magnetic & Electromagnetic Therapy

    • Chakra Healing

    • Reiki

    • Others

  • Sensory Healing

    • Aromatherapy

    • Sound Healing

• Customer Outlook (Revenue, USD Million, 2018 - 2030)

  • High Net Worth (HNW) Individuals

  • Very High Net Worth (VHNW) Individuals

  • Ultra-high Net Worth (UHNW) Individuals

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait