Complementary And Alternative Medicine For Anti Aging & Longevity Market Size, Share & Trends Analysis Report By Intervention (Botanicals, Mind Healing), By Customer, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global complementary and alternative medicine for anti aging & longevity market size was valued at USD 36.89 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 22.2% from 2021 to 2028. The rising aging population and diseases associated with it are the key factors expected to drive the market for complementary and alternative medicine (CAM) for antiaging and longevity. COVID-19 has encouraged the use of yoga in a sedentary lifestyle-oriented population. Since corporate companies adopted remote work owing to COVID-19, some organizations such as Citi, BlueBeam, 3M, and SAP prioritized virtual wellness programs to improve the stress and anxiety level of working from home. For instance, BlueBeam offered yoga and Tai Chi classes, incentive-based fitness challenges, and chair massage during the COVID-19 pandemic lockdown.

There have been multiple cases where Kampo medicine was used along with western medication. Several geriatric patient case studies reveal the effectiveness of traditional and integrative medicine for symptom and adverse effect management for chronic infectious diseases. There are multiple ongoing research studies on the use of traditional medicine in the COVID-19 treatment.

Alternative medicines including Reiki with little scientific evidence are being extensively promoted by Yale, Duke, Johns Hopkins, and other major medical research institutions for providing “energetic healing” for treating fibromyalgia. In addition, over 60 U.S. hospitals adopted Reiki as part of patient services and 800 hospitals provide Reiki education into their healthcare programs and services in the U.S.

In the past few years, awareness regarding yoga and its impact on antiaging and longevity has boosted the usage of these body healing therapies. This is because yoga aids in enhancing body strength and flexibility, boosting energy, and balancing stress levels. The research by the U.S. National Library of Medicine National Institutes of Health shows that yoga impacts the molecular level, which is directly correlated to the aging of the face and skin.

Intervention Insights

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.

Technological advancements in sensory healing are boosting segment growth. For instance, HUSO is a sound healing system that employs acupuncture meridians to manage and harmonize the body along with a tone that deals with stress and toxic electromagnetic fields. The product includes headphones and pads for wrists and ankles.

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.

Customer Insights

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.

The strong economic growth in the household is a key determinate in complementary and alternative medicine for antiaging and longevity. For instance, despite COVID-19, the U.K. showcased a robust comeback with a 5.1% increase in household income from the 2nd quarter to the 3rd quarter of 2020. Similarly, Italy with 6.4%.

Regional Insights

Europe dominated the global market and accounted for a revenue share of over 30.0% in 2020.CAM has gained immense popularity and acceptance in Europe. The most often used CAM modalities across Europe are homeopathy, herbal medicine, acupuncture, chiropractic, massage, and reflexology.

CAM usage is more prevalent among women, well-educated individuals, and middle-aged people. In terms of health determinants, musculoskeletal problems are the most common conditions treated with CAM. In addition, depression, insomnia, back problems, severe headaches, and stomach or intestinal illnesses are the most typical conditions associated with the adoption of CAM.

Moreover, Ayurveda is gaining popularity in many European countries, with Germany acting as the nerve center of Ayurveda, leading the change in the region, while other nations like Austria and Switzerland are joining the bandwagon. The European Ayurveda Association (EUAA) is a federation of Ayurveda organizations, educational institutions, hospitals, manufacturers, therapists, suppliers, and distributors of Ayurvedic products. The EUAA represents organizations and institutions from 16 countries in the European Economic Area. The organization is focused on the recognition and dissemination of Ayurveda as a holistic medicine in the region.

The Middle East and Africa region are expected to witness the fastest growth over the forecast period. The long history of using several spiritual techniques along with using herbal medicines for the treatment of various disorders is the key factor expected to drive the regional market during the forecast period. It is anticipated that Qatar will be the fastest-growing market for mind-healing therapies in the region in the years to come.

Key Companies & Market Share Insights

Product penetration in age-related diseases, relaxed government regulations, and strategic initiatives are crucial strategies that can aid in market growth. The existing players are implementing extensive strategies in complementary and alternative medicine, including indication expansion, regional expansion, and collaboration to address the unmet needs of consumers.

For instance, in April 2021, Miskawaan Health Group announced the introduction of integrative personalized German therapies in Thailand for treating cancer. The company opened the Miskawaan Integrative Cancer Care in Bangkok. The regional expansion will assist the company to diversify the source of income. 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

Complementary And alternative medicine For Anti Aging & Longevity Market Report Scope

Segments Covered in the Report

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 2017 to 2028. For the purpose of this report, Grand View Research has segmented the global complementary and alternative medicine for anti aging& longevity market report on the basis of intervention, customer, and region:

• Intervention Outlook (Revenue, USD Million, 2017 - 2028)

  • 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, 2017 - 2028)

  • High Net Worth (HNW) Individuals

  • Very High Net Worth (VHNW) Individuals

  • Ultra-high Net Worth (UHNW) Individuals

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

    • Spain

    • Switzerland

    • Austria

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

    • UAE

    • Bahrain

    • Kuwait

    • Qatar

    • Saudi Arabia