South Korea Complementary And Alternative Medicine Market Size & Outlook
South Korea complementary and alternative medicine market, 2018-2030 (US$M)
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South Korea complementary and alternative medicine market highlights
- The South Korea complementary and alternative medicine market generated a revenue of USD 4,786.2 million in 2023 and is expected to reach USD 26,823.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 27.9% from 2024 to 2030.
- In terms of segment, traditional alternative medicine/botanicals was the largest revenue generating intervention in 2023.
- Mind Healing is the most lucrative intervention segment registering the fastest growth during the forecast period.
Complementary and alternative medicine market data book summary
| Market revenue in 2023 | USD 4,786.2 million |
| Market revenue in 2030 | USD 26,823.3 million |
| Growth rate | 27.9% (CAGR from 2023 to 2030) |
| Largest segment | Traditional alternative medicine/botanicals |
| Fastest growing segment | Mind Healing |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Traditional Alternative Medicine/Botanicals, Mind Healing, Body Healing, External Energy, Sensory Healing |
| Key market players worldwide | Columbia Nutritional, Nordic Naturals, The Healing Co Inc, Nestle SA, Unity Woods Yoga Center, Herb Pharm |
Other key industry trends
- In terms of revenue, South Korea accounted for 3.3% of the global complementary and alternative medicine market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, India complementary and alternative medicine market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 56,588.3 million by 2030.
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Complementary And Alternative Medicine Market Scope
Complementary And Alternative Medicine Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea complementary and alternative medicine market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to complementary and alternative medicine market will help companies and investors design strategic landscapes.
Traditional alternative medicine/botanicals was the largest segment with a revenue share of 32.49% in 2023. Horizon Databook has segmented the South Korea complementary and alternative medicine market based on traditional alternative medicine/botanicals, mind healing, body healing, external energy, sensory healing covering the revenue growth of each sub-segment from 2018 to 2030.
Recent studies reveal that CAM is widely used in Korea, with utilization rates among different patient categories ranging from 29% to 53%. A significant portion of healthcare expenses is also related to CAM. CAM therapies account for about 29% of out-of-pocket medical expenses in Korea.
The Korean government and medical community agree that the healthcare delivery system needs to be integrated and that it is important to identify the duties of doctors, oriental medical practitioners, and pharmacists.
The higher usage of CAM in South Korea, as compared to Western countries, may be related to Korean oriental medicine. Originally developed under the influence of TCM, Korean oriental medicine ultimately evolved into a more Korean style of practice.
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Our clientele includes a mix of complementary and alternative medicine market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea complementary and alternative medicine market , including forecasts for subscribers. This country databook contains high-level insights into South Korea complementary and alternative medicine market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea complementary and alternative medicine market size, by intervention, 2018-2030 (US$M)
South Korea Complementary And Alternative Medicine Market Outlook Share, 2023 & 2030 (US$M)
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