Global Alternative and Complementary Medicine Market: Snapshot
The global alternative and complementary medicine market is projected to register growth at a CAGR of 22.03% during the forecast period, between 2021 and 2028. The total valuation of the market for alternative and complementary medicine was US$ 82.27 Bn in 2020.
Some of the key interventions popular in the market for alternative and complementary medicine include mind healing, traditional alternative medicine/botanicals, external energy, sensory healing, and body healing.
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Several government authorities across the globe are introducing new regulations as well as making amendments in their existing regulations in order to develop sturdy transnational connections across healing pathways connecting national, global, and local movements related to alternative medicines. This factor is resulting into revenue-generation opportunities in the alternative and complementary medicine market.
Government authorities globally are taking initiatives to develop standards pertaining to the right to health in all possible forms. Such initiatives are anticipated to help in gaining increased support from service providers and users in the alternative and complementary healthcare field. This, in turn, is projected to boost the sales growth in the global alternative and complementary medicine market.
Growing efforts of government authorities to publish guidelines and ensure correct use of alternative and complementary medicine are bolstering the growth of the market. Moreover, the market for alternative and complementary medicine is prognosticated to gain the advantage of increase in the trend of medical tourism globally.
Players operating in the global alternative and complementary medicine market are focusing on the improvement of the quality of the services they offer. Hence, they are increasing their R&D activities. Moreover, many enterprises in the market for alternative and complementary medicine are making strategic moves including collaborations, mergers, acquisitions, and partnerships so as to expand their businesses in newer regions. These efforts are anticipated to result into the expansion of the global alternative and complementary medicine market during the forecast period.
Complementary and alternative medicine (CAM) refers to medical products and practices that are not part of mainstream practices. While complementary medicine can be used along with mainstream medical practices, alternative medicine are used in place of standard medical treatments. Some CAM therapies have been found to be safe and effective unlike some that have been found to be ineffective or possibly harmful.
Complementary and alternative medicine includes a host of botanicals and nutritional substances such as herbal supplements, dietary supplements, and vitamins. A large number of CAM products are regarded to be safe as they are produced by nature or are present in nature. However, this may not be necessarily true for all natural products. In addition, some naturally sourced medicines may affect the action of other medicines. For instance, St. John’s wort – a herb which is used for depression may interfere with the way certain anticancer drugs work.
Herbal supplements can have unwanted effects when used on their own, in combination with other drugs, or in large doses. Vitamins can also be harmful on the body. Too much of vitamin can be detrimental on health, even in a healthy person. Supplements do not need approval from federal government before being commercially available.
Patients of chronic diseases who are considering using complementary or alternative medicine need to talk to their doctor or nurse. This is because some therapies of complementary and alternative medicine may interfere with mainstream medicine or can be also be harmful. The claims of efficacy of complementary and alternative medicine therapy needs to be ascertained before bringing into use.
Global Alternative and Complementary Medicine Market: Overview
The global market for alternative and complementary medicines is projected to experience substantial growth in the next few years. The rising expenditure of the healthcare facilities is considered as the major factor that is likely to encourage the growth of the overall market in the coming years. In addition, the increasing number of initiatives being taken by Governments across the globe to promote alternative and complementary medicines is projected to accelerate the market’s growth. Thanks to these factors, the global alternative and complementary medicine market is likely to exhibit a promising growth rate in the near future.
Global Alternative and Complementary Medicine Market: Key Trends
A significant rise in the number of initiatives by NGOs and government organizations to encourage the use of alternative and complementary medicines is estimated to bolster global market in the near future. In addition to this, technological advancements in this field and the rising inclination of consumers towards these medicines and practices are likely to offer lucrative growth opportunities for the leading players operating in the alternative and complementary medicine market across the globe. However, the lack of scientific results is expected to hamper the overall growth of the market in the next few years.
Global Alternative and Complementary Medicine Market: Market Potential
Alternative and complementary medicines make use of several tradition methods to help the patients, most of which are not completely supported scientifically. As a result, the use of these medicines in several developed economies is comparatively less. Nonetheless, with a rising focus on research and development activities in order to find clinical support and the emergence of new methods and medicines are anticipated to encourage the growth of the global alternative and complementary medicine market throughout the forecast period.
Global Alternative and Complementary Medicine Market: Regional Outlook
From a regional perspective, Europe is considered as one of the leading segment, thanks to the significant revenue contribution in the last few years. This region is expected to account for a large share of the global alternative and complementary medicine market with the rising use of botanicals. In addition to this, the increasing awareness among consumers regarding the availability of effective alternative and complementary medicines and the benefits they offers are expected to encourage the growth of the Europe market in the coming years.
Furthermore, with the rising popularity of medical tourism, the alternative and complementary medicine market in Asia Pacific is projected to witness a steady growth in the next few years. Moreover, the presence of a large number of new players operating in this region is likely to offer promising growth opportunities over the forecast period. The Middle East and Africa segment is anticipated to experience a healthy growth in the alternative and complementary medicine market in the near future.
Global Alternative and Complementary Medicine Market: Competitive Analysis
The global market for alternative and complementary medicines is presently at a highly competitive stage and is predicted to experience an intense level of competition among the leading players in the coming years. The prominent players in the market are focusing on the expansion of the product portfolio so as to attract a large number of consumers across the globe. This is likely to help them in creating a brand name and acquiring a leading position in the global market. Some of the leading players operating in the alternative and complementary medicine market across the globe are Herb Pharm, Yoga Tree, Quantum Touch Inc., Helio USA Inc., Pure encapsulations, Inc., Pacific Nutritional Inc., Deepure Plus, Herbal Hills, Iyengar Yoga Institute, The Healing Company, and Nordic Naturals.
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