Alternative Medicines Market -Overview
Alternative medicine is any practice that aims to achieve the healing effects of medicine, but which lacks biological plausibility and is untested, untestable or proven ineffective. Complementary medicine (CM), complementary and alternative medicine (CAM), integrated medicine or integrative medicine (IM), and holistic medicine are among many rebranding of the same phenomenon.
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Alternative therapies share in common that they reside outside medical science, and rely on pseudoscience. Traditional practices become “alternative” when used outside their original settings without proper scientific explanation and evidence. Frequently used derogatory terms for the alternative are new-age or pseudo, with little distinction from quackery.
Some alternative practices are based on theories that contradict the science of how the human body works; others resort to the supernatural or superstitious to explain their effect. In others, the practice is plausibly effective but has too many side effects. Alternative medicine is distinct from scientific medicine, which employs the scientific method to test plausible therapies by way of responsible and ethical clinical trials, producing evidence of either effect or of no effect.
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Research into alternative therapies often fails to follow proper research protocols (such as placebo-controlled trials, blind experiments and calculation of prior probability), providing invalid results. Much of the perceived effect of an alternative practice arises from a belief that it will be effective (the placebo effect), or from the treated condition resolving on its own (the natural course of disease). This is further exacerbated by the tendency to turn to alternative therapies upon the failure of medicine, at which point the condition will be at its worst and most likely to spontaneously improve.
Alternative medicines include treatments other than allopathic. Alternative medicine treatments include systems with healing ability such as acupuncture, acupuncture, naturopathy, herbal remedies, and homeopathy. The medical profession does not regard these healing systems as orthodox treatment systems. Some of these treatments are accepted to be of value for certain conditions. Herbal medicines include drugs that are derived from plants. Herbal medicines are either used for therapeutic purpose, or as supplements to improve well-being or health. Herbal products are available as teas, extracts, powders, capsules, tablets, and others. These products are natural, hence considered to be safe. Herbal medicines have the ability to cure almost all the types of diseases.
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Nutraceutical is a combination of the words nutrition and pharmaceutical. Nutraceutical medicines or products are fortified food or food products that provide supplementary diet and also help in prevention and treatment of diseases except anemia. Nutraceuticals are not regulated and tested to the extent of pharmaceutical drugs. These have the ability to treat diseases including ADHD, amyotrophic lateral sclerosis, anemia, sickle cell, anxiety, aphthous ulcer, carnitine deficiency, depression, dietary supplementation, dyspareunia, eye conditions, fibromyalgia, herbal supplementation, herpes simplex, herpes simplex, suppression, high cholesterol, Huntington’s disease, hypertriglyceridemia, insomnia, jet lag, muscle pain, nonalcoholic fatty liver disease, osteoarthritis, Parkinson’s disease, peripheral neuropathy, premenstrual dysphoric disorder, rheumatoid arthritis, short bowel syndrome, and smoking cessation.
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Geographically, the global alternative medicines market can be segmented into Latin America, Asia Pacific, Europe, North America, and Middle East & Africa. North America held the largest market share in 2016 due to extensive awareness and acceptance by the large population in the region. Europe held the second largest market share in 2016 owing to increased awareness and sale of alternative medicines in drug stores. The global alternative medicines market in Asia Pacific is projected to grow at a rapid pace during the forecast period from 2017 to 2025. The market in Middle East & Africa and Latin America are expected to witness moderated growth during the forecast period due to rise in demand for food supplements and natural health.
Key players in the global alternative medicines market include Dr. Willmar Schwabe India Pvt. Ltd., GUNA S.p.a., BIORON GmbH, Ainsworth, Inc., Kanak Drishti Infotech Pvt. Ltd., and Random Beauty, Inc.
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