Global Alternative and Complementary Medicine Market: Overview
The global alternative and complementary medicine market is expected to register growth at a CAGR of 22.03% during the forecast period, between 2021 and 2028. The total alternative and complementary medicine market valuation was 82.27 billion US dollars in 2020.
Some of the popular key interventions in the alternative and complementary medicine market include mind healing, alternative traditional/botanical medicine, external energy, sensory healing, and body healing.
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Several government authorities around the world are introducing new regulations and making changes to their existing regulations in order to develop strong transnational ties across healing pathways linking national, global and local movements related to alternative medicine. This factor translates into revenue generation opportunities in the alternative and complementary medicine market.
Government authorities around the world are taking initiatives to develop standards relating to the right to health in all possible forms. Such initiatives should help garner greater support from service providers and users in the field of alternative and complementary health care. This, in turn, is expected to drive the sales growth in the global alternative and complementary medicine market.
Growing efforts by government authorities to issue guidelines and ensure proper use of alternative and complementary medicine are supporting the growth of the market. Additionally, the alternative and complementary medicine market is expected to benefit from the increasing medical tourism trend globally.
The players operating in the global alternative and complementary medicine market are focusing on improving the quality of the services they offer. Therefore, they increase their R&D activities. Additionally, many companies in the alternative and complementary medicine market are taking strategic steps, including collaborations, mergers, acquisitions, and partnerships, to expand their business into new regions. These efforts are expected to result in the expansion of the global alternative and complementary medicine market over the forecast period.
Complementary and alternative medicine (CAM) refers to medical products and practices that are not part of common practice. While complementary medicine can be used alongside traditional medical practices, alternative medicine is used instead of standard medical treatments. Some CAM therapies have been shown to be safe and effective, while others have been shown to be ineffective or potentially harmful.
Complementary and alternative medicine includes a multitude of plants and nutritional substances such as herbal supplements, dietary supplements and vitamins. A large number of CAM products are considered safe because they are produced by nature or occur in nature. However, this is not necessarily true for all natural products. Also, some naturally occurring medications can affect the action of other medications. For example, St. John’s wort – an herb used for depression can interfere with the working of some cancer drugs.
Herbal supplements can have side effects when used alone, in combination with other medications, or in high doses. Vitamins can also be harmful to the body. Too many vitamins can harm health, even in a healthy person. Supplements do not need federal government approval before they are commercially available.
Patients with chronic conditions who are considering using complementary or alternative medicine should talk to their doctor or nurse. This is because some complementary and alternative medicine therapies may interfere with traditional medicine or may also be harmful. Complementary and alternative medicine therapy claims of effectiveness should be checked before using them.
Global Alternative and Complementary Medicine Market: Overview
The global alternative and complementary medicine market is expected to witness substantial growth over the coming years. Rising expenditure by healthcare institutions is considered as the major factor likely to drive the growth of the overall market in the coming years. Additionally, the growing number of initiatives taken by governments across the globe to promote alternative and complementary medicine is expected to accelerate the growth of the market. Thanks to these factors, the global alternative and complementary medicine market is expected to show a promising growth rate in the near future.
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Global Alternative and Complementary Medicine Market: Key Trends
A significant increase in the number of initiatives by NGOs and government organizations to encourage the use of alternative and complementary medicine is expected to boost the global market in the near future. In addition to this, the technological advancements in this field and the increasing inclination of consumers towards these drugs and practices are likely to provide lucrative growth opportunities for major players operating in the alternative and complementary medicine market across the globe. However, the lack of scientific findings is expected to hamper the overall market growth over the next few years.
Global Alternative and Complementary Medicine Market: Market Potential
Alternative and complementary medicine uses several traditional methods to help patients, most of which are not completely scientifically backed. As a result, the use of these drugs in many developed economies is relatively less. Nevertheless, with an increasing focus on research and development activities to find clinical support and the emergence of new methods and drugs, they are predicted to encourage the growth of the global alternative and complementary medicine market throughout throughout the forecast period.
Global Alternative and Complementary Medicine Market: Regional Outlook
From a regional perspective, Europe is seen as one of the leading segments, thanks to the significant revenue contribution in recent years. This region is expected to account for a major share of the global alternative and complementary medicine market with the growing use of herbal medicines. Moreover, growing consumer awareness regarding the availability of effective alternative and complementary medicines and the benefits they offer is expected to encourage the growth of the European market in the coming years.
Also, with the growing popularity of medical tourism, the alternative and complementary medicine market in Asia-Pacific is expected to witness steady growth over the coming 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 & Africa segment is expected to witness healthy growth in the alternative and complementary medicine market in the near future.
Global Alternative and Complementary Medicine Market: Competitive Analysis
The global alternative and complementary medicine market is currently at a highly competitive stage and is expected to witness an intense level of competition among the major players in the coming years. The major players in the market are focusing on expanding the product portfolio to attract a large number of consumers across the globe. This will probably help them create a brand name and gain a leading position in the global market. Some of the major 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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