|Status : Published||Published On : Jan, 2020||Report Code : VRHC1220||Industry : Healthcare||Available Format :||Page : 204|
The global complementary and alternative medicines (CAM) market was valued at USD 193.0 billion in 2018 and is expected to grow at a CAGR of 6.1% during the forecast period (2019 – 2024). The market is growing due to extensive awareness pertaining to use of traditional therapy procedures. Moreover, extensive adoption of natural wellness medicines and natural supplements along with initiatives undertaken by the government to promote the adoption of therapy that is further expected to bolster the growth of global complementary and alternative medicines market.
A complementary and alternative medicine (CAM) is an amalgamation of varied healthcare and medical systems, products and practices that are not adopted for the usage of conventional medicine. For instance, complementary medicine is a treatment that includes acupuncture that helps in reducing the ill effects of cancer treatment. Additionally, alternative medicine is a therapy that is used in place of standard medical treatments. For instance, using use of special diet is being included for the treatment of cancer inspite of anticancer drugs prescribed by oncologist.
Insight by Type
Based on type, the global complementary and alternative medicines (CAM) market is classified into mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Amongst these segments, nature-based segment is anticipated to generate largest revenue by 2024 due to extensive demand for management and prevention of medical conditions along with low side effects for nature-based medicines.
Insight by Mode of Service
On the basis of mode of service, the global CAM market is segmented into direct consultation, therapy classes, and e-learning. Among these segments, therapy classes segment is anticipated to generate highest CAGR during the forecast period due to extensive demand observed for therapies in both emerged and emerging economies for the managing several medical situations.
Insight by Application
On the basis of application, the global CAM market is categorised into neurological disorders, depression and anxiety, weight loss pain management, skin disorders, chronic diseases, infertility, and others. Amongst these segments, skin disorder and chronic diseases segments are expected to generate highest CAGR during the forecast period due to extensive costs of conventional medicine and increasing disposition towards body wellness.
Insight by End User
Based upon end user, the global complementary and alternative medicines (CAM) market is segmented into yoga and meditation centers, hospitals and clinics, therapy centers, home care, and others. Amongst these segments, yoga and meditation centers are anticipated to contribute largest revenue by 2024 owing to extensive awareness and popularity of these centers in emerged as well as emerging economies.
Increasing adoption of unhealthy lifestyle and extensive geriatric population are the key factors that are driving the growth of global complementary and alternative medicines (CAM) market. Prospective for alternative therapies and medicines are being adopted for management of various medical situations such as insomnia, hypertension, obesity and stress. Furthermore, the economies pertaining rich diversity of conventional therapies and medicines are other factors that are driving the growth of global complementary and alternative medicines (CAM) market.
Lack of understanding of alternative medicine and lack of scientific results are other factors that are hampering the growth of the global CAM market.
Europe is anticipated to contribute largest market revenue in complementary and alternative medicines (CAM) by 2024 due to excessive utilisation of botanicals in various dietary supplements in the countries of France and Germany. Furthermore, technological advancements in healthcare domain, prevalence of medical tourism and expensive conventional medicine are the key factors that are driving the growth of complementary and alternative medicines in this region.
Moreover, complementary and alternative medicines market in Asia-Pacific is anticipated to witness highest CAGR during the forecast period due to excessive emphasis of population of this region towards wellness programs and increasing development of wellness medical infrastructure are the key factors pertaining towards its rapid growth.
The key player in this market comprises of both large as well and small service provides making it a fragmented market structure. Moreover, the eminent key players in the global complementary and alternative medicines market are undertaking mergers and acquisitions and collaborations in order to expand their product portfolio and gaining competitive advantage. Some of the players having prominent presence in the global complementary and alternative medicines market include Dabur India Ltd., Biologische Heilmittel Heel GmbH, Novartis AG, The Arya Vaidya Pharmacy (CBE) Ltd., Boiron, Cipla Limited, PEKANA Naturheilmittel GmbH, Weleda AG, Herb Pharm, Deepure Plus, Herbal Hills, Helio USA Inc., Columbia Nutritional Inc., Nordic Naturals, and Pure Encapsulations, Inc.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research