The global complementary and alternative medicines market is expected to generate $271.8 billion revenue by 2024, advancing at a CAGR of 6.0% during the forecast period. Factors, such as increasing number of conferences and seminars, risk of side-effects associated with allopathic medications, unhealthy lifestyle, and rising usage of traditional medicines and therapies, directly pose a positive impact on the market, according to P&S Intelligence.
Insights into Market Segments
On the basis of type, the complementary and alternative medicines market is classified into nature-based, mind-body intervention-based, manipulative body-based, and energy-based. Among these, nature-based complementary and alternative medicines (CAM) held the largest share in 2018, and the category is further expected to hold 39.9% share by 2024. This is attributed to low side-effects of homeopathic medicines, increasing demand for the prevention and management of medical conditions, and inexpensive nature of CAM products.
In the complementary and alternative medicines market, the nature-based CAM are further categorized into Ayurveda, homeopathic, mud therapy, and others. Of these, Ayurveda is expected to be the fastest growing category during the forecast period, mainly due to its health benefits, including reducing stress, maintaining body weight, curing insomnia, reducing inflammation, preventing diabetes, and improving high-blood pressure. Moreover, Ayurvedic medicines are non-invasive and inexpensive in nature.
On the basis of application, the complementary and alternative medicines market is classified into depression and anxiety, pain management, chronic diseases, neurological disorders, infertility, skin disorders, and weight loss. Among these, CAM are frequently used in the management of depression and anxiety, owing to the hectic life schedule and increasing work and societal pressure. This category held the largest revenue share, with a contribution of 41.9%, in 2018 and is further expected to reach 43.0% by 2024.
Asia-Pacific (APAC) Complementary and Alternative Medicines Market to Witness the Highest Growth in the Coming Years
The complementary and alternative medicines market in APAC is expected to witness lucrative growth, with a CAGR of 6.8%, during the forecast period. This is mainly due to increasing usage of traditional medicines and therapies, side-effects associated with allopathic medicines, rising prevalence of chronic diseases, and growing geriatric population.
Browse report overview with detailed TOC on "Complementary and Alternative Medicines (CAM) Market Research Report: by Type (Ayurveda, Homeopathic, Mud therapy, Yoga, Meditation, Tai Chi, and Qigong, Biofeedback, Guided Imagery, Hypnosis, Chiropractic, Physiotherapy, Massage, Acupuncture, Reiki, Electromagnetic Therapy), Application (Depression and Anxiety, Pain Management, Chronic Diseases, Neurological Disorders, Infertility, Skin Disorders, Weight Loss), Geographical Outlook (U.S. Canada, Germany, France, U.K., Spain, Italy, Russia, Denmark, Poland, China, Japan, India, Australia, Singapore, Indonesia, Sri Lanka, Malaysia, Thailand, South Korea, Mexico, Brazil, Argentina, Chile, Colombia, Mexico, Brazil, Argentina, Chile, Colombia, South Africa, Saudi Arabia, U.A.E., Israel, Egypt, Kuwait) – Global Industry Analysis and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/complementary-and-alternative-medicines-market
Complementary and Alternative Medicines Market Competitive Landscape
The global complementary and alternative medicines market is fragmented in nature. Cipla Limited, Boiron, Dabur India Ltd., Novartis AG, Weleda AG, Arya Vaidya Pharmacy, Pekana-Naturheilmittel GmbH, and Biologische Heilmittel Heel GmbH are some of the major players engaged in the CAM industry.
In February 2019, Dabur India Ltd. launched two new Ayurvedic products, Ratnaprash and Hridayasava, to enhance its Ayurvedic healthcare product portfolio. Similarly, in October 2018, Weleda AG announced the expansion of its product line of Weleda Skin Food by launching new body butter, lip balm, and lightweight moisturizer.
COMPLEMENTARY AND ALTERNATIVE MEDICINES MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Mode of Service
Market Segmentation by End User
Market Segmentation by Geography