The global Complementary And Alternative Medicine Market size is expected to generate a revenue of USD
210.81 billion by 2026, according to a new report by Grand View Research, Inc.
It is projected to expand at a CAGR of 17.07% during the forecast period.
Factors such as the increasing adoption and usage of natural
supplements/wellness medicine coupled with government initiatives to promote
adoption of the therapy is expected to create revenue generation avenues.
Complementary and alternative
forms of therapy are used in the treatment of chronic ailments, long-term pain
among others and are also used for additional vitamins and other dietary
supplementation of regular diet. Moreover, with considerable increase in the
costs of conventional medicine and inclination towards body wellness rather
than pharmaceutical cure is likely to boost the market over the forecast
period.
Approximately two third
population of most of the developed and developing countries has reported using
one or the other form of alternative or complementary medicine. Certain
countries are moving towards legalization of some alternative medicine and
therapies backed with approved clinical data.
Further key findings from the report suggest:
- The market is driven by high adoption of herbal
dietary supplements and other wellness therapies like yoga, and
acupuncture
- Botanical has become the most prominent form of
alternative medicine as the segment was observed to hold the largest
market share in terms of revenue 2018
- Europe and Asia Pacific in combination are
anticipated to hold a major market share in terms of revenue over the
forecast period
- Developing regions such as Latin America and
Middle East Africa are set to witness considerable growth in demand over
the forecast period driven by high cost of conventional medicine and lack
of their availability in certain countries
- Some of the key players and wellness institutes
active in the complementary and alternative medicine market are Columbia
Nutritional Inc.; Herb Pharm; Herbal Hills; Helio USA Inc.; Deepure Plus;
Nordic Naturals; Pure encapsulations, Inc.; and other wellness institutes
like Iyengar Yoga Institute; John Schumacher’s Unity Woods Yoga Center;
Yoga Tree; The Healing Company; and Quantum Touch Inc.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/aternative-medicine-therapies-market
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