Alternative Medicines Market is valued at USD 91.96 Billion in 2021 and expected to reach USD 304.98 Billion by 2028 with a CAGR of 18.60% over the forecast period
Alternative Medicines Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Rising awareness about the benefits relating to alternative medicines is a key impacting factor driving the growth of the Global Alternative Medicines Market.
Alternative medicine is the term used for medical products and practices that aren't a part of standard care. For examples of alternative medicines include homeopathy, traditional medicine, chiropractic, and acupuncture. It consists of a wide range of health care products, therapies and practices. Alternative practices specialize in stimulating the body's ability to heal itself via energy alignment, herbal supplementation and other balancing techniques. The medical profession does not support these healing systems as traditional 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. It is available as teas, extracts, powders, capsules, tablets and others. These products are natural and have the ability to cure almost all the types of diseases.
Global Alternative Medicines Market report is segmented on the basis of drug class, dosage form, distribution channel and by region & country level. Based upon drug class, alternative medicines market is classified into herbal products, nutraceutical products, and probiotics. Based upon dosage form, alternative medicines market is classified into tablets, powder, syrup, capsules, teas, extracts, and others. Based upon distribution channel, global alternative medicines market is classified into online pharmacies, retail pharmacies, and hospital pharmacies.
Alternative and complementary medicine comprises application of conventional techniques of medicines such as herbs and other body and mind healing methods mostly based on the belief and faith. Most of the methods employed in alternative medical treatment are not accepted by many regulatory agencies all over the globe. Many regulatory bodies and governments have put up efforts in discovering clinical support for the inclusion into alternative treatments to assist enhance the market and treatment techniques.
Alternative medical treatment comprises non-vitamin, non-mineral, and natural substances. By modality, alternative medicine market can be divided into herbal medicine, homeopathic medicine, acupuncture, naturopathy, ayurvedic medicine, and traditional Chinese medicine, and others. Alternative therapies comprise herbal therapies, magnetic therapy, mud therapy and oil massage therapy, yoga, osteopathic manipulation, deep breathing exercise, and meditation. Alternative medicines and therapies are employed in neurological diseases, chronic diseases, lowering depression & pain, and others.
The regions covered in this alternative medicines market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of alternative medicines is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Alternative medicines market report covers prominent players are
Rising awareness about the benefits relating to alternative medicines is a key impacting factor driving the growth of the global alternative medicines market. According to the World Health Organization, about 70–80% of the world populations trust on nonconventional medicines mainly of herbal sources in their healthcare. In addition, alternative medicines are categorized in various drug classes such as herbal products, nutraceutical products and probiotics. Among all these, nutraceutical products are more popular to enhance growth of the alternative medicines market.
As per NCBI, Nutraceuticals medicines may be used to improve health, prevent chronic diseases, delay the aging process, increase life expectancy, or support the structure or function of the body. Furthermore, increasing side effects and adverse drug reactions due to usage of allopathic medicines will propel growth of markets in forecast period. According to National Center for Biotechnology Information (NCBI), Public interest for the treatment with complementary and alternative medicine is mainly due to the increased side effects in synthetic drugs, high cost of new drugs, microbial resistance, lack of curative treatment for several chronic diseases and emerging diseases, etc.
However, high capital investment and slow healing ability of alternative medicines may hamper the development of alternative medicines market. In spite of that, advance development in healthcare sectors and the increasing investment in research may provide various opportunities for the further growth of alternative medicines market. Governments are additionally presenting good approaches that will enhance the worldwide alternative medicines market during forecast period.
North America is expected to dominate the global alternative medicines market with the highest share within the forecast period due to the rising awareness among the people about advanced treatment for healthcare in this region. In addition, growing consumption of nutraceutical products to improve health, established healthcare infrastructure and availability of alternative therapies and increase in number of research collaborations are also expected to accelerate the market growth in this region. Furthermore, increasing number of cancer patients is also one of the major factors fostering the market growth in this region.
Cancer is one among the leading causes of death and disease within the U.S. The American Cancer Society (ACS) estimates that roughly 1.7 million new cases of cancer are going to be diagnosed within the U.S. in 2017. According to a survey conducted by the American Society of Clinical Oncology, almost 40% of Americans believe cancer can be cured through alternative therapies alone. As per U.S. National Library of Medicine, In the U.S., the term “nutraceutical” products are regulated as drugs, food ingredients and dietary supplements and nutraceuticals have received high interests due to potential nutritional and safety profile other than therapeutic capability.
The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the increase in healthcare expenditure, rising awareness about early diagnosis, and availability of effective herbal treatment in emerging countries, such as China and India. Asia Pacific has leading innovation in ayurvedic treatments by developing and providing transformational treatments that extend and enhance lives. As per NCBI, China has about 95% of the Department of Traditional Medicine in their government hospitals.
By Regional & Country Analysis:
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 91.96 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 304.98 Billion|
|Tables, Charts & Figures:||175|
|Alternative Medicines Companies||Healing Company Ltd, AYUSH Ayurvedic Pte Ltd, Nordic Nutraceuticals, Columbia Nutritional, Sheng Chang Pharmaceutical Company, Ramamani Iyengar Memorial Yoga Institute, Herb Pharm, John Schumacher Unity Woods Yoga Centre, Pure Encapsulations, LLC, and others.|
By Drug Class, By Dosage Form, By Distribution Channel
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|