Complementary and Alternative Medicines Market Analysis with Key Players, Applications, Trends and Forecast by 2024

The increase in the use of traditional therapies and medicines, surging geriatric population, side-effects of allopathic medicines, and increasing awareness about alternative medicines are the positive influencers of the complementary and alternative medicines (CAM) market. It valued $192.0 billion in 2018, and it is expected to reach $271.8 billion by 2024, advancing at a 6.0% CAGR during the forecast period (2019–2024). Remedies or treatments that are used instead of conventional allopathic treatments are termed as complementary and alternative medicines (CAM). Reiki, Ayurveda, homeopathy, chiropractic, and yoga are types of CAM.

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New product launches are trending in the complementary and alternative medicines market. With increasing awareness regarding the adverse effects of allopathic medication, people are shifting toward natural modes of treatment. This is resulting in the surging demand for alternative medicines and therapies, to keep up with which, market players are heavily investing in the development of new and effective products. For instance, a collection of essential and carrier oils was launched by Vitruvi in January 2019. Further, in June 2018, pre-medicated standardized homeopathic medicines were launched in India by Boiron India.

The growth in the complementary and alternative medicines market is due to the increasing popularity of traditional medicines among people. Many Asian countries, such as India, Japan, and China, have been practicing traditional medication systems since time immemorial for treating common ailments as well as potentially life-threatening diseases. In China, for pain management and maintaining good health, cupping, acupuncture, and qigong are practiced. For treating conditions such as cough, cold, gastrointestinal disorders, and insomnia, a large number of people use traditional medication, as reported by the World Health Organization.

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The complementary and alternative medicines market players can explore the potential of natural resources, which are abundantly present, to generate high revenues. Alternative medicines are mostly derived from plants, mud, water, and other natural components. India and China are the world’s biggest exporters of medicinal herbs, and these two countries together account for the highest number of medicinal herbs, which can be taken advantage of by the market players. Further, Tai chi, yoga, and qigong therapies can be provided to people without investing in any kind of raw materials and yet can be a major avenue to generate revenue.

Therefore, the market for complementary and alternative medicines is headed toward prosperity in the forecast period owing to the increasing awareness regarding the benefits of traditional medication and therapies over allopathic treatments.

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This release was published on openPR.