Complementary and Alternative Medicines Market Size, Leaders, Segment Analysis and Forecast to 2024

Due to globalization and urbanization, the lifestyle of people across the world has changed drastically. At the present time, a large number of people are suffering from medical conditions such as stress, obesity, hypertension, and insomnia. For instance, as per the Our World in Data, in 2017, 3.4% and 3.8% people across the globe were suffering from anxiety and depression, respectively. Apart from this, the prevalence of chronic diseases is on the rise as well; for example, the number of people suffering from diabetes grew from 108 million in 1980 to 422 million in 2014, according to the World Health Organization (WHO). The symptoms of these medical conditions can be managed by alternative therapies and medicines, including meditation, yoga, and tai chi, which is why the demand for complementary and alternative medicines (CAM) is rising.

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The remedies or treatments that are used in place of conventional medical treatments, such as chemotherapy, surgery, allopathic medicines, and radiation therapy, are called CAM. Some examples of CAM are chiropractic, acupuncture, traditional medicine (herbal and ayurvedic), yoga, reiki, and homeopathy.

As per a research conducted by P&S Intelligence, in 2018, the global complementary and alternative medicines market reached a value of $192.0 billion and is predicted to register a 6.0% CAGR in the near future. The various types of CAM are mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Among all these, the largest demand was created for nature-based CAM during 2014-2018. This was attributed to the increased requirement for organic and natural medications, which have less side-effects as compared to allopathic drugs. Ayurveda, mud therapy, and homeopathy are primary types of nature-based complementary and alternative medicines.

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One of the key reasons for the growing demand for CAM is the side-effects associated with allopathic medications. Several incidents of side-effects, such as diarrhea, vomiting, internal bleeding, dizziness, seizure, and insomnia, have been reported by patients taking allopathic medicines. For instance, aspirin, one of the most common drugs, is believed to cause side-effects including vomiting, heartburn, and seizures. These side-effects can happen because of various reasons, such as drug-food interaction and drug-drug interaction. Attributed to these factors, the consumers have started adopting alternative therapies and medicines, as they help in the management of several diseases without any major side-effects.

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