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Allied Market Research

Complementary and Alternative Medicine Market: Global Opportunity Analysis and Industry Forecast 2019–2027

A11182
Pages: NA
Jul 2021 | 80 Views
 
Author(s) : Onkar Sumant
Tables: NA
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Complementary and Alternative Medicine Market Overview:

The global complementary and alternative medicine market is experiencing a major growth, and will grow considerably in next few years. Complementary and alternative medicines are the medicines that are used for the medical health of a personal without the doctor’s prescriptions. It is not a part of a standard care. Further, complementary therapies are used alongside conventional medicines or treatments. Whereas, alternative therapies are used instead of conventional medicines or treatments. Although, still there is no scientific or medical evidence for some complementary therapies and many alternative therapies.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Type, Disease Indication, Distribution Channel, and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa

  Companies covered

Major players analyzed include Nordic Naturals, Columbia Nutritional, Nature’s Bounty, Unity Woods Yoga Center, Pure Encapsulations, LLC., Ayush Ayurveda, First Natural Brands Ltd, Sheng Chang Pharmaceutical Company, Herb Pharm, LLC, and Quantum-Touch.


COVID-19 scenario analysis:

  • The rise in COVID-19 patients across the globe in increasing rapidly leading to find a new ways for their treatment which is showing slow growth for the complementary  and alternative medicine market.
  • Research and development to find the potential of complementary and alternative medicines are many researched across the globe and also finding an Ayurveda and Yoga as an approach for the self-care treatment such as prophylactic and therapeutic potential of traditional and complementary medicine for COVID-19 patients. There is still to scientific evidence that any of these medicines can cure Covid, although still there is an ongoing research towards the growth of the market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Prevalence of chronic diseases such as cancer, neurological disorders and others which required special therapy. In addition, rise in awareness towards body wellness are major factor driving the growth of complementary and alternative medicine market. However, patient’s self-medication without consulting to physician hampers the market growth. Conversely, emerging healthcare market in developing countries is expected to provide the lucrative opportunity during forecast period.

The global complementary and alternative medicine market trends are as follows:

Increase in collaborations to flourish the market growth

The launches due to rise in demand of therapeutics and constant innovations has tremendously driven the market growth. For instance in 2019, Optum acquired DaVita MedicalGroup. This acquisition is for the innovation of Noval therapies that can be provided by the children that can provide significant benefits to the physicians, physical therapist, health professionals, and chiropractors. Moreover, as of early 2016, nearly two thirds of the population in most of the developed and developing countries have reported using one or the other form of alternative or complementary form of medicine.

Surge in usage in medical applications

Complementary and alternative medicine (T&CM) has a wider range of health related application, such as prevention and management of lifestyle-related chronic diseases, and in meeting the health needs of ageing populations. Many countries are seeking to expand coverage of essential health services at a time when consumer expectations for care are rising, costs are soaring, and most budgets are either stagnant or being reduced. For instance, by 2018, 98 Member States had developed national policies on T&CM, 109 had launched national laws or regulations on T&CM, and 124 had implemented regulations on herbal medicines.

Key segments covered:

Segments

Sub-segments

  Type

  • Alternative Medicine Therapy
  • Body Therapy
  • Diet and Herbal Based Therapy
  • Energy Healing Therapy
  • Mind Therapy
  • Others

  Disease Indication

  • Arthritis
  • Asthma
  • Cancer
  • Diabetes
  • Cardiology
  • Neurology
  • Others

  Distribution Channel

  • Direct Sales
  • E-distributions
  • Distance Correspondence


Key benefits of the report:

  • This study presents the analytical depiction of the global complementary and alternative medicine industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global complementary and alternative medicine market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global complementary and alternative medicine market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides detailed global complementary and alternative medicine market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the complementary and alternative medicine market research report:

  • What are the leading market players active in the complementary and alternative medicine market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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