Complementary and Alternative Medicines Market Size and Future Scope

Complementary and Alternative Medicines Market to Reach $271.8 Billion by 2024 www.psmarketresearch.com

Complementary and Alternative Medicines Market

The global complementary and alternative medicines market is expected to generate $271.8 billion revenue by 2024, advancing at a CAGR of 6.0% during the forecast period. Factors, such as increasing number of conferences and seminars, risk of side-effects associated with allopathic medications, unhealthy lifestyle, and rising usage of traditional medicines and therapies, directly pose a positive impact on the market, according to P&S Intelligence.

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Complementary and Alternative Medicines Market On the basis of type, the complementary and alternative medicines market is classified into naturebased, mind-body intervention-based, manipulative body-based, and energy-based. Among these, nature-based complementary and alternative medicines (CAM) held the largest share in 2018, and the category is further expected to hold 39.9% share by 2024. This is attributed to low side-effects of homeopathic medicines, increasing demand for the prevention and management of medical conditions, and inexpensive nature of CAM products.

On the basis of application, the complementary and alternative medicines market is classified into depression and anxiety, pain management, chronic diseases, neurological disorders, infertility, skin disorders, and weight loss. Among these, CAM are frequently used in the management of depression and anxiety, owing to the hectic life schedule and increasing work and societal pressure. This category held the largest revenue share, with a contribution of 41.9%, in 2018 and is further expected to reach 43.0% by 2024.

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Complementary and Alternative Medicines Market The complementary and alternative medicines market in APAC is expected to witness lucrative growth, with a CAGR of 6.8%, during the forecast period. This is mainly due to increasing usage of traditional medicines and therapies, side-effects associated with allopathic medicines, rising prevalence of chronic diseases, and growing geriatric population.

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Complementary and Alternative Medicines Market The global complementary and alternative medicines market is fragmented in nature. Cipla Limited, Boiron, Dabur India Ltd., Novartis AG, Weleda AG, Arya Vaidya Pharmacy, Pekana-Naturheilmittel GmbH, and Biologische Heilmittel Heel GmbH are some of the major players engaged in the CAM industry.

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Complementary and Alternative Medicines Market

In February 2019, Dabur India Ltd. launched two new Ayurvedic products, Ratnaprash and Hridayasava, to enhance its Ayurvedic healthcare product portfolio. Similarly, in October 2018, Weleda AG announced the expansion of its product line of Weleda Skin Food by launching new body butter, lip balm, and lightweight moisturizer.

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10/11/2019

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