Alternative and Complementary Medicine Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

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Alternative and Complementary Medicine Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2017 - 2025

Status : June, 2020 | Pharmaceutical | PPT format

Report Digest


Global Alternative and Complementary Medicine Market: Snapshot

Complementary and alternative medicine (CAM) refers to medical products and practices that are not part of mainstream practices. While complementary medicine can be used along with mainstream medical practices, alternative medicine are used in place of standard medical treatments. Some CAM therapies have been found to be safe and effective unlike some that have been found to be ineffective or possibly harmful.

Complementary and alternative medicine includes a host of botanicals and nutritional substances such as herbal supplements, dietary supplements, and vitamins. A large number of CAM products are regarded to be safe as they are produced by nature or are present in nature. However, this may not be necessarily true for all natural products. In addition, some naturally sourced medicines may affect the action of other medicines. For instance, St. John’s wort – a herb which is used for depression may interfere with the way certain anticancer drugs work.

Herbal supplements can have unwanted effects when used on their own, in combination with other drugs, or in large doses. Vitamins can also be harmful on the body. Too much of vitamin can be detrimental on health, even in a healthy person. Supplements do not need approval from federal government before being commercially available.

Patients of chronic diseases who are considering using complementary or alternative medicine need to talk to their doctor or nurse. This is because some therapies of complementary and alternative medicine may interfere with mainstream medicine or can be also be harmful. The claims of efficacy of complementary and alternative medicine therapy needs to be ascertained before bringing into use.

Global Alternative and Complementary Medicine Market: Overview

The global market for alternative and complementary medicines is projected to experience substantial growth in the next few years. The rising expenditure of the healthcare facilities is considered as the major factor that is likely to encourage the growth of the overall market in the coming years. In addition, the increasing number of initiatives being taken by Governments across the globe to promote alternative and complementary medicines is projected to accelerate the market’s growth. Thanks to these factors, the global alternative and complementary medicine market is likely to exhibit a promising growth rate in the near future.

Global Alternative and Complementary Medicine Market: Key Trends

A significant rise in the number of initiatives by NGOs and government organizations to encourage the use of alternative and complementary medicines is estimated to bolster global market in the near future. In addition to this, technological advancements in this field and the rising inclination of consumers towards these medicines and practices are likely to offer lucrative growth opportunities for the leading players operating in the alternative and complementary medicine market across the globe. However, the lack of scientific results is expected to hamper the overall growth of the market in the next few years.

Global Alternative and Complementary Medicine Market: Market Potential

Alternative and complementary medicines make use of several tradition methods to help the patients, most of which are not completely supported scientifically. As a result, the use of these medicines in several developed economies is comparatively less. Nonetheless, with a rising focus on research and development activities in order to find clinical support and the emergence of new methods and medicines are anticipated to encourage the growth of the global alternative and complementary medicine market throughout the forecast period.

Global Alternative and Complementary Medicine Market: Regional Outlook

From a regional perspective, Europe is considered as one of the leading segment, thanks to the significant revenue contribution in the last few years. This region is expected to account for a large share of the global alternative and complementary medicine market with the rising use of botanicals. In addition to this, the increasing awareness among consumers regarding the availability of effective alternative and complementary medicines and the benefits they offers are expected to encourage the growth of the Europe market in the coming years.

Furthermore, with the rising popularity of medical tourism, the alternative and complementary medicine market in Asia Pacific is projected to witness a steady growth in the next few years. Moreover, the presence of a large number of new players operating in this region is likely to offer promising growth opportunities over the forecast period. The Middle East and Africa segment is anticipated to experience a healthy growth in the alternative and complementary medicine market in the near future.

Global Alternative and Complementary Medicine Market: Competitive Analysis

The global market for alternative and complementary medicines is presently at a highly competitive stage and is predicted to experience an intense level of competition among the leading players in the coming years. The prominent players in the market are focusing on the expansion of the product portfolio so as to attract a large number of consumers across the globe. This is likely to help them in creating a brand name and acquiring a leading position in the global market. Some of the leading players operating in the alternative and complementary medicine market across the globe are Herb Pharm, Yoga Tree, Quantum Touch Inc., Helio USA Inc., Pure encapsulations, Inc., Pacific Nutritional Inc., Deepure Plus, Herbal Hills, Iyengar Yoga Institute, The Healing Company, and Nordic Naturals.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.