Alternative Medicines Market is valued at USD 91.96 Billion in 2021 and expected to reach USD 304.98 Billion by 2028 with a CAGR of 18.60% over the forecast period
Rising awareness about the benefits relating to alternative medicines is a key impacting factor driving the growth of the Global Alternative Medicines Market.
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Scope of Global Alternative Medicines Market Report: –
Alternative medicine is the term used for medical products and practices that aren’t a part of standard care. For examples of alternative medicines include homeopathy, traditional medicine, chiropractic, and acupuncture. It consists of a wide range of health care products, therapies and practices. Alternative practices specialize in stimulating the body’s ability to heal itself via energy alignment, herbal supplementation and other balancing techniques. The medical profession does not support these healing systems as traditional treatment systems. Some of these treatments are accepted to be of value for certain conditions. Herbal medicines include drugs that are derived from plants. Herbal medicines are either used for therapeutic purpose, or as supplements to improve well-being or health. It is available as teas, extracts, powders, capsules, tablets and others. These products are natural and have the ability to cure almost all the types of diseases.
Key Players for Alternative Medicine:-
- The Healing Company Ltd
- AYUSH Ayurvedic Pte Ltd
- Nordic Nutraceuticals
- Columbia Nutritional
- Sheng Chang Pharmaceutical Company
- Ramamani Iyengar Memorial Yoga Institute
- Herb Pharm
- John Schumacher Unity Woods Yoga Centre
- Pure Encapsulations
Global Alternative Medicines Market Segmentation:-
By Drug Class:
- Herbal Products
- Nutraceutical Products
By Dosage Form:
By Distribution Channel:
- Online Pharmacies
- Retail Pharmacies
- Hospital Pharmacies
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Global Alternative Medicines Market Dynamics–
Rising awareness about the benefits relating to alternative medicines is a key impacting factor driving the growth of the global alternative medicines market. According to the World Health Organization, about 70–80% of the world populations trust on nonconventional medicines mainly of herbal sources in their healthcare. In addition, alternative medicines are categorized in various drug classes such as herbal products, nutraceutical products and probiotics. Among all these, nutraceutical products are more popular to enhance growth of the alternative medicines market.
Global Alternative Medicines Market Regional Analysis–
North America is expected to dominate the global alternative medicines market with the highest share within the forecast period due to the rising awareness among the people about advanced treatment for healthcare in this region. In addition, growing consumption of nutraceutical products to improve health, established healthcare infrastructure and availability of alternative therapies and increase in number of research collaborations are also expected to accelerate the market growth in this region. Furthermore, increasing number of cancer patients is also one of the major factors fostering the market growth in this region.
Cancer is one among the leading causes of death and disease within the U.S. The American Cancer Society (ACS) estimates that roughly 1.7 million new cases of cancer are going to be diagnosed within the U.S. in 2017. According to a survey conducted by the American Society of Clinical Oncology, almost 40% of Americans believe cancer can be cured through alternative therapies alone. As per U.S. National Library of Medicine, In the U.S., the term “nutraceutical” products are regulated as drugs, food ingredients and dietary supplements and nutraceuticals have received high interests due to potential nutritional and safety profile other than therapeutic capability.
The Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the increase in healthcare expenditure, rising awareness about early diagnosis, and availability of effective herbal treatment in emerging countries, such as China and India. Asia Pacific has leading innovation in ayurvedic treatments by developing and providing transformational treatments that extend and enhance lives. As per NCBI, China has about 95% of the Department of Traditional Medicine in their government hospitals.
By Regional & Country Analysis:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Our Market Research Solution Provides You Answer to Below Mentioned Question:
- Which are the driving factors responsible for the growth of the market?
- Which are the roadblock factors of this market?
- What are the new opportunities, by which market will grow in coming years?
- What are the trends of this market?
- Which are the main factors responsible for new product launches?
- How big are the global & regional markets in terms of revenue, sales, and production?
- How far will the market grow in the forecast period in terms of revenue, sales, and production?
- Which region is dominating the global market and what are the market shares of each region in the overall market in 2022?
- How will each segment grow over the forecast period and how much revenue will these segments account for in 2028?
- Which region has more opportunities?
Key Benefits for Alternative Medicines Market Report:-
- Global Alternative Medicines Market report covers in-depth historical and forecast analysis.
- Global Alternative Medicines Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
- Global Alternative Medicines Market report helps to identify opportunities in the market place.
- Global Alternative Medicines Market report covers extensive analysis of emerging trends and the competitive landscape.
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