The global complementary and alternative medicine market size is expected to reach a value of USD 196.9 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 18.11% during the forecast period. The growth of the market can be attributed to surging adoption of natural supplements/wellness medicines by people. Government initiatives in several countries to enhance reach of these medicines are estimated to stimulate the growth of the market.
Complementary and alternative forms of therapy are used in treatment of chronic ailments and long-term pain, among others. They are also used for intake of additional vitamins and other dietary supplements of regular diet. Moreover, with considerable increase in costs of conventional medicine and inclination towards body wellness rather than pharmaceutical cure is anticipated to boost the growth of the market over the forecast period
As of early 2017, approximately two third of the population in most of the developed and developing countries were reported using one or the other form of complementary and alternative form of medicines. There are certain countries that are moving towards legalization of some alternative medicine therapies that are being backed with approved clinical data.
Further key findings from the report suggest:
- The market is driven by high adoption rates of herbal dietary supplements and other wellness therapies such as yoga and acupuncture
- Botanicals have emerged as the most prominent form of alternative medicines and are projected to stay dominant throughout the forecast period
- Europe and Asia Pacific emerged as hotspots for these forms of therapies and cumulatively generated major share of market revenue
- Developing regions such as Latin America and the Middle East are poised to witness considerable growth in demand over the forecast period owing to expensive nature of conventional medicine and lack thereof in certain countries
- Some of the key players and wellness institutes active in the market are Columbia Nutritional Inc.; Herb Pharm; Herbal Hills; Helio USA Inc; Deepure Plus; Nordic Naturals; Pure encapsulations, Inc.; Quantum Touch Inc.; John Schumacher’s Unity Woods Yoga Center; Yoga Tree; The Healing Company; and Iyengar Yoga Institute.