Increasing Preference for Natural Treatments Driving Complementary and Alternative Medicines (CAM) Market
The increase in the use of traditional therapies and medicines, surging geriatric population, side-effects of allopathic medicines, and increasing awareness about alternative medicines are the positive influencers of the complementary and alternative medicines market. It valued $192.0 billion in 2018, and it is expected to reach $271.8 billion by 2024, advancing at a 6.0% CAGR during the forecast period (2019–2024). Remedies or treatments that are used instead of conventional allopathic treatments are termed as complementary and alternative medicines (CAM). Reiki, Ayurveda, homeopathy, chiropractic, and yoga are types of CAM.
New product launches are trending in the complementary and alternative medicines market. With increasing awareness regarding the adverse effects of allopathic medication, people are shifting toward natural modes of treatment. This is resulting in the surging demand for alternative medicines and therapies, to keep up with which, market players are heavily investing in the development of new and effective products. For instance, a collection of essential and carrier oils was launched by Vitruvi in January 2019. Further, in June 2018, pre-medicated standardized homeopathic medicines were launched in India by Boiron India.
The segmentations of the CAM market are region, type, mode of service, application, and end user. Based on type, the market is classified into energy-based, nature-based, manipulative body-based, and mind–body intervention-based. In 2018, a revenue share of 38.7% was held by the nature-based classification. In the forecast period, the fastest growth is also expected to be exhibited by this category, which can be attributed to the rising demand for organic and natural medicines that are safer than allopathic medication.
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The complementary and alternative medicines market players can explore the potential of natural resources, which are abundantly present, to generate high revenues. Alternative medicines are mostly derived from plants, mud, water, and other natural components. India and China are the world’s biggest exporters of medicinal herbs, and these two countries together account for the highest number of medicinal herbs, which can be taken advantage of by the market players. Further, Tai chi, yoga, and qigong therapies can be provided to people without investing in any kind of raw materials and yet can be a major avenue to generate revenue.
Therefore, the market for CAM is headed toward prosperity in the forecast period owing to the increasing awareness regarding the benefits of traditional medication and therapies over allopathic treatments.
