Complementary and Alternative Medicines Industry Size, Trends, Key Players and Future Scope
Lifestyle of people has changed radically over the past few years, and the work life of people is becoming more and more stressed. Due to this, medical conditions such as stress, hypertension, obesity, and insomnia are affecting an increased number of people. As per Our World in Data, 3.4% and 3.8% of the global population was suffering from anxiety and depression, respectively, in 2017. In addition to this, according to the World Health Organization, about 108 million people in the world were suffering from diabetes, and this number rose to 422 million in 2014.
It is because of these factors, that the demand for complementary and alternative medicines is growing around the world. These medications are utilized along with standard medical treatments or instead of standard medication. According to a study conducted by P&S Intelligence, the global complementary and alternative medicines market is predicted to reach a value of $271.8 billion by 2024, increasing from $192.0 billion in 2018, progressing at a 6.0% CAGR during the forecast period (2019–2024). Different types of complementary and alternative medicines are mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Out of these, the demand for nature-based medicines was the highest in the past.
This is because of low side-effects, rising requirement for management and prevention of medical conditions, and low cost of these medicines. Mud therapy, Ayurveda, and homeopathic are the various types of nature-based complementary and alternative medicines. The demand for Ayurveda is projected to grow significantly in the years to come, owing to their health benefits, such as maintaining body weight, reducing stress, curing insomnia, preventing diabetes, reducing inflammation, and improving high-blood pressure. In addition, Ayurvedic medicines are inexpensive and non-invasive in nature. These medicines have various applications, including weight loss, depression & anxiety, skin disorders, pain management, infertility, chronic diseases, and neurological disorders.
Hence, the demand for complementary and alternative medicines is growing due to the changing lifestyle of people, which is causing increased stress and other physical and mental health problems.
Read more: https://www.psmarketresearch.com/market-analysis/complementary-and-alternative-medicines-market
