DUBLIN--(BUSINESS WIRE)--The "Complementary and Alternative Medicines Market Research Report: by Type, Application, Geographical Outlook - Global Industry Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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 (CAM) 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 CAM 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 categories of the CAM market, based on mode of service, are e-learning, therapy classes, and direct consultation. Among these, the highest revenue in the market was generated by the therapy class category throughout the historical period (2014-2018) with 60.3% share in 2018. This can be credited to the popularity of alternative therapies, such as yoga, reiki, and meditation. Additionally, chiropractic and acupuncture can only be performed under supervision, therefore can be conducted only during classes. This is expected to make the category the largest in 2024 with a 61.2% share.
The CAM 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.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.2 Market Dynamics
4.3 Porter's Five Forces Analysis
4.4 Country-Specific Medicines/Therapies
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Application
5.3 By Mode of Service
5.4 By End User
5.5 By Region
Chapter 6. Europe Market Size and Forecast
6.1 By Type
6.2 By Application
6.3 By Mode of Service
6.4 By End User
6.5 By Country
Chapter 7. APAC Market Size and Forecast
7.1 By Type
7.2 By Application
7.3 By Mode of Service
7.4 By End User
7.5 By Country
Chapter 8. North America Market Size and Forecast
8.1 By Type
8.2 By Application
8.3 By Mode of Service
8.4 By End User
8.5 By Country
Chapter 9. LATAM Market Size and Forecast
9.1 By Type
9.2 By Application
9.3 By Mode of Service
9.4 By End User
9.5 By Country
Chapter 10. MEA Market Size and Forecast
10.1 By Type
10.2 By Application
10.3 By Mode of Service
10.4 By End User
10.5 By Country
Chapter 11. Major CAM Markets
11.1 U.S.
11.2 Germany
11.3 China
11.4 France
11.5 Japan
11.6 U.K.
11.7 India
11.8 Canada
11.9 Mexico
Chapter 12. Competitive Landscape
12.1 Company Benchmarking Based on Applications
12.2 Strategic Developments of the Key Players
Chapter 13. Company Profiles
13.1 Cipla Limited
13.2 Boiron
13.3 Dabur India Ltd.
13.4 Novartis AG
13.5 Weleda AG
13.6 The Arya Vaidya Pharmacy (CBE) Ltd.
13.7 PEKANA Naturheilmittel GmbH
13.8 Full Motion Physical Therapy
13.9 AmeriCare Physical Therapy
13.10 doTERRA International LLC
13.11 Mountain Rose Herbs
13.12 Rocky Mountain Oils LLC
13.13 The Himalaya Drug Company
13.14 SEIRIN Corporation
13.15 schwa-medico GmbH
13.16 Pharmesis International Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/n33er6
