The global complementary and alternative medicine market is anticipated to grow at a significant CAGR during the forecast period. The use of complementary and alternative medicine is raising rapidly as these aids the healing process of a specific health condition to improve overall health. Complementary and alternative medicine generally includes acupuncture, vitamins, and minerals, aromatherapy, herbal treatments, yoga, and naturopathy. These medicines are generally preferred as they are more natural and safer than conventional medicine present in the market.
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Adverse effects of various chronic diseases and drug use during the treatment make the patients suffer from various nutrients deficiencies which can be addressed with dietary supplements and alternative medicines. This results in an increased demand for complementary and alternative medicines in the market. Moreover, the recently observed consumer shift towards adopting healthy alternatives in day to day life to stay naturally healthy and avoid diseases is also driving the demand for complementary and alternative medicines in the market across the globe.
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However, complementary and alternative medicines are usually subjected to strict safety and quality regulations in most of the countries all across the globe. For instance, in Australia, the Therapeutic Goods Administration (TGA) ensures the safety of alternative and complementary medicines including other treatments that are going on in the country. Additionally, the safety of most of the complementary and alternative treatment or how they work is also not proved by any research which is anticipated to hinder the growth of complementary and alternative medicine market.
Market Segmentation
Global Complementary and Alternative Medicine Market by Intervention
- Botanicals
- Acupuncture
- Body, Mind, and Yoga
- Magnetic Intervention
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