According to the report published by Zion Market Research, global demand for alternative medicines and therapy market was valued at approximately USD 69.37 Billion in 2019 and is expected to generate revenue of around USD 247.12 Billion by end of 2026, growing at a CAGR of around 19.9% between 2020 and 2026.
Global Alternative Medicines and Therapy Market: Overview
Medicines that are used as an alternative or considered complementary medicinal treatment to conventional medical treatment are known as alternative medicines. It is a natural method of treatment that excludes the usual methodology of allopathy. This type of treatment is not a part of the study program in medical institutes. This type of medical practice utilizes natural remedies for treatment. Some types of treatments are used such as homeopathic and ayurvedic treatment from many centuries, whereas Chinese medications respective to laser and electrotherapy and chiropractic have come into the picture recently. Injuries such as ligament tear, muscle strain caused due to physical activities such as sports, gym workouts can be well treated through alternative techniques.
Global Alternative Medicines and Therapy Market: Growth Factors
However, the zero side effects and enduring effects help driving the demand for alternative medicines and therapy market. In addition, rising consumer expenses in healthcare, cost of the alternative medicine treatment, and break out of various hazardous diseases are leading factors driving the growth of the alternative medicines and therapy market. In addition, awareness of this traditional and effective method for healing health issues, constant technological development, and initiative programs by the government to adopt the alternative medicines and therapies are anticipated to be the market driving factors in the future.
Global Alternative Medicines and Therapy Market: Segmentation
Based on modality, the global alternative medicines and therapy market is segmented as homeopathic medicine, acupuncture, naturopathy, ayurvedic medicines, oriental chinese medications, and the medicines created using herbs. On the basis of type, the global market is segmented as mud therapy, reiki, oil massage therapy, magnetic therapy, some breathing exercises, meditation, yoga, and osteopathic manipulation. The yoga segment is the leading segment of this market. Yoga decreases inflammation, controls high blood pressure, relieves depression, and is easy to perform. However, the unstable economy and strict protocols led by the governments restrain the global market growth.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Alternative Medicines and Therapy Market: Regional Analysis
North America and Asia dominate the global alternative medicines and therapy market majorly owing to the high acceptance of alternative and natural therapies by people all over the world. The Asia Pacific is also anticipated to witness the fastest growth in the near future. Japan is expected to experience high growth due to its rising aging population. In addition, developing countries such as India and China may lead the growth in the medicines therapy market.
Global Alternative Medicines and Therapy Market: Competitive Players
Some of the major companies dominating the global alternative medicines and therapy market are Arya Vaidya Pharmacy, Weleda Ltd., Cipla Ltd., Sante Verte Ltd., Sandoz International GmbH, Biocon Ltd., Wright Health Group Ltd., and Dr. Reddy’s Laboratories Ltd. Other players influencing the global market are Mediral International, Allen Laboratories Ltd., and King Bio Pharmaceuticals.
Alternative Medicines and Therapy Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The zero side effects and enduring effects help driving the demand for alternative medicines and therapy market. In addition, rising consumer expenses in healthcare, cost of the alternative medicine treatment, and break out of various hazardous diseases are leading factors driving the growth of the alternative medicines and therapy market. In addition, awareness of this traditional and effective method for healing health issues, constant technological development, and initiative programs by the government to adopt the alternative medicines and therapies are anticipated to be the market driving factors in the future.
According to Zion Market Research, the global demand for alternative medicines and therapy market is expected to generate revenue of around USD 247.12 Billion by end of 2026, growing at a CAGR of around 19.9% between 2020 and 2026.
North America and Asia dominate the global alternative medicines and therapy market majorly owing to the high acceptance of alternative and natural therapies by people all over the world.
