Complementary and Alternative Medicines Market Set to Be Worth Over $270.0 Billion by 2024

Valued at $192.0 billion in 2018, the global complementary and alternative medicines market is predicted to reach a value of $271.8 billion in 2024, progressing at a CAGR of 6.0% from 2019 to 2024.
AMITYVILLE, Calif. - Jan. 6, 2022 - PRLog -- The major factors fueling the advancement of the market are the increasing utilization of traditional therapies and medicines, growing geriatric population, adoption of unhealthy lifestyles, the various side-effects and risks usually associated with allopathic medicines, and the increasing frequency of product launches by the market players.

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The adoption of unhealthy lifestyles has drastically increased the incidence of various chronic diseases and ailments such as stress, obesity, hypertension, and insomnia. Therefore, many organizations are increasingly evaluating the potential of alternative medicines in treating these medical conditions. As per Our World in Data, in 2017, 3.4% and 3.8% of the global population were found to suffer from anxiety and depression respectively. According to the World Health Organization (WHO), the total number of diabetics in the world increased from 108 million to 422 million from 1980 to 2014.

When type is taken into consideration, the complementary and alternative medicines market is categorized into mind-body intervention-based, nature-based, energy-based, and manipulative-based. Out of these, the nature-based category had the highest share in the market in the past. Further, this category is predicted to register a considerable share in the market in the future years. This is ascribed to the lower side-effects of homeopathic drugs as compared to the allopathic medicines, increasing requirement for the treatment and management of diseases, and the affordable prices of CAM products.

Globally, the complementary and alternative medicines market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the forecast of P&S Intelligence, a market research firm based in India. This is attributed to the burgeoning utilization of traditional medications and therapies, increasing incidence of chronic medical conditions, and the surging geriatric population in several APAC countries. Furthermore, the various side-effects of allopathic medications are massively boosting the demand for traditional medicines, which is, in turn, propelling the growth of the market in the region.

Thus, the market is certain to demonstrate rapid expansion in the forthcoming years, mainly because of the growing incidence of chronic diseases, rising geriatric population, and increasing popularity of traditional medications and therapeutic procedures, on account of their fewer side-effects and lower costs than the allopathic medicines.

Pramod Kumar
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