Complementary and Alternative Medicines Market in APAC is Expected to Witness Lucrative Growth, with a CAGR of 6.8%

The global complementary and alternative medicines market is expected to generate $271.8 billion revenue by 2024, advancing at a CAGR of 6.0% during the forecast period.

On the basis of type, the complementary and alternative medicines market is classified into nature-based, mind-body intervention-based, manipulative body-based, and energy-based. Among these, nature-based complementary and alternative medicines (CAM) held the largest share in 2018, and the category is further expected to hold 39.9% share by 2024. This is attributed to low side-effects of homeopathic medicines, increasing demand for the prevention and management of medical conditions, and inexpensive nature of CAM products.

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The complementary and alternative medicines market in APAC is expected to witness lucrative growth, with a CAGR of 6.8%, during the forecast period. This is mainly due to increasing usage of traditional medicines and therapies, side-effects associated with allopathic medicines, rising prevalence of chronic diseases, and growing geriatric population.

The global complementary and alternative medicines market is fragmented in nature. Cipla Limited, Boiron, Dabur India Ltd., Novartis AG, Weleda AG, Arya Vaidya Pharmacy, Pekana-Naturheilmittel GmbH, and Biologische Heilmittel Heel GmbH are some of the major players engaged in the CAM industry.

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COMPLEMENTARY AND ALTERNATIVE MEDICINES MARKET SEGMENTATION

Market Segmentation by Type

·         Nature-Based

o    Ayurveda

o    Homeopathic

o    Mud therapy

o    Others

·         Mind-Body Intervention-Based

o    Yoga, meditation, tai chi, and qigong

o    Biofeedback

o    Guided imagery

o    Hypnosis

o    Others

·         Manipulative Body-Based

o    Chiropractic

o    Physiotherapy

o    Massage

o    Acupuncture

o    Others

·         Energy-Based

o    Reiki

o    Electromagnetic therapy

o    Others

Market Segmentation by Application

·         Depression and Anxiety

·         Pain Management

·         Chronic Diseases

·         Neurological Disorders

·         Infertility

·         Skin Disorders

·         Weight Loss

·         Others

Market Segmentation by Mode of Service

·         Therapy Classes

·         Direct Consultation

·         E-Learning

Market Segmentation by End User

·         Yoga and Meditation Centers

·         Therapy Centers

·         Home Care

·         Hospitals and Clinics

·         Others