Lifestyle of people has changed radically over the past few years, and the work life of people is becoming more and more stressed. Due to this, medical conditions such as stress, hypertension, obesity, and insomnia are affecting an increased number of people. As per Our World in Data, 3.4% and 3.8% of the global population was suffering from anxiety and depression, respectively, in 2017. In addition to this, according to the World Health Organization, about 108 million people in the world were suffering from diabetes, and this number rose to 422 million in 2014.
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It is because of these factors, that the demand for complementary and alternative medicines is growing around the world. These medications are utilized along with standard medical treatments or instead of standard medication. According to a study conducted by P&S Intelligence, the global complementary and alternative medicines market is predicted to reach a value of $271.8 billion by 2024, increasing from $192.0 billion in 2018, progressing at a 6.0% CAGR during the forecast period (2019–2024). Different types of complementary and alternative medicines are mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Out of these, the demand for nature-based medicines was the highest in the past.
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Out of these, a considerable demand for complementary and alternative medicines was created for depression and anxiety, which is due to the hectic life schedule and rising societal and work pressure. The modes of service for complementary and alternative medications are e-learning, therapy class, and direct consultation. The demand for therapy classes has been rising rapidly across the globe, which can be ascribed to the larger number of people that are opting for such sessions to manage various medical conditions. Complementary and alternative medication are demanded from hospitals & clinics, yoga & meditation centers, home care, and therapy centers.
Hence, the demand for complementary and alternative medicines is growing due to the changing lifestyle of people, which is causing increased stress and other physical and mental health problems.
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