The global complementary and alternative medicines (CAM) market was valued at USD 193.0 billion in 2018 and is expected to grow at a CAGR of 6.1% during the forecast period (2019 – 2024). The market is growing due to extensive awareness pertaining to use of traditional therapy procedures. Moreover, extensive adoption of natural wellness medicines and natural supplements along with initiatives undertaken by the government to promote adoption of therapy that is further expected to bolster the growth of global complementary and alternative medicines market.
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Increasing adoption of unhealthy lifestyle and extensive geriatric population are the key factors that are driving the growth of global complementary and alternative medicines (CAM) market. Prospective for alternative therapies and medicines are being adopted for management of various medical situations such as insomnia, hypertension, obesity and stress. Furthermore, the economies pertaining rich diversity of conventional therapies and medicines are other factors that are driving the growth of global complementary and alternative medicines (CAM) market.
Europe is anticipated to contribute largest market revenue in complementary and alternative medicines (CAM) by 2024 due to excessive utilisation of botanicals in various dietary supplements in the countries of France and Germany. Furthermore, technological advancements in healthcare domain, prevalence of medical tourism and expensive conventional medicine are the key factors that are driving the growth of complementary and alternative medicines in this region.
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The key player in this market comprises of both large as well and small service provides making it a fragmented market structure. Moreover, the eminent key players in the global complementary and alternative medicines market are undertaking mergers and acquisitions and collaborations in order to expand their product portfolio and gaining competitive advantage. Some of the players having prominent presence in the global complementary and alternative medicines market include Dabur India Ltd., Biologische Heilmittel Heel GmbH, Novartis AG, The Arya Vaidya Pharmacy (CBE) Ltd., Boiron, Cipla Limited, PEKANA Naturheilmittel GmbH, Weleda AG, Herb Pharm, Deepure Plus, Herbal Hills, Helio USA Inc., Columbia Nutritional Inc., Nordic Naturals, and Pure Encapsulations, Inc.
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