Complementary and Alternative Medicine Market to be Value at $196 billion by 2025!
According to complementary and alternative Medicine (CAM) Market analysis from ‘Grand View Research’, the global CAM market was valued at $40.32 billion in 2015. This phenomenon was caused by the increasing support of holistic medicine by the masses. In more depth, more than 60% of people across the globe used some form of traditional medicine by 2015.
The number of well-established firms and start-ups involved in the CAM sector shows growth. Such companies are using alternative medicine therapies as part of enriching medical tourism for complementary treatments.
The complementary and alternative medicine sector is characterised of sustainable growth in regions worldwide. Asia Pacific includes some key economies that are encouraging the increased usage of such therapies. However this growth can be affected in developed regions because of regulatory bodies as they suggest that there is lack of approved clinical support.
Despite the fact that developed countries have concerns about holistic medicine, their residents are consuming at large vitamins, minerals and other digestive supplements as they are attracted by herbal/non-herbal dietary.
The demand that people show on alternative medicine led government initiatives of countries like India and Canada to proceed on legalising such medicinal methods because they are expected to boost the market.
Demand is not the only reason CAM market is facing increase. The most essential element of alternative medicine is the delivery of therapy to a person. Direct contact is the main method that is used for the delivery of therapies like energy healing, acupuncture and naturopathy. This form of delivery accounts for most of the sector’s share as it is valued at 70%. The therapies can delivered through various other mediums like video therapy, telephonic meditation and instructional documentation.
As of 2015 Europe held the biggest market share followed by Asia Pacific and North America. However, the area of Asia is showing a sustainable growth due to the fact that it is the place where many key alternative medical therapies originated and the medical tourism is booming. Middle East is also a market showing increase as wellness medical infrastructure receives heavy investments, transforming the area to a global complementary and alternative medicine hub.