In October 2014, as per the World Health Organization (WHO), the global population of geriatrics has doubled since 1980, with a subsequent increase in various age-related diseases. Rising pollution levels have also contributed to elevating the spread of various diseases. Alternative medicines and therapies market are utilized for the effective treatment of these with minimal to no side effects. Alternative medicines and therapies are natural forms of treatment and are very different than pharmaceutical and conventional medicines. They include vitamins, minerals, and other natural substances for curing patients.
Alternative medicines and therapies are utilized for curing anxiety, diabetes, post-menopausal syndromes, quick recovery, and stress. These treatments have been broadly established worldwide and are acknowledged as effective and safe treatments. On the basis of modality, the alternative medicines and therapies market is segmented into herbal medicine, homeopathic medicine, naturopathy, ayurvedic medicine, traditional Chinese medicine, acupuncture, and others. Alternative therapies include herbal therapies, magnetic therapy, yoga oil massage therapy, mud therapy and oil massage therapy, osteopathic manipulation and meditation, and deep breathing exercises.
Increasing Advancement in Technology and Easy Availability of Alternative Medicines to Propel Market
Rising number of partnerships and collaborations and the introduction of new products are amongst the key trends seen in the market for alternative medicines and therapies. The rising geriatric population, rising adoption of natural therapies and alternative medicines, increasing advancement in technology, easy availability, rising healthcare expenditure, and increasing initiatives taken by governments are amongst the key factors fuelling the market for alternative medicines and therapies. Furthermore, increasing occurrence of numerous diseases and the inexpensiveness of alternative medicines and therapies are expected to further augment the growth of the market. On the other hand, certain side effects of alternative medicines along with the stringent regulations and rules posed by a few governments are amongst the prime factors impeding the growth of the market. In addition, safety in standardization and clinical trials is still a challenge for the market for alternative medicines and therapies.
Europe Alternative Medicines and Therapies Market Emerged as the Biggest Market
On the basis of geography, the alternative medicines and therapies market is segmented into Europe, North America, Asia, and Rest of the World (RoW). Amongst these, Europe, trailed by North America and Asia, holds the biggest share in the market owing to increasing adoption of natural therapies and alternative medicines, coupled with technological advancements in drug development within this region. Furthermore, Japan is predicted to exhibit an exponential growth rate in the market for alternative medicines and therapies in the coming five years owing to the rising geriatric population and huge spending on alternative medicines and therapies in this region. In China and India, the expanding economy and population will fuel the growth of the market for alternative medicines and therapies
The prime players operating in the alternative medicines and therapies market include Arya Vaidya Pharmacy, Weleda (U.K.) Ltd., Cipla Ltd, Sante Verte Ltd, Mediral International, Inc., Wright Health Group Ltd., Sandoz International GMBH, HomeoLab, King Bio Pharmaceuticals, Allen Laboratories Ltd., Heel Inc., Dr. Reddy’s Laboratories Ltd, Hahnemann Laboratories Inc., and Biocon Ltd., among others.
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