Valued at $192.0 billion in 2018, the global complementary and alternative medicines market size is predicted to reach a value of $271.8 billion in 2024, progressing at a CAGR of 6.0% from 2019 to 2024. The major factors fueling the advancement of the market are the increasing utilization of traditional therapies and medicines, growing geriatric population, adoption of unhealthy lifestyles, the various side-effects and risks usually associated with allopathic medicines, and the increasing frequency of product launches by the market players.
The adoption of unhealthy lifestyles has drastically increased the incidence of various chronic diseases and ailments such as stress, obesity, hypertension, and insomnia. Therefore, many organizations are increasingly evaluating the potential of alternative medicines in treating these medical conditions. As per Our World in Data, in 2017, 3.4% and 3.8% of the global population were found to suffer from anxiety and depression respectively. According to the World Health Organization (WHO), the total number of diabetics in the world increased from 108 million to 422 million from 1980 to 2014.
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According to a report published by the WHO, diabetes claimed the lives of 1.6 million people across the world in 2016. Apart from this factor, the countries having a rich tradition and history of traditional therapies and medications are also fueling the progress of the complementary and alternative medicines market. As per the findings of the WHO, nearly 80% of the people in the world rely on traditional medications and therapies for the treatment of diseases such as cold and cough and gastrointestinal disorders.
Globally, the complementary and alternative medicines market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the forecast of P&S Intelligence, a market research firm based in India. This is attributed to the burgeoning utilization of traditional medications and therapies, increasing incidence of chronic medical conditions, and the surging geriatric population in several APAC countries. Furthermore, the various side-effects of allopathic medications are massively boosting the demand for traditional medicines, which is, in turn, propelling the growth of the market in the region.
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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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