Alternative medicine includes a number of traditional medicinal and faith healing treatments where a disease is treated with organic products, natural methods, and faith healing. These are generally used in the treatment of chronic ailments and pains.
Most prominent forms of these therapies in usage include application of ayurvedic medicine and naturopathic treatment, acupuncture, mind/body healing, yoga and magnetic intervention. Ayurveda and Naturopathic treatment involves usage of nature derived products that are believed to possess therapeutic properties for various medical conditions. Unapproved studies say that these natural therapies can be helpful in the treatment of cancer, diabetes, cardiovascular diseases and other neuro disorders along with chronic pain and ailments.
Although forms of alternative medicine seem to be viable treatment options, they seldom have any documented and/or approved backing from any clinical data. Most of these forms work on word-of-mouth and personal faith and belief thus are under extensive scrutiny to prove the effectiveness of the practices.
Alternative Medicine and Advancements
These treatment forms have a history that dates a long way back into time and a number of these have documented origins in key Asia Pacific countries like India, China, and Japan. These techniques were limited to Asian countries for a considerable amount of time, until recently; however in recent times they have been rapidly gaining popularity almost all over the world. Lack of proven data to support the medical effects and poor understanding in some of the developed regions is still an issue. For instance, most of the scientists say this form of medicine has no proof of being effective. Recently NCIH has invested USD 2.5 billion in carrying out the studies that can support the claims but had to abandon the studies as they did not yield fruitful results.
Studies by various organizational bodies state that over 40% of Americans follow alternative medicine therapies in one or the other way. Several governments are taking steps to introduce alternative medicine as legal form to improve lives of people. For instance, the government of India has launched “AYUSH” ministry that is expected to support and develop alternative forms of medicine and improve the medical tourism in the field of alternative medicine. Several scientific bodies are striving to develop scientific support for the claims made by naturalists and followers claiming the medical effects of alternative medicine.
Alternative Medicine is set to witness healthy growth in coming years owing to the number of government initiatives to level up the different forms of alternative medicine and increased usage of dietary supplements and other techniques like acupuncture which is gaining popularity in the developed regions.
Alternative Medicine market: Market Snapshot
The global Alternative Medicine market was valued at USD 40.32 billion in 2015 and is expected to grow at a CAGR of 15.75% over the forecast period. The key drivers impacting the growth of the alternative medicine market include:
- Increasing adoption of traditional medicine
- Integration of technological advancements
- Government initiatives to improve and provide scientific back-up
We have segmented Alternative Medicine market based on intervention type for which it is used; Botanicals (Ayurveda, Naturopathy), Acupuncture, Mind, Body & Yoga and Magnetic intervention. Botanicals held a significant share in 2015 and are likely to grow at a steady CAGR over the forecast years. This can be attributed to the high number of dietary supplements in most of the developed countries.
Our report “Alternative Medicine market analysis and segment forecast to 2026” analyzes the global Alternative Medicine market at the regional as well as country level. The report also analyzes trends, drivers, and restraints influencing market dynamics. Opportunity analysis using an in-house developed model helps in understanding key growth segments. This will help in gaining a thorough understanding of the market to facilitate sound business decisions.
In-depth report on global alternative and complementary medicine market by Grand View Research:
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