(MENAFN- Zion Market Research) Zion Market Research has published a new report titled 'Complementary and Alternative Medicine Market by Intervention (Acupuncture, Botanicals, Magnetic Intervention, and Body, Mind & Yoga); by Distribution Channel (E-Training, Direct Contact and Distance Correspondence): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 2025. According to the report, global demand for complementary and alternative medicine market was valued at approximately USD 55.2 billion in 2018, and is expected to generate revenue of around USD 163.3 billion by end of 2025, growing at a CAGR of around 16.8% between 2019 and 2025.
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Complementary and alternative medicines (CAM) are is a branch of medical science that deals with products and medical practices that usually do not constitute part of typical medical care. Complementary medicine is a term referred to treatments that do not constitute of standard treatments but are used in combination with standard medical treatments. Similarly, medicines that are used as substitute or alternative to standard medicine or routine medical practice are called alternative medicines. Complementary and alternative medicines cover large number of botanical and nutritional products like dietary supplements, herbal supplements, vitamins etc.
The global market growth for complementary and alternative medicines is fueled by various factors like increasing adoption of herbal supplements and natural remedies like wellness therapies including yoga, acupuncture, etc. along with increasing health awareness. Additionally, comparative low prices of alternative and complementary medicines as that of standard medicines and increasing inclination towards natural wellness and healing instead of pharmaceutical therapy are factors that are projected to support the growth of complementary and alternative medicines market over the forecast period. However, lack of scientific results and poor understanding of alternative medicines may impede the market growth of complementary and alternative medicines. Both developed as well as emerging markets are projected to bring new growth avenues for complementary and alternative medicines market.
Global complementary and alternative medicine market is segmented based on intervention, distribution channel and region. Based on intervention, market is categorized into acupuncture, botanicals, magnetic intervention and body, mind, & yoga. Market was dominated by botanicals intervention segment in 2018 due to increasing adoption rate. Botanicals segment is sub categorized into homeopathy, ayurveda and naturopathy. Yoga, chakra healing, meditation, hypnotherapy and energy healing are sub segments of body, mind, and yoga intervention segment.
Based on distribution channel market is segmented into direct contact, distance correspondence and e-training. In 2018, direct contact distribution channel segment held largest revenue share of overall market. Fastest growth is projected for e-training distribution channel segment over the forecast period. This fast growth is projected due to convenience, ease, and time saving offered by e-training distribution channel.
The estimated and projected demand for regions such as North America, Middle East & Africa, Latin America Asia Pacific, and Europe is covered for complementary and alternative medicine market with further split into major countries such as U.S., France, China, UK, Germany, Japan, Brazil, India among others is included in the report. At regional level, Europe held largest revenue share in 2018 for global complementary and alternative medicine market. Market growth is Europe is supported by various factors such as increasing health awareness, increasing adoption of natural wellness and healing therapies, extensive use of dietary supplements and botanicals in countries like France, Germany etc. Asia Pacific is projected to be fastest growing regional market for complementary and alternative medicine. Costly conventional medicines, growing medical tourism industry and increasing health awareness are factors that support the high growth in Asia Pacific. Latin America and North America are projected to witness steady and moderate growth in the coming years. Middle East and Africa is projected to be major hubs for complementary and alternative medicine market due to transforming wellness medical infrastructure.
Major players included in the report are Pure Encapsulations, Inc., Nordic Naturals, Herbal Hills, Herb Pharm, Helio USA Inc., Deepure Plus, Columbia Nutritional Inc., and wellness institutes such as Iyengar Yoga Institute, John Schumacher's Unity Woods Yoga Center, Yoga Tree, Quantum Touch Inc. and The Healing Company among others.
The report segment of global complementary and alternative medicine market as follows:
Global Complementary and Alternative Medicine Market : By Intervention
- Botanicals
- Ayurveda
- Naturopathy
- Homeopathy
- Acupuncture
- Body, Mind, and Yoga
- Yoga
- Meditation
- Energy Healing
- Chakra Healing
- Hypnotherapy
- Magnetic Intervention
Global Complementary and Alternative Medicine Market : By Distribution Channel
- Direct Contact
- E-training
- Distance Correspondence
Global Complementary and Alternative Medicine Market: By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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