Owing to the surging use of conventional medicines and therapies, mushrooming population of geriatric people, rapid product launches, rising public awareness about the side-effects of allopathic medications, and increasing adoption of unhealthy lifestyles, the global complementary and alternative medicines market revenue is predicted to surge to $271.8 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6.0% from 2019 to 2024.
The potential of complementary and alternative medicines is being analyzed for the treatment and management of several diseases and health conditions, such as stress, insomnia, hypertension, and obesity. According to Our World in Data, 3.8% and 3.4% of the global population had depression and anxiety, respectively, in 2017. Likewise, the World Health Organization (WHO) reveals that the number of people living with diabetes rose from 108 million in 1980 to 422 million in 2014. Additionally, the WHO also found that 1.6 million people lost their lives because of diabetes in 2016.
As complementary and alternative medicines and therapies have been found to be highly effective in treating several diseases and health conditions, the rising prevalence of these diseases is positively impacting the worldwide sales of these medicines. As per the WHO, around 80% of the worldwide population uses conventional medicines for managing cold, gastrointestinal disorders, and cough. Besides, the growing public awareness about the side-effects of allopathic medicines is also supporting the growth of the complementary and alternative medicines market.
Out of these, the nature-based category contributed the highest revenue to the market in the past, and this category is predicted to hold almost 40.0% of the shares in the market in the coming years. This is credited to the fact that homeopathic medicines cause less side-effects than other medicines. Across the globe, the Asia-Pacific (APAC) complementary and alternative medicines market is predicted to register the fastest growth in the coming years. This will be because of the growing use of traditional therapies and medicines, rising public awareness about the side-effects of allopathic medicines, increasing incidence of chronic illnesses, and ballooning population of geriatric people in the region.
Hence, it is safe to say that the demand for complementary and alternative medicines and therapies will rise sharply in the coming years, primarily because of the surging population of geriatric people, rising incidence of chronic diseases, and growing public awareness about the side-effects of allopathic medicines all over the world.
