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Market Analysis

The global complementary and alternative medicine market size was valued at USD 59.76 billion in 2018 and is anticipated to expand at a CAGR of 17.07% during the forecast period. Increasing awareness regarding traditional therapy methods is projected to drive the growth. In 2018, it was estimated that more than 60% of global population use some or the other form of traditional medicine.

Complementary and alternative medicine involves application of traditional methods of medication such as herbs and other mind and body healing techniques mostly based on the faith and belief. Most of the techniques used in alternative medical treatment are not approved by many regulatory bodies around the world. Many governments and regulatory bodies have put up efforts in finding clinical support for the incorporation into alternative treatments to help improve the market and treatment methods.

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Most alternative therapies include long time medication and are mostly used for chronic pains and illnesses. A surge in the number of studios and outlets in the form of startups and well-established firms offering dietary herbal supplements and many other accessories needed for the therapies, is likely to boost the market during the forecast period.

Government efforts to encourage usage of the medicine is driving the complementary and alternative medicine market in several regions. However, lack of approved clinical support can hinder the growth as regulatory bodies from developed regions restrict the usage of these medicines and therapies.

Further Key Findings from the Report Suggest

The market is driven by high adoption of herbal dietary supplements and other wellness therapies like yoga, and acupuncture

Botanical has become the most prominent form of alternative medicine as the segment was observed to hold the largest market share in terms of revenue 2018.

Europe and Asia Pacific in combination are anticipated to hold a major market share in terms of revenue over the forecast period

Developing regions such as Latin America and Middle East Africa are set to witness considerable growth in demand over the forecast period driven by high cost of conventional medicine and lack of their availability in certain countries

Some of the key players and wellness institutes active in the complementary and alternative medicine market are Columbia Nutritional Inc.; Herb Pharm; Herbal Hills; Helio USA Inc.; Deepure Plus; Nordic Naturals; Pure encapsulations, Inc.; and other wellness institutes like Iyengar Yoga Institute; John Schumacher’s Unity Woods Yoga Center; Yoga Tree; The Healing Company; and Quantum Touch Inc.

Scope

Alternative medicine is a broad field encompassing many forms of non-traditional medicine, including herbal and homeopathic medicines, acupuncture, and new age healing. Education in this field varies from certification to a PhD, depending on which specialization an alternative medicine practitioner chooses. Alternative medicine is the perfect field for those hoping to help heal people with methods not traditional to Western medicine.

Careers Doctor of Naturopathic Medicine Acupuncturist Massage Therapist
Required Education Doctor of Naturopathy (N.D.) or Doctor of Naturopathic Medicine (NMD) degree Bachelor's Degree Postsecondary Certificate or License
Licensure Licensure by Naturopathic Physicians Licensing Examination Board required in some states Licensure by National Certification Commission for Acupuncture and Oriental Medicine required in most states Licensure required by almost all states
Projected Job Growth (2018-2028)* 13% for all Health Diagnosing and Treating Practitioners 13% for all Health Diagnosing and Treating Practitioners 22%
Median Salary (2018)* $73,960 for Health Diagnosing and Treating Practitioners, all other $73,960 for Health Diagnosing and Treating Practitioners, all other $41,420

Target Audience

• Directors, CEO’s of Organizations

• Business Development Managers

• Chief Scientific Officers

• R&D Researchers from Pharma Industries

• Professors, Associate Professors, Assistant Professors

• PhD Scholars

• Patent Attorneys

• Investment Analysts

• Noble laureates in Health Care and Medicine

• Software development companies

• Research Institutes and members

• Supply Chain companies

• Manufacturing Companies

• CRO and DATA management Companies

• Training Institutes

• Business Entrepreneurs

Related Companies/Industries

• Abbott

• AMEDTEC

• AtriCure

• Bexen Cardio

• Bionet

• Biosense Webster

• Biotronik

• Boston Scientific

• BTL

• Cardiac Science

• CardiAid

• CardioLine

• Carewell

• CathVision

• Defibtech

• ERT

• Farum

• Fukuda Denshi

• GE Healthcare

• General Meditech

• Imricor Medical Systems

• JJET

• Kalamed

• Lepu Medical

• Lumed

• MDE Diagnostics

• MEDICO S.p.A

• Medicomp

Related Associations and Societies

• AAAOM - American Association of Acupuncture & Oriental Medicine.

• AAMA - The American Alternative Medicine Association.

• AANP - American Association of Naturopathic Physicians.

• AHHA - American Holistic Health Association.

• Alternative Medicine Foundation

• National Certification Commission for Acupuncture and Oriental Medicine

• National Certification Board for Therapeutic Massage and Bodywork

• American Society of Clinical Hypnosis

• National Center for Alternative and Complementary Health (NCCAM)