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Complementary and Alternative Medicines Market Size, Share, Growth Drivers and Future Scope

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The global complementary and alternative medicines market is predicted to reach a value of $271.8 billion in future.

NEW YORK - eTradeWire -- Lifestyle of people has changed radically over the past few years, and the work life of people is becoming more and more stressed. Due to this, medical conditions such as stress, hypertension, obesity, and insomnia are affecting an increased number of people. As per Our World in Data, 3.4% and 3.8% of the global population was suffering from anxiety and depression, respectively, in 2017. In addition to this, according to the World Health Organization, about 108 million people in the world were suffering from diabetes, and this number rose to 422 million in 2014.

It is because of these factors, that the demand for complementary and alternative medicines is growing around the world. These medications are utilized along with standard medical treatments or instead of standard medication. According to a study conducted by P&S Intelligence, the global complementary and alternative medicines market is predicted to reach a value of $271.8 billion by 2024, increasing from $192.0 billion in 2018, progressing at a 6.0% CAGR during the forecast period (2019–2024). Different types of complementary and alternative medicines are mind-body intervention-based, nature-based, energy-based, and manipulative body-based. Out of these, the demand for nature-based medicines was the highest in the past.

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Among these, yoga and meditation centers made the most use of these medicines, owing to the rising awareness and popularity of these centers among people. Geographically, the demand for complementary and alternative medications was the highest in the European region in the past. However, the demand for these medications is also projected to rise in Asia-Pacific, thereby making the region the fastest growing complementary and alternative medicines market in the coming years. This is primarily because of the growing use of traditional therapies and medicines, increasing prevalence of chronic diseases, and side-effects associated with allopathic medicines.

Hence, the demand for complementary and alternative medicines is growing due to the changing lifestyle of people, which is causing increased stress and other physical and mental health problems.

Contact
Vijay Kumar
***@psmarketresearch.com


Source: P&S Intelligence
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Filed Under: Health

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