Alternative medicine is treatments that are used instead of standard medical treatments. About 40% of adults in the United States say they use some form of alternative medicine. But exactly what types of therapies are considered alternative the definition changes as doctors test and move more of them into the mainstream.
Market Research on Alternative Medicine
The global complementary and alternative medicine market size is expected to generate a revenue of USD 210.81 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 17.07% during the forecast period. Factors such as the increasing adoption and usage of natural supplements/wellness medicine coupled with government initiatives to promote adoption of the therapy is expected to create revenue generation avenues.
Complementary and alternative forms of therapy are used in the treatment of chronic ailments, long-term pain among others and are also used for additional vitamins and other dietary supplementation of regular diet. Moreover, with considerable increase in the costs of conventional medicine and inclination towards body wellness rather than pharmaceutical cure is likely to boost the market over the forecast period.
Approximately two third population of most of the developed and developing countries has reported using one or the other form of alternative or complementary medicine. Certain countries are moving towards legalization of some alternative medicine and therapies backed with approved clinical data.