The global complementary and alternative medicine market size is projected to reach USD 296.3 billion by 2027, exhibiting a CAGR of 19.9%, according to a new report by Grand View Research, Inc. A comparatively high demand for alternative medicine across developing countries and expanding applications of traditional medicine practiced in Asia are two key driving factors of the market. China and India are the key contributors to the Asia Pacific region and thus are offering significant momentum to the revenue generation by complementary and alternative treatment through the study period.
In addition, increase in the number of licensed and trained physicians who can offer state-of-the-art complementary therapies is set to boost patient preference toward traditional medicine. It is becoming integral in the healthcare system in Asia, especially in China wherein most of the hospitals in the country have distinct departments and wards that are dedicated to traditional therapeutic approaches.
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Moreover, in terms of research, CAM has reached a remunerative stage. This can be attributed to the rising pool of scientists working at established universities across U.S., Europe, and Asia Pacific who are focusing on building a robust foundation for the alternative treatment targeted toward Parkinson’s disease, cancer, and diabetes.
Key suggestions from the report:
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Grand View Research has segmented the global complementary and alternative medicine market on the basis of intervention, distribution method, and region:
Complementary and Alternative Medicine Intervention Outlook (Revenue, USD Billion, 2016 – 2027)
Complementary and Alternative Medicine Distribution Method Outlook (Revenue, USD Billion, 2016 – 2027)
Complementary and Alternative Medicine Regional Outlook (Revenue, USD Billion, 2016 – 2027)
Find more research reports on Pharmaceuticals Industry, by Grand View Research:
Personalized Medicine Market – The global personalized medicine (PM) market size was estimated at USD 1.57 trillion in 2018 and is anticipated to expand at a CAGR of 10.6% during the forecast period.
Excipients Market – The global excipients market size was estimated at USD 4.1 billion in 2016. Increasing usage of generic medicines and rising demand for multifunctional excipients is expected to be key factors driving revenue growth.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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