The global complementary and alternative medicine (CAM) market size is expected to be worth around US$199.2 billion by 2026, with projected to growth of 19% CAGR over the forecast time period (2018-2026).
That’s the prediction contained in a new report on the global CAM market from Acumen Research and Consulting.
The resort says the development of the global complementary and alternative medicine market can be credited to “surging acceptance of natural supplements/wellness medicines by people”. It adds that government initiatives around the world to augment the reach of these medicines are expected to drive the development of the global complementary and alternative medicine market.
Additional key market drivers include a “substantial surge in costs of conventional medicine” and a growing “preference towards body wellness rather than pharmaceutical approaches”.
The report shows that (as of early 2018), about two third of people in countries with the most developed economies, reported using one or the other form of complementary and alternative form of medicines.
The global complementary and alternative medicine market is boosted by high acceptance rates of herbal dietary supplements and other wellness therapies for instance, as acupuncture and yoga. Botanicals have developed as the most visible form of alternative medicines. and are anticipated to hold largest share throughout the forecast timeframe.
Europe and APAC developed identified as hotspots for these forms of therapies and cumulatively generated large share of market revenue. Emerging regions for instance Middle East and Africa and Latin America are expected to require significant development in need over the forecast period, in part due to expensive nature of conventional medicine and lack of access to them in some emerging nations.