A new market research report by Transparency Market Research, titled “Alternative Healthcare Providers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” presents a 360-degree view of the global market for alternative healthcare.
Complementary or alternative medicine (CAM) is witnessing immense popularity these days. Different from mainstream healthcare, it usually refers to various medical therapies to heal or reduce physical and mental maladies. Such therapies are born out of theories, observation and experiences, and philosophies to improve health, as well as to diagnose, treat or prevent various disorders. Those suffering from chronic illnesses, namely diabetes, liver disease, cancer, and osteoporosis usually opt for such alternative therapies.
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The report presents a thorough description of CAM and divides it into two broad categories. One is based on interventions such as mind-body interventions, physical manipulation, energy therapies, biologically based therapies, and alternative medical systems. The other category lists types, prominent among which are yoga, Ayurveda, homeopathy, naturopathy, acupressure, unani, and siddha.
The report also focuses on the key growth drivers for the alternative healthcare providers market. One of them is people’s growing inclination for more gentle and natural methods of healing. Another is the growing awareness among healthcare professionals about CAM therapies. Besides, extensive research in the field coupled with emergence of various types of cancer in both developed and developing nations has provided further fillip to the market. The World Health Assembly, the prime decision-making body of the World Health Organization (WHO), has asked its member states to integrate CAM and traditional medicine with the national healthcare systems. This would prove to be another market growth driver.
The report speculates that lack of awareness about alternative medical practices along with an unregulated market may hobble market growth. Besides at look at market growth drivers and restraints, it presents an insightful peek into the market in Europe, North America, Latin America, Middle East, and Asia Pacific. Based on research, it states that North America is the primary market for alternative healthcare providers due to strong awareness about popular CAM therapies and growing incidence of chronic disorders such as hypertension, diabetes, and cancer. Europe follows next owing to rising adoption of various CAM therapies, increasing occurrence of chronic diseases and high disposable income. The Asia Pacific too is expected to witness positive growth brought about by soaring demand for natural and herbal medicines and proliferating medical tourism industry.
With high participation of small and medium manufacturers, the global alternative healthcare providers market remains highly fragmented. Key players in alternative healthcare providers market are: Dabur Limited, Allen Laboratories Ltd. Baidyanath Herbal, Hamdard Laboratories, SBL Homeopathy Medicines, and Medisynth Ch. Pvt. Ltd.
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