Alternative medicines and therapies refer to natural method of treatment which is different from conventional or pharmaceutical medicines. Alternative medical treatment includes non-mineral, non-vitamin and natural substances. On the basis of modality, alternative medicine market can be segmented into homeopathic medicine, herbal medicine, naturopathy, acupuncture, traditional Chinese medicine, ayurvedic medicine and others. Alternative therapies include magnetic therapy, herbal therapies, yoga, mud therapy and oil massage therapy, deep breathing exercise, osteopathic manipulation and meditation. Alternative medicines and therapies are used in chronic diseases, neurological diseases, reducing pain and depression and others.
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Europe, followed by Asia and North America has the largest market for alternative medicines and therapies due rise in adoption of alternative medicines and natural therapies and technological advancement for drug development in this region. In addition, Japan is expected to show high growth rate in the alternative medicines and therapies market in next five years due to rise in aging population and high spending in alternative medicines and therapies in the region.
Increasing adoption of alternative medicines and natural therapies, technological advancement, rise in ageing population, ease to reach, increasing healthcare expenditure, government initiatives and rise in adoption of alternative medicines and therapies such as biosimilars are expected to drive the market for alternative medicines and therapies, In addition, increasing consumer spending in healthcare, rise in number of incidence of various diseases and cost effectiveness of alternative medicines and therapies are expected to drive the market for alternative medicines and therapies. However, economic downturn and side effects from the alternative medicines and strict rules and regulations led by some governments are restraining for the growth of global alternative medicines and therapies market.
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Growing demographics and economies in the developing countries such as India and China is expected to lead the growth in alternative medicines and therapies market in Asia. In addition, rapid increase in aging population, increasing demand for herbal medicines and rise in demand of alternative drugs and natural therapies are expected to offer new opportunity to global alternative medicines and therapies market. However, safety in clinical trials and standardization is a challenge for the alternative medicines and therapies market. Increasing number of collaborations and partnerships and new products launched in the market are some of the trends have been observed in global alternative medicines and therapies market. Some of the major companies operating in the global alternative medicines and therapies market are Weleda (U.K.) Ltd., Arya Vaidya Pharmacy, Cipla Ltd, Wright Health Group Ltd., Sante Verte Ltd, Sandoz International GMBH, Biocon Ltd. and Dr. Reddy’s Laboratories Ltd.