Alternative Healthcare Providers Market Size will Observe Substantial Growth by 2023
Posted: May 06, 2019
Complementary or Alternative medicine(CAM) refers to different medical therapies and systems outside of conventional healthcare to improve and treat the mental and physical illness.CAM therapies are based on the knowledge, practices and skills derived from theories, experiences and philosophies to improve and maintain health, as well as to diagnose, prevent, and treat various disorders. Alternative healthcare providers offer a variety of medical and healthcare systems, products and practices used by patients without medical supervision. CAM therapies are particularly used by people with chronic illnesses and pain, such as liver disease, diabetes, osteoporosis, and cancer. Alternative system of healthcare include Ayurveda, unani medicines, yoga, acupuncture, homeopathic medicines and others systems of healthcare.
Now a days, people are evidently looking for more gentle and natural methods of healing and thus are increasingly supporting different types of CAM therapies within existing healthcare systems that will subsequently lead to the growth of Alternative Healthcare Providers Market. According to an article published by the EUROCAM, an association of European CAM organizations, currently, CAM is practiced by around 145,000 doctors trained in conventional medicine and a particular CAM modality. The rising awareness and interest of healthcare professionals in CAM therapies is expected to drive the market of alternative healthcare providers market. Moreover, the World Health Assembly, the supreme decision-making body of the World Health Organization WHO has urged its member states to integrate CAM and traditional medicine within national healthcare system. This would further boost the market for alternative healthcare providers.
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The global alternative healthcare providers market is witnessing an admirable growth due to medical advancements, high number of research activities in this segment and increasing prevalence of chronic diseases. The increasing prevalence of different cancers in developed as well as developing countries has resulted in a significant growth in alternative healthcare providers market. According to WHO, 14.1 million new cases of cancer were observed and 8.2 million deaths occurred throughout the world in 2012. This significant rise in cancer incidence has driven the growth of CAM therapies. However, lack of awareness and unregulated market may hinder the growth of alternative healthcare providers market.
In terms of geography, alternative healthcare providers market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East. Among these regions, North accounts for the largest share of alternative healthcare providers market due to increasing awareness about various CAM therapies among people and rising prevalence of chronic disorders such as diabetes, hypertension and cancer. Europe accounts for the second largest market for alternative healthcare providers owing to high acceptability of various CAM therapies, rising incidence chronic diseases and high disposable income. However, Asia Pacific market is expected to witness positive growth due to high rate of development in healthcare industry, rising demand for herbal and natural medicines and growing medical tourism industry.
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The global alternative healthcare providers market is highly fragmented due to the participation of mid-sized and small sized manufacturers. Some of the major players in alternative healthcare providers market includes Allen Labratories Ltd. Baidyanath Herbal, Dabur Limited, Hamdard Laboratories, Medisynth Ch. Pvt. Ltd., and SBL Homeopathy Medicines.
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