About Alternative Medicines and Therapies
Alternative medicine and therapies refer to any health treatment not standard in Western medical practice. It is referred to as complementary medicine. Its aims to achieve the healing effects of medicine, but which lacks biological plausibility and is untested, untestable or proven ineffective.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain competitive advantage through combined collaborations. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Alternative Medicines and Therapies market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Weleda (Switzerland), Cipla (India), Sante Verte Lab (France), Sandoz International GmbH (Germany), Biocon Ltd (India), Dr. Reddy's Laboratories (India), Wright Health Group Ltd. (United Kingdom), Nordic Nutraceuticals (Denmark) and Pure encapsulations, LLC (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Alternative Medicines and Therapies market by Type (Mud Therapy, Reiki, Oil Massage Therapy, Magnetic Therapy, Some Breathing Exercises, Meditation, Yoga and Osteopathic Manipulation), Application (Hospital and Clinic) and Region.
On the basis of geography, the market of Alternative Medicines and Therapies has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Direct Sales will boost the Alternative Medicines and Therapies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Health Care Expenditure
Market Growth Drivers:
Increased Adoption of Alternative Medicine and Therapies and Increased Prevalence of Chronic Diseases
Challenges:
Stringent Government Rules and Regulations
Restraints:
Side Effects of Alternative Medicine and Therapies
Opportunities:
Growing Geriatric Population Worldwide and Growth in the Healthcare Industry
Market Leaders and their expansionary development strategies
In October 2023, Shorla Oncology a US-Ireland specialty pharmaceutical company, and Therakind Ltd , a UK-based specialty pharmaceutical company has acquired Jylamvo, an oncology and autoimmune drug, for the US market. The therapy has been approved by the US Food and Drug Administration (FDA).This acquisition will provide a much-needed treatment to patients in need
Key Target Audience
Alternative Medicines and Therapies Providers, Distributors, Emerging Companies, Research Professionals and End-users
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.