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.
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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.
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.
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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.
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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