Complementary and Alternative Medicine Market to Reach $437.9 Billion, Globally, by 2031 at 15.6% CAGR: Allied Market Research

Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases drives the growth of the global complementary and alternative medicine market.

PORTLAND, Ore., Aug. 26, 2022 /PRNewswire/ — Allied Market Research published a report, titled, Complementary and Alternative Medicine Market by Type (Medicines, Therapy), by Disease Indication (Diabetes, Cardiovascular, Neurology, Cancer, Arthritis, Others), by Distribution Channels (Direct Sales, Online Sales, Distance Correspondence): Global Opportunity Analysis and Industry Forecast, 2021–2031.” According to the report, the global complementary and alternative medicine industry generated $102.0 billion in 2021, and is estimated to reach $437.9 billion by 2031, witnessing a CAGR of 15.6% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Rise in prevalence of various chronic diseases such as cancer and cardiovascular diseases and surge in popularity of complementary and alternative medicines & therapies along with rise in costs of traditional medicines and their side effects drive the growth of the global complementary and alternative medicine market. However, side effects associated with self-medication restrain the market growth. On the other hand, rise in adoption of strategies such as collaborations, mergers, and acquisitions by leading players create new opportunities in the coming years.

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Impact of Covid-19 on Complementary and Alternative Medicine Market Scenario-

  • Owing to the surge in COVID-19 infection worldwide and lack of availability of therapeutics for treatment against COVID-19, people turned toward complementary and alternative medicines as preventive measures and treatments.
  • According to the research published by Mahlagha Dehghan et. al. in January 2022, nearly 84% of the participants of the survey reported usage of one of the complementary and alternative medicines (CAMs) during the COVID-19 pandemic in Iran.
  • Adoption of yoga and meditation experienced a sharp rise during the pandemic due to closure of fitness centers, gyms, swimming pools, and sports stadiums with lockdown restrictions in place. So, people began therapies and exercising at home. This, in turn, led to the growth of the global complementary and alternative medicine market.
  • Surge in online classes and sessions that offer beginner and advanced courses related to alternative therapies such as yoga, aerobics, and meditation impacted the market positively during the pandemic.

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The medicines segment to maintain its leadership status during the forecast period

Based on type, the medicines segment accounted for the highest market share in 2021, contributing to nearly two-thirds of the global complementary and alternative medicine market, and is estimated to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 15.9% from 2022 to 2031. This is due to surge in prevalence of chronic and autoimmune disorders and increase in the adoption of natural remedies such as Ayurvedic medicines and herbal supplements. The report also analyzes the therapy segment.

The diabetes segment to maintain its dominant share during the forecast period

Based on disease indication, the diabetes segment contributed to the largest market share in 2021, accounting

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The Switzerland Health care and Health care Tourism Marketplace Dimension is Predicted to Reach USD 90.3 Billion Increasing at a CAGR of 6.7% from 2021 to 2028 – ResearchAndMarkets.com

DUBLIN–(Business enterprise WIRE)–The “Switzerland Healthcare & Professional medical Tourism Sector Sizing, Share & Developments Evaluation Report By Conclusion Use (Personal Treatment, Community Care), By Provider (Radiology, Aesthetic Medication), And Segment Forecasts, 2021 – 2028” report has been extra to ResearchAndMarkets.com’s presenting.

The Switzerland healthcare and health care tourism market size is predicted to get to USD 90.3 billion by 2028 growing at a CAGR of 6.7% from 2021 to 2028.

The higher excellent of care, the expansion of the support portfolio by treatment suppliers, and initiatives to promote medical tourism are envisioned to raise the marketplace development throughout the forecast time period.

As healthcare tourism is a crucial contributor to industry advancement, the federal government is using attempts to improve the high quality of treatment. The full variety of travelers touring to Switzerland for clinical remedy is swiftly rising. Even nevertheless the cost of health care treatment is high as opposed to other European international locations, Switzerland has often been a well-known destination for healthcare tourism.

This can be attributed to the perfectly-proven health care infrastructure with the presence of trained health care pros, substantial high-quality and individual privateness benchmarks, and attractive locations.

The COVID-19 pandemic has negatively impacted the health-related tourism sector. Thanks to vacation limitations and anxiety of contracting the infected, many individuals postponed their options and/or experienced to look for procedure in their individual international locations. A lot of wellness resorts and hospitals witnessed a decline in overnight stays thanks to the pandemic.

Partnerships and collaborations to offer care help assistance companies to contend with other players to a solid foothold in the market place.

Switzerland Healthcare & Healthcare Tourism Industry Report Highlights

  • Switzerland is rising as a increasing star in clinical tourism. It is amongst the main European nations in phrases of the variety of worldwide people. The health care vendors are focusing on providing a wholesome healthcare tourism practical experience combining health-related therapy with lavish purely natural retreats, mountain resorts, and spa traditions
  • By close-use, public treatment led the current market in 2020. Private treatment is envisioned to grow at the quickest price in the course of the forecast period. When as opposed to general public hospitals, private hospitals in Switzerland provide inpatient clinic remedies at a considerably decrease tariff, hence growing the inclination towards private hospitals amid the value of clinical care in the nation
  • Based mostly on provider, the aesthetic drugs segment is envisioned to show the fastest advancement price through the forecast time period because of to the availability of products and solutions and expanding consciousness regarding cosmetic treatment plans
  • The field is witnessing item launches and initiatives for small business growth. For occasion, in September 2018, SIS Medical launched three balloon catheters viz. NIC Nano hydro, NIC 1.1 hydro, and EasyT, which are made use of to dilate closed and narrow vessels all through interventional cardiology. The endeavours for product or service innovation will help fulfill the demand for cardiovascular treatment method and boost the high quality of treatment
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