Geriatric Complementary & Alternative Medicines Market Overview
The Geriatric Complementary & Alternative Medicines Market is estimated to reach $87.5 billion by 2027, growing at a CAGR of 21.2% over the forecast period 2022-2027. The term "complementary and alternative medicine" refers to medical procedures and activities that are not regarded as a component of traditional or conventional medical care. It combines self-administered items and practices including yoga, homeopathy, dietary supplements and herbal medications with hypnotherapy, chiropractic, massage, acupressure and acupuncture treatments. It also encompasses body-based and manipulative techniques, biofield therapy and complete healthcare systems. The geriatric population is more prone to chronic illnesses like heart disease, joint ailments and others. As a result, this population needs to regularly take medications to avoid developing medical conditions. Owing to the reduced risk of adverse reactions and drug interactions, complementary and alternative medicine use is rising among the world's senior population.
Geriatric Complementary & Alternative Medicines Market Report Coverage
The report: “Geriatric Complementary & Alternative Medicines Market – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Geriatric Complementary & Alternative Medicines Market.
- The Geriatric Complementary and Alternative Medicines industry is projected to be driven by the rising affordability of products tailored to these populations as well as their availability, the rapid increase in the senior population and the prevalence of chronic illnesses.
- The regulatory landscape is expected to change in the upcoming years, along with strong government initiatives, which will lead to the creation of solid transnational links across healing channels connecting international, national and local movements in alternative medicine.
- By increasing targeted spending, establishing government facilities and providing guidelines to assure the proper use of complementary and alternative medicine, government activities significantly contribute to the growth of integrative health and complementary medical practices (CAM).
- A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Geriatric Complementary and Alternative Medicines (CAM) Market Report.
Geriatric Complementary & Alternative Medicines Market Segment Analysis – by Intervention:
Based on Intervention Geriatric Complementary & Alternative Medicines Market is further segmented into Traditional Alternative Medicine/Botanicals, Body Therapy, Mind Therapy, External Energy, Diet and Herbs Based Therapy and Sensory Healing Therapy. The traditional Alternative Medicine/Botanicals segment held the largest revenue market share in 2021. This is majorly owing to the fact that the most popular alternative medicines, both in industrialized and developing nations, are botanicals. In the form of herbal supplements, homeopathic remedies and other all-natural goods they are employed. However, the External Energy segment is estimated to grow with the fastest CAGR of 23.1% over the forecast period 2022-2027. This is owing to the rising demand for bio-magnetic therapy and magnetic resonance therapy. The popularity of this market is rising as more doctors, patients and naturopaths acknowledge the use of external energy intervention.
Geriatric Complementary & Alternative Medicines Market Segment Analysis – by Distribution Channel:
Based on Distribution Channel Geriatric Complementary & Alternative Medicines Market is further segmented into Special Clinics/Centres, Direct Sales, E-sales and Distance Correspondence. Direct Sales held the largest revenue market share in 2021 owing to the rapid rise of medical tourism. Direct sales treatments are anticipated to dominate the Geriatric Complementary and Alternative Medicines (CAM) industry in the next ten years. This tendency is further supported by government financing to upgrade medical facilities and promote alternative therapies. To grow their businesses, various acupuncture, acupressure, hypnotherapy, chiropractic and Ayurveda practitioners and organizations in the area want to explore the direct distribution of complementary medicines and alternative therapies.
However, the Distance Correspondence segment is poised to grow with the fastest CAGR of 22.5% over the forecast period 2022-2027. One of the main elements influencing the significant revenue generated by this category is the rising desire for remote education and training programs for yoga and meditation, as well as the rising use of distance mind healing treatments by the majority of practitioners.
Geriatric Complementary & Alternative Medicines Market Segment Analysis – by Geography:
Based on Geography, North America Geriatric Complementary & Alternative Medicines Market accounted for 36% revenue share in 2021. This is majorly owing to the extensive usage of CAMs in this region. Around 88% of the elderly population in North America reported using complementary and alternative medicines, according to a study published in NCBI in 2022 which is propelling the market growth in this region.
However, the Middle East and Africa regions are estimated to grow at the fastest CAGR during the forecast period 2022-2027. The number of practitioners of alternative medicine has significantly increased in the area. The need for herbal remedies in Middle Eastern nations has been examined in a number of research projects.
Geriatric Complementary & Alternative Medicines Market - Drivers
The Growing Geriatric Population is Propelling Growth in the Market.
According to the World Health Organization, the demographic segment is growing the fastest worldwide with people over 65 yrs. The percentage of the world's population that is 60 years of age and older is expected to double between 2000 and 2050, going from about 11% to 22%. As a result, the Geriatric Complementary and Alternative Medicines industry is growing.
The growing Prevalence of Chronic Diseases is Anticipated to Support Market Expansion.
The aging population is afflicted with many different illnesses. Older adults have higher rates of diabetes and cancer. Stroke is another significant problem that geriatrics face. In the United States, one person has a stroke and dies every 40 seconds. Each year, 795,000 people have a stroke, of whom 610,000 are first or fresh strokes and 185,000 are recurrent strokes. As a result, the market for Geriatric Complementary and Alternative Medicines is expected to develop owing to an increase in the prevalence of chronic diseases.
Side effects Caused by Some Therapies are Hampering the Market Growth.
Aging adults' health can be adversely affected by some therapies like chiropractic, acupuncture, acupressure and hypnotherapy which can hamper the market growth. In a 2019 NCBI study on acupuncture, 1.7% of patients reported discomfort and 6.7% of patients reported bleeding/hematoma, on average three times greater adverse effects than the study doctors. Only a few small agreements between patients and doctors were discovered. There was a larger likelihood of reporting an adverse reaction when you were a female and took part in the trial during the randomization.
Geriatric Complementary and Alternative Medicines Industry Outlook:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Geriatric Complementary & Alternative Medicines Market. The top 10 companies in the Geriatric Complementary & Alternative Medicines Market are:
- Columbia Nutritional
- Nordic Nutraceuticals
- Ramamani Iyengar Memorial Yoga Institute
- The Healing Company Ltd.
- John Schumacher Unity Woods Yoga Centre
- Sheng Chan Pharmaceutical Company
- Pure encapsulations, LLC.
- Herb Pharm
- AYUSH Ayurvedic Pte Ltd.
- Herb Pharm LLC
- In January 2022, Danone launched a powder version of the medical nutrition drink 'Souvenaid,' which is used to improve memory performance in the early stages of Alzheimer's disease, including moderate cognitive impairment caused by the disease.
- In July 2021, Nestle China launched its first 'blue-hat' approved health goods for the elderly, including glucosamine-enriched milk powder and probiotic protein powder. The former is intended to meet seniors' demand for greater mobility and is supposed to promote bone density, while the latter is said to support the immune system.
- In December 2019, Modern Acupuncture opened a new clinic in Pinecrest, Florida, the second in Florida and the 54th in the United States. This is anticipated to boost this clinic's market position and broaden the scope of the acupuncture services it provides to the nation.
Report Code: FBR 0504
Report Code: HCR 0112
Report Code: HCR 0183
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