Alternative Medicines Market -Overview

Alternative medicine is any practice that aims to achieve the healing effects of medicine, but which lacks biological plausibility and is untested, untestable or proven ineffective. Complementary medicine (CM), complementary and alternative medicine (CAM), integrated medicine or integrative medicine (IM), and holistic medicine are among many rebranding of the same phenomenon. Alternative therapies share in common that they reside outside medical science, and rely on pseudoscience. Traditional practices become "alternative" when used outside their original settings without proper scientific explanation and evidence. Frequently used derogatory terms for the alternative are new-age or pseudo, with little distinction from quackery.

Some alternative practices are based on theories that contradict the science of how the human body works; others resort to the supernatural or superstitious to explain their effect. In others, the practice is plausibly effective but has too many side effects. Alternative medicine is distinct from scientific medicine, which employs the scientific method to test plausible therapies by way of responsible and ethical clinical trials, producing evidence of either effect or of no effect. Research into alternative therapies often fails to follow proper research protocols (such as placebo-controlled trials, blind experiments and calculation of prior probability), providing invalid results. Much of the perceived effect of an alternative practice arises from a belief that it will be effective (the placebo effect), or from the treated condition resolving on its own (the natural course of disease). This is further exacerbated by the tendency to turn to alternative therapies upon the failure of medicine, at which point the condition will be at its worst and most likely to spontaneously improve.

Alternative medicines include treatments other than allopathic. Alternative medicine treatments include systems with healing ability such as acupuncture, acupuncture, naturopathy, herbal remedies, and homeopathy. The medical profession does not regard these healing systems as orthodox treatment systems. Some of these treatments are accepted to be of value for certain conditions. Herbal medicines include drugs that are derived from plants. Herbal medicines are either used for therapeutic purpose, or as supplements to improve well-being or health. Herbal products are available as teas, extracts, powders, capsules, tablets, and others. These products are natural, hence considered to be safe. Herbal medicines have the ability to cure almost all the types of diseases.

Nutraceutical is a combination of the words nutrition and pharmaceutical. Nutraceutical medicines or products are fortified food or food products that provide supplementary diet and also help in prevention and treatment of diseases except anemia. Nutraceuticals are not regulated and tested to the extent of pharmaceutical drugs. These have the ability to treat diseases including ADHD, amyotrophic lateral sclerosis, anemia, sickle cell, anxiety, aphthous ulcer, carnitine deficiency, depression, dietary supplementation, dyspareunia, eye conditions, fibromyalgia, herbal supplementation, herpes simplex, herpes simplex, suppression, high cholesterol, Huntington's disease, hypertriglyceridemia, insomnia, jet lag, muscle pain, nonalcoholic fatty liver disease, osteoarthritis, Parkinson's disease, peripheral neuropathy, premenstrual dysphoric disorder, rheumatoid arthritis, short bowel syndrome, and smoking cessation.

Probiotics are live yeasts and bacteria that benefit the health of individuals. These are referred as 'healthy', 'helpful', or ‘good’ bacteria. An imbalance of natural yeasts or bacteria within the body has been associated with a range of indications including suppressed immune system, yeast infections, skin rashes, weight gain, diarrhea, and constipation. Probiotics may be taken orally to restore any imbalance in the normal urogenital or intestinal flora. These are available as contained naturally, or dietary supplements or added to foods such as kefir, sauerkraut, or yogurt. Increase in inclination toward safe and lesser side effects boosts the global alternative medicines market. Rise in side effects and adverse drug reactions due to usage of allopathic medicines drives the market. Surge in awareness about the benefits relating to alternative medicines is a key driver of the market. However, slow healing ability of alternative medicines restrains the market.

The global alternative medicines market can be segmented based on drug class, dosage form, disease indication, distribution channel, and region. In terms of drug class, the market can be categorized into herbal products, nutraceutical products, and probiotics. Based on dosage form, the global alternative medicines market can be classified into tablets, powder, syrup, capsules, teas, extracts, and others. In terms of disease indication, the market can be divided into ADHD, amyotrophic lateral sclerosis, anemia, sickle cell, anxiety, aphthous ulcer, carnitine deficiency, depression, dietary supplementation, dyspareunia, eye conditions, fibromyalgia, herbal supplementation, herpes simplex, herpes simplex, suppression, high cholesterol, Huntington's disease, hypertriglyceridemia, insomnia, jet lag, muscle pain, nonalcoholic fatty liver disease, osteoarthritis, Parkinson's disease, peripheral neuropathy, premenstrual dysphoric disorder, rheumatoid arthritis, short bowel syndrome, smoking cessation, and others. Based on distribution channel, the global alternative medicines market can be categorized into online pharmacies, retail pharmacies, and hospital pharmacies.

Geographically, the global alternative medicines market can be segmented into Latin America, Asia Pacific, Europe, North America, and Middle East & Africa. North America held the largest market share in 2016 due to extensive awareness and acceptance by the large population in the region. Europe held the second largest market share in 2016 owing to increased awareness and sale of alternative medicines in drug stores. The global alternative medicines market in Asia Pacific is projected to grow at a rapid pace during the forecast period from 2017 to 2025. The market in Middle East & Africa and Latin America are expected to witness moderated growth during the forecast period due to rise in demand for food supplements and natural health.

Key players in the global alternative medicines market include Dr. Willmar Schwabe India Pvt. Ltd., GUNA S.p.a., BIORON GmbH, Ainsworth, Inc., Kanak Drishti Infotech Pvt. Ltd., and Random Beauty, Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Alternative Medicines Market