Visiongain has published a new report on Alternative Medicines and Therapy Market Report to 2031: Forecasts By Intervention (Botanicals (Ayurveda, Naturopathy, and Homeopathy), Acupuncture, Mind & Body Healing (Yoga, Meditation, Energy Healing, Eden Energy Medicine, and Others), Chakra Healing, Hypnotherapy, Kinesiology, Magnetic Intervention (Magnetic Resonance Therapy and Bio-magnetic Therapy), By Distribution Channel (Hospital, Special Clinics/Centers, Direct Contact, E-training, and Others) PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Alternative Medicines and Therapy Market
With travel constraints and isolation requirements in place across the world, most of the alternative therapy providers haven't had any chance to carry out therapy sessions. The industry has had to adjust to a new environment with the growing use of the internet and social media due to social distancing –the chances of any profit is very less. Visiongain has anticipated the impact of COVID-19 lockdown on the market value of global leaders, followers, and disrupters. As lockdown has been executed differently across the world, the impact of the unplanned lockdown is also different in the countries. This report will help to develop strategies for companies by region/countries.
Government Initiatives and Changing the Regulatory Scenario
Government initiatives play an essential role in improving the acceptance of alternative medicine and therapy. Also, rising funding, forming government services keen on alternative therapies, and the costly nature of alternative treatment opportunities is encouraging key players to spend in the market for alternative medicine and therapy.
Regional government bodies and key players operating in the market are more focused on strengthening health tourism related to alternative medicine and therapy. Government bodies in India are greatly financing the progress and standardization of facilities of alternative medicine and therapy in the past few years. For example, “Ministry of Ayush” is launched by national authorities to manage research, education, development, and other facilities of yoga, homeopathy, Ayurveda, and naturopathy.
Growing Prevalence of Stress-related Diseases
Rising incidence and prevalence of Polycystic Ovary Disease (PCOD), hypothyroidism, lupus, acute stress disorder, and hypopituitarism required special therapy such as meditation, acupuncture, Ayurveda, naturopathy, aromatherapy, nutritional therapy, and others are expected to be major driving factors for the growth of the alternative medicines and therapy market during the forecast period. Also, as per the Centers for Disease Control and Prevention (CDC), nearly 1.70 million people die from a chronic disease every year in the USA. Although chronic diseases are the major reason for death for men and women alike because women face unique health issues. Around 37% of women suffer from chronic diseases, compared to 30% of men. Thereby, the rising high prevalence of Polycystic Ovary Disease (PCOD) and other chronic disorders leads to weight gain and other complications. In turn, it is projected to attain substantial growth for the alternative medicines and therapy market in the given time frame.
Growing Awareness and Acceptance of Alternative Medicine
The growing acceptance of alternative medicines and natural therapies, hi-tech advancement, growth in geriatric people, ease to reach, growing healthcare spending, government initiatives, and growth in acceptance of alternative medicines and therapies are likely to push the market for alternative medicines and therapies during the forecast period. Also, rising consumer expenditure in healthcare, growth in the number of prevalence of several illnesses, and price-effectiveness of alternative medicines and therapies are likely to fuel the alternative medicines and therapies market growth.
Rising demographics and markets in emerging countries such as China and India are expected to dominate the global alternative medicines and therapies market growth in Asia. Furthermore, the growing demand for herbal medicines and a growth in demand for alternative drugs and therapies are projected to offer opportunities to the target industry.
Key players operating in the global alternative medicines and therapy market are AYUSH Ayurvedic Pte Ltd, Columbia Nutritional, Ramamani Iyengar Memorial Yoga Institute, John Schumacher Unity Woods Yoga Centre, Nordic Nutraceuticals, Herb Pharm, Pure Encapsulations, LLC., The Healing Company Ltd, and Sheng Chang Pharmaceutical Company.
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