Market Trends of Global Complementary And Alternative Medicines Industry
Cancer Is Expected to Hold a Significant Share Over the Forecast Period
The cancer segment is expected to witness significant growth in the complementary and alternative medicines market over the forecast period. The factors attributing to the segment growth are the rising prevalence of different types of cancers among the population and growing awareness regarding CAMs in cancer treatment.
According to the Cancer Facts and Figures 2022, over 1.9 million new cancer cases are expected to be diagnosed in the United States in 2022. Also, as per 2022 statistics published by Breastcancer.org, an estimated 287,850 new cases of invasive breast cancer and 51,400 new cases of non-invasive (in situ) breast cancer are expected to be diagnosed in the United States in 2022. Thus, the increasing burden of cancer among the population raises the need for different types of therapies, such as acupuncture, that help lessen some side effects of cancer treatment. This is anticipated to increase the adoption of CAMs in cancer patients, hence bolstering segment growth.
Furthermore, according to an article published in Deutsches Arzteblatt International in October 2021, it has been observed that around half of all cancer patients employ at least one alternative medicine technique during or after tumor treatment. The most often consumed compounds are plant extracts, dietary supplements, and micronutrients. In addition, as per the same source, various phytotherapeutics, such as ginger, mistletoe extract, and others. Moreover, an article published in MDPI in June 2021 stated that the ketogenic diet (KD) has recently come into prominence as a metabolic therapy in the treatment of cancer, which targets cancer cell metabolism rather than a typical dietary approach. The ketogenic diet (KD), which is high in fat and protein and very low in carbohydrates, has demonstrated anticancer effects by limiting the energy that cells receive. Low energy availability prevents the growth of tumors. Thus, such phytotherapeutics and ketogenic diets help in improving overall survival in patients with various cancers. This is expected to increase segment growth over the forecast period.
Therefore, owing to the factors such as the high burden of cancer and the increasing adoption of CAMs in the treatment of patients suffering from cancer, the studied segment is expected to grow over the forecast period.
Asia-Pacific is the Fastest Growing Region and is Expected to Have the Significant Market Share Over the Forecast Period
Asia-Pacific is expected to witness significant growth in the complementary and alternative medicines market over the forecast period owing to the factors such as the rising prevalence of various chronic diseases, rising awareness towards CAMs, and increasing initiatives to launch and develop various alternative medicine and therapies.
The increasing burden of chronic diseases such as cardiovascular diseases, neurological diseases, cancer, diabetes, and others are the key factor driving the market growth in the region. For instance, as per the report published by the Health and Global Policy Institute (HGPI) in December 2021, cardiovascular diseases such as heart disease are a leading cause of death from illness in Japan. Also, as per 2022 statistics published by Cancer Australia, about 2,572 people (1,661 males and 911 females) were expected to be diagnosed with gastric cancer in Australia in 2022. As per the same source, about 1 in 114 people is at risk of being diagnosed with stomach cancer by the age of 85 in the country in 2022.
Additionally, as per the 2022 statistics published by IDF, about 74 million people were suffering from diabetes in 2021 in India, and this number is estimated to reach 92.9 million and 124.8 million by 2030 and 2045, respectively. As per the ICMR 2021 Report, it has been observed that the number of cancer patients in India was expected to rise from 26.7 million in 2021 to 29.8 million in 2025. Thus, the expected increase in the population suffering from diabetes and cancer is expected to increase the adoption of various types of therapies and complementary medicines that helps in relaxation and their treatment. This is anticipated to fuel the market growth over the forecast period.
Furthermore, the increasing government initiatives and various company launches are expected to increase awareness as well as the adoption of CAMs in the region, thereby propelling the market growth. For instance, in April 2022, the World Health Organization launched its Global Centre for Traditional Medicine at a site in India. Also, in February 2022, the All-India Institute of Ayurveda, in association with Startup India, launched the Ayush Startup Challenge to encourage early-stage startups and individuals working on innovations in the ayurveda sector and alternative healing. Similarly, in February 2021, the South Korean Ministry of Food and Drug Safety launched a database of 'National Herbal Medicine Information which helps the public to search for information on herbal medicines as well as used for quality control and product development.
Therefore, owing to the factors such as the rising burden of diabetes, cancer, and cardiovascular diseases among the population and increasing initiatives in the region, the studied market is expected to grow over the forecast period.
