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Geriatric
Complementary & Alternative Medicines expansion is being aided by
consumers' increasing awareness of natural remedies. The comfort and reduced stress
linked to complementary and alternative medicine are anticipated to increase
demand for CAM globally. The use of CAM in the diagnosis and treatment of many
medical conditions is growing. Additionally, the global aging population and
rising illness burden both have a substantial impact on the market's expansion.
By 2050, the world's elderly population is anticipated to grow to 2 billion
people, according to the UN. Additionally, the healthcare insurance industry
has benefited financially from the growing popularity of CAM and only a select
few insurance providers are now providing coverage for CAM. This element is
anticipated to contribute favorably to the expansion of the market. 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.
Geriatric Complementary & Alternative Medicines Market Growth Drivers
Growing Government Initiatives in Promoting the Health of the Elderly Population are Poised
to Propel Market Growth.
This market is likely to be fueled by government initiatives and services that involve promoting the health of the elderly population. For the older population, project ECHO was introduced in Mexico in September 2022. Physiological changes that become clinically substantial in people over 60 necessitate modifying their medicinal therapy. Additionally, a high desire for non-traditional medicinal products to obtain better results than those obtained from conventional pharmaceutical treatments is propelling the market. The World Health Organization has acknowledged naturopathy as a unique system of conventional and complementary medicine. Rather than focusing on specific therapies, naturopathy is distinguished by its philosophical approach to patient care. Naturopaths are in practice in more than 98 nations worldwide, accounting for 36% of all nations and every geographic region, which is fostering market expansion.
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The Market is Being Driven by the Relatively Lower Cost of Chiropractic & Hypnotherapy Compared to Established Treatment Approaches:
The World Health Organization (WHO) reports that healthcare costs are rising everywhere in the world, sometimes amounting to up to 10% of a country's GDP. Traditional medications initially have cheap costs but quickly rise in price as they don't provide long-term relief. Conversely, while the initial costs of chiropractic care may appear prohibitive, they ultimately cost much less than those of conventional medical care. For instance, the International Chiropractors Association (ICA) conducted a survey on more than 40,000 patients and found that the average cost of normal therapy was over $20,000 while the cost of chiropractic care was just over $660, a difference of more than 80%. The growth of the Geriatric Complementary & Alternative Medicines market has been greatly aided by Significantly Lower expenses.
R&D Investment:
In December
2021, Acupuncture Concept Ora Expands E-Commerce and opened its Second
Location in New York City. The Ora Acupuncture Facial will make its debut at the
1,700-square-foot Upper East Side location, which also offers body acupuncture,
cupping, gua sha and e-stim accessible at the NoHo site.
Major Players in this Market:
The major 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 Pharma, AYUSH Ayurvedic Pte Ltd. and Herb Pharm LLC
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