The healthcare industry, as much as many hate to admit it, is often driven by financial gain. Procedures and therapies that make more money are often prioritized by facilities and practitioners, but also by the scientific community who can more easily fund research on therapies that will turn a hefty profit or attract corporate endorsement. However, this short-term and resultant health challenges in our population has forced the medical community to consider alternatives.
More and more individuals are realizing the potential for alternative medicine to reduce healthcare expenditures and turn a significant profit, while simultaneously creating a population that is control of its health and well being. In fact, a recent market study from Persistence Market Research Pvt. Ltd suggests that the alternative medicine and therapies market will generate “huge profits by 2020,” according to a statement released by the company.
North America, Europe, and Asia, have the largest markets for alternative medicines and therapies, due to a rise in adoption of natural therapies and technological advancement for drug development, says the statement. In addition, Japan is expected to show high growth rate in the alternative medicines and therapies market in next five years.
Factors such as technological advancements, consumer access and demand, government initiatives, and high healthcare expenditures are expected to drive the market, according to the statement, as well as increasing consumer spending in healthcare, more incidence of various diseases, and cost effectiveness of alternative therapies. However, economic downturn and strict rules and regulations led by some governments are restraining for the growth of global alternative medicines and therapies market.
With the increasing demand for herbal medicines, alternative drugs and natural therapies are expected to offer new opportunity to the global alternative medicines and therapies market. However, safety in clinical trials and standardization is a challenge. As a result, an increasing number of collaborations and partnerships, and new products launched, have been observed, the organization says.
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