So-called alternative medicine (SCAM) is, compared to ‘Big Pharma’, a tiny and benign cottage industry – at least this is what we are often told and what many consumers believe. If you are one of them, this report might make you rethink your position.
The global market for SCAM is expected to generate a revenue of US$ 210.81 billion by 2026. It is projected to expand by 17.07% from 2019 to 2026. Factors such as the increasing adoption and usage of natural supplements/wellness medicine coupled with government initiatives to promote SCAM are assumed to be the main causes ot this increase. An increase in the costs of conventional medicine and the trend towards wellness are likely to boost the SCAM market.
Further key findings from the report suggest:
• The market is driven by high adoption of herbal dietary supplements and other wellness therapies like yoga, and acupuncture
• Botanical has become the most prominent form of alternative medicine as the segment was observed to hold the largest market share in terms of revenue 2018
• Europe and Asia Pacific in combination are anticipated to hold a major market share in terms of revenue over the forecast period
• Developing regions such as Latin America and Middle East Africa are set to witness considerable growth in demand over the forecast period driven by high cost of conventional medicine and lack of their availability in certain countries
• Some of the key players and wellness institutes active in the complementary and alternative medicine market are Columbia Nutritional Inc.; Herb Pharm; Herbal Hills; Helio USA Inc.; Deepure Plus; Nordic Naturals; Pure encapsulations, Inc.; and other wellness institutes like Iyengar Yoga Institute; John Schumacher’s Unity Woods Yoga Center; Yoga Tree; The Healing Company; and Quantum Touch Inc.
So, little SCAM turns out to be not so little after all!
In fact, there are billions at stake. And that perhaps might explain why little SCAM often behaves as badly as does the dreaded, much maligned ‘Big Pharma’. Just look at what some German homeopathic firms were up to in the past. One could almost think that their ethics have been homeopathically diluted. The ‘dirty methods’ of little SCAM can be at least as dirty as those of ‘Big Pharma’, in my experience.
But don’t let’s be beastly to the Germans!! The SCAM industry in most other countries is much the same.
And who could blame them?
After all, they are fighting against a Ku Klux Klan of evil sceptics.