Transparency Market Research Report Added "Geriatric Complementary and Alternative Medicines (CAM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024"
Albany, NY -- (SBWIRE) -- 09/21/2016 -- A new research report by Transparency Market Research predicts the future of the global geriatric complementary and alternative medicines market. Aging people are easily prone to joint disorders, heart problems, and many other diseases owing to the reduction in their resistance power. The demand for various medicines is the highest from the aging population. The usage of complementary and alternative medicines is rapidly rising among the elderly. This is because complementary and alternative medicines minimize the risk of drug interactions and adverse reactions.
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The report, titled "Geriatric Complementary and Alternative Medicines (CAM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024," states that factors such as effective therapy, low cost, and other benefits of complementary and alternative medicines are predicted to propel the global market. However, as per the study, the market will be affected by the lack of awareness among aging population in developing nations about the many benefits of complementary and alternative medicines.
As per World Health Organization (WHO), the total number of people aging between 65 years and above is predicted to rise from 605 mn in 2012 to 2 bn by 2050. As per a survey, recently conducted by the American Association of Retired People and National Center for Complementary and Alternative Medicine, the consumption of complementary and alternative medicines among people aging 50 years and above is increasing. As per the findings of the report, around 80% of the aging population use at least one complementary and alternative medicine. The number of clinical studies to examine the actual effectiveness of complementary and alternative medicines is increasing, which is another factor expected to propel the global market.
The global geriatric complementary and alternative medicines market is regionally divided into North America, Asia Pacific, Europe, and Rest of the World. Currently, the global market is dominated by North America, followed by Europe. In North America, approximately 85% of the elderly use complementary and alternative medicines to treat their illnesses. The rising use of complementary and alternative medicines in North American nations is expected to assist this region in maintaining its dominance throughout the forecast period.
As per the European Commission, in 2013, approximately 17.8% of the population was aging between 65 years and above. This boosted the use of complementary and alternative medicines. However, Asia Pacific is predicted to be the most promising market for complementary and alternative medicines in the years to come. Rising medical infrastructure in Asia Pacific is helping key companies to manufacture more varieties of complementary and alternative medicines.
Some of the key companies listed in the report on the global geriatric complementary and alternative medicines market are Geriatric & Medical Companies, Inc., Geri-Care pharmaceuticals, Merck Sharp & Dohme Corporation, and UAS Laboratories.
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