Analysis of Complementary Therapy Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Complementary therapy is widely known by multiple terms, which include alternative medicine, alternative therapy, traditional medicine, and holistic therapy. Under the umbrella term ‘complementary therapy’, a wide range of treatments exist and are being widely sought after for relief from regular body exhaustion. One of the key aspects that dent consumer confidence apropos of complementary therapies is lack of scientific evidences vis-à-vis their effectiveness. The rising vigor of complementary therapies is triggering substantial research and development, which is further reinvigorating their demand trajectory by a considerable margin.
Massive transition toward non-invasive as well as cost-effective procedures have further triggered adoption of complementary therapy. Issues concerned with safety of complementary medicines is another factor denting consumer confidence, which might pose potential barriers for growth of complementary therapy market. Paradigm shift toward cognitive well-being is another key aspect fostering use of complementary therapy. Desire for self-medication is also an overarching trend pushing adoption of complementary therapy.
Unparalleled easy-to-access health information, which also includes health info available on internet, has created favorable circumstances for adoption of complementary therapy. Dissatisfaction associated with conventional medicines is another key factor bolstering adoption of complementary therapy. Rising evidences of successful post-effects related to complementary therapy is set to elevate consumer confidence by a considerable margin.
Devices that are utilized to provide comfort and relax to people are termed as complementary therapy devices. Usage of these devices are extensive currently since, most of people suffers from pain, discomfort and stress and these devices help relieve patients from aforementioned conditions.With the increasing popularity for health, beauty and relaxation across the globe, demand for complementary therapy product is growing at a significant CAGR during forecast period.
Complementary therapy devices are utilized with a group of therapeutic and diagnostic disciplines that are applied together with conventional medicines. For e.g. acupuncture pressure point equipment, battery powered, externally applied, devices claiming to purify blood or remove, intestinal parasites, bioelectric magnetic therapy equipment, crystals and crystal therapy devices claiming to harness or emit energy for therapeutic benefits, electrodermal screening equipment, electromagnetic field therapy equipment, external nerve stimulators for weight reduction, magnetic water therapy equipment, massage devices for weight loss and cellulite reduction and other complementary therapy devices.
Complimentary therapy products are meant to address energetic elements that aid the body’s natural healing abilities, and help to restore and maintain energetic balance, offers low risk, general wellness products that promote a healthy lifestyle, help to maintain or encourage good health, or reduce the impact or risk of some chronic diseases and conditions. Complementary therapies is a type of complementary and alternative medicine (CAM), and it can be segment into: treatments delivered by complementary therapists (e.g. acupuncture, acupressure, osteopathy and chiropractic) therapies that use 'medical devices' (e.g. magnets or copper bracelets).
Adoption rate for massage among population for relieving discomfort and pain is increasing that in turn augmenting the growth of complementary therapy devices market. Complementary therapy sensory devices and light emitting devices for facial and skin care are efficient in providing therapeutic benefits to the patients and their increasing demand is expected to propel the overall growth of this market tremendously. Complementary therapy sensory devices are non-prescription based devices that are meant for complementary use to stimulate senses in patients.
Reducing time for self-care in population due to change in lifestyle has boost the demand for these devices, since they are able to relive people from stress and discomfort in less duration of time. Their user-friendly application further drive the growth of this market at a high CAGR. In addition, rising geriatric population also elevate the growth of this market since, this class of population usually suffers with stress, pain and discomfort.
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Major players operating in this market include Cardinal Health Inc., Tim Smith and Avazzia Inc., PEMF Supply, Guangzhou OSANO Beauty Equipment Factory, Covidien Public Limited Company, Milta Moyen Orient Modern Medecine Technologies, Kimberly-Clark Health Care, Medtronic, Inc., OMRON Corporation, BREG Inc., and Helen of Troy Limited among other significant players.
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Depending on geographic region, the complementary therapy devices market is segmented into seven key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (APAC), Japan and Middle East & Africa (MEA). North America and Europe account for the largest share of total market in terms of revenue owing to the domicile of major manufacturer in the region. Presence of large number of elderly people in these region also help grow this market.
Asia Pacific is expected to grow at the fastest CAGR because of increasing prevalence of different types of cancers in the region. In addition, launch of technologically advanced complementary therapy devices and energy based equipment in the region also helped gain the largest share. High disposable income in the regions, increases the affordability for these expensive product by population also elevate the sale of these devices in the regions.
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The complementary therapy devices market is expected to garner a market value of US$ 404 Billion by the end of 2028.
North America is expected to possess % market share for complementary therapy devices market in the forecast period 2018-2028.
The complementary therapy devices market is expected to register a CAGR of 22% in the forecast period 2018-2028.
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