A recent Research and Markets report says the alternative healthcare market will be valued at $25.77-billion by 2028, growing at a 4 per cent compound annual growth rate (CAGR).
The report, entitled US Alternative Healthcare Providers Market - Focused Insights 2023-2028, offers market size and forecast data for the alternative healthcare providers market in the U.S.
The report is based on a study that considers a detailed scenario of the current complementary and alternative medical (CAM) practices market and its market for the 2023–2028 forecast period in the U.S.
The report says the demand for CAMs is rising due to multiple factors, such as an increasing geriatric population, growing consumer awareness adoption of CAMs and high prevalence of chronic diseases.
The report says that the 30 to 69 age category accounted for the highest share of the market in 2022 at 47 per cent. This age group is projected to grow at the highest CAGR of five per cent during the forecast period.
Women accounted for 55.43 per cent of the 2022 market. This group is also projected to grow at the highest CAGR of 5 per cent by 2028.
The report says the upward trend can be attributed to support from the changing regulatory framework, rising government initiatives and regulatory norms related to the right to health.
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