Kline & Company Report Analyzes Alternative Medicine Market
Kline & Company (Fairfield, NJ), a management consulting firm, has proposed a new report to analyze the potential opportunities and threats presented by alternative medicine. The report, "Alternative Medicine—Opportunities and Threats," will assess the market from the perspectives of alternative medicine suppliers, pharmaceutical companies, and consumers. The report will highlight all areas of alternative medicine, detailing activity in such areas as vitamins and minerals, herbs, homeopathic remedies, hormones, enzymes, and other nutritional supplements.
Alternative medicine has become one of the fastest growing and most controversial segments of the healthcare industry. Alternative products and therapies are increasingly being used to treat chronic and common ailments, prevent disease and improve the quality of life.
"Although the efficacy and safety of alternative medicine is certainly a highly charged issue, a large number of consumers are willing to pay for these products," said Gwyneth Munn, Ph.D., senior consultant with Kline & Company. "Dietary supplements in the United States alone account for an estimated $6.5 billion annually with strong double digit-growth."
According to Kline & Company, more than 50 different types of alternative medicines, including herbal remedies, homeopathy, ayurvedic healing, chiropractic, and oxygen therapy exist today. Such companies as Natures Bounty, Rexall Sundown, and Natures Herbs are already emerging as market leaders. The National Institutes of Health recently established the Office of Alternative Medicine to address alternative medicine issues such as efficacy and safety. Insurance companies are evaluating reimbursing policyholders for selected alternative medicine therapies.
With high consumer interest, strong growth, moderate controls, and a relatively fragmented supplier base, the alternative medicine market is ripe with opportunities. Munn cautions, however, "that with the opportunities comes risk, and winning for some will clearly come at the expense of others."
For more information: Audrey Fleishman, Kline & Company, Inc., 165 Passaic Avenue, Fairfield, NJ, 07004. Tel: 973-808-3481.
Edited by Beth Brindle