Even though economic conditions are far from good, the sales of alternative medicines are rising. The Daily Mail, a UK newspaper reported a study that revealed how the alternative medicine market in the UK has grown by 18% in the last two years making it worth £213 million yearly. In the next four years that is forecast to rise to £282 million.
What is especially interesting in the study is that the rise in purchases of alternative medicines also includes categories that are not so well known such as Indian ayurvedic medicine.The U.S. has also experienced a rise in sales to the tune of $639 million but at a lower percentage rate of 10%. As some sources were not included in the figures they could be higher still.
The reasons for the growth in spending on alternative medicines according to the study group Mintel, is that governments and the people have greater acceptance of alternative treatments and medicines than only a few years ago. Acupuncture is even available via the National Health for example.
Another reason is that in many cases alternative medicines or treatments are less expensive, particularly in the U.S. than seeing a doctor and getting a prescription. From a study paper conducted by the Associated Press it was stated that, “climbing sales of herbal medicines have paralleled the tanking economy.”
One more reason is that with an increasing number of people having mood disorders but not wanting to depend on potentially harmful psychiatric drugs, they are looking to homeopathy treatments like St John’s Wort which is being used to help relieve depression. In 2008 in the UK 1.5 million people bought this remedy.
In December the U.S. National Institutes of Health released the results of their study which revealed that 18% of American study respondents said they had use nonvitamin, nonmineral products for their health care, with 25% foregoing or delaying conventional medical treatment due to the cost.
Self-employed bookkeeper, Cathy Birleffi said “The doctors are so much higher [in cost]; the insurance isn’t paying as much.” She and her husband now look to herbal remedies to treat their health problems.