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Health Supplements and Alternative Medicine Sales Booming in the Recession

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Although most retailers are noticing a downturn in sales over recent months, studies report that alternative medicine sales are on the increase despite these tough economic times. In the UK the market has grown 18 per cent in the last two years, in spite of, or perhaps because of, tightening budgets. In the USA sales of vitamins and supplements saw a 10% increase between October and December 2009 over the same period in 2007. A staggering $639 million was spent in 2009 in specialized health stores and on the internet during that period alone. In addition, health supplements bought in supermarkets such as Wal-Mart and Sams Club were not recorded in these statistics, and they are rapidly becoming one of the cheapest places to find discounted natural health products under their own brand.

The growing popularity of alternative medicine is partly attributed to a wider acceptance of alternative treatments. One example is that acupuncture is now available in Britain on the National Health Service. Another reason for the increased sales is that depression and anxiety is on the increase but traditional psychiatric drugs are known to have serious side effects. Patients are turning to all-natural remedies such as St John’s Worth and SAM-e. Similarly, when prescription sleeping pills cost $75, a cheap herbal alternative based on valerian is likely to be tried to save money. For the 41 million Americans getting by without health insurance, they will do everything they can to avoid expensive doctor visits.

Alternative medicine in the United States is much cheaper than a visit to the doctor and prescribed medication. Even those with medical insurance have to pay a portion of their drug costs. Due to worries about their future job security, people prefer to hold their savings and delay medical treatment rather than spend on their health. To compensate, they are taking vitamins and supplements as a preventative measure against minor colds, flu and other aches and pains. As insurance premiums rise and reimbursements go down, more people are likely to self-medicate their health using herbal treatments. However those mixing prescription drugs with herbal remedies are advised to consult their doctor as herbal remedies can interfere with the effectiveness of prescription drugs.

Currently 18% of all Americans take non-vitamin, non-mineral natural products such as fish oil and herbal medicines, the most commonly used products. Perhaps one company to note with interest is Whole Foods who report a noteworthy rise in their natural health products, despite the financial slump in the retail industry reported by the Associated Press.