Homeopathy Market Driven by Growing Customer Preference to Alternative Medicine
Growing Demand for Safe Medicine to Drive Homeopathy Market
The global homeopathic medicine market is expected to rise to a valuation of more than USD 31.4 billion by 2023, exhibiting a strong 14.60% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR).
Competitive Analysis:
Leading players in the global homeopathy market include Homeocan Inc., GMP Laboratories, Nelsons & Co. Ltd., Hyland’s, Heel, Weleda, and Boiron Group.
Segmentation:
The global homeopathy market has been segmented on the basis of type, application, source, and end user.
By type, the global market has been segmented into tablets, ointments, biochemics, tincture, dilutions, and others.
Based on application, the global market has been segmented into dermatology, gastroenterology, immunology, neurology, respiratory, analgesic and antipyretic, and others.
Based on source, the global market has been segmented into minerals, animals, plants. The plant segment is likely to dominate the global homeopathy market over the forecast period.
By end user, the global market has been segmented into homeopathic clinics, hospitals, retailer, E-retailer, research laboratories, and others.
Regional Analysis:
The global homeopathy market is expected to be dominated by Europe over the forecast period, according to the MRFR report. The homeopathy market has prospered in Europe, as Europe is the place where it was first invented and most practiced. As a result, Central European countries such as Germany, Austria, and the Czech Republic have longstanding traditions of homeopathic medicine. This is likely to drive the homeopathy market in the region over the forecast period. Increasing demand for homeopathy in the UK is also likely to be a major driver for the homeopathy market in Europe over the forecast period. The UK has faced an increasing demand for homeopathy medications in recent years due to the safe effects of the medicine and the growing preference for alternative medicine in the region. This is likely to remain a major driver for the global homeopathy market over the forecast period.
The Americas is expected to hold the second largest share in the global homeopathy market over the forecast period due to the growing demand for homeopathic medicine in North America. The U.S. and Canada are the major regional markets for homeopathy medicine in the Americas and are likely to retain their leadership in the market over the forecast period due to the increasing demand for alternative medicine in the region. U.S. customers rank as one of the highest ranking practitioners of alternative medicine, with several alternative medicines finding strong growth prospects in the U.S. Homeopathy is likely to benefit from the growing demand for cheaper alternatives to conventional medicine. On the other hand, issues regarding the coverage of homeopathic medicines under healthcare plans are likely to haunt the homeopathy market in North America over the forecast period. Increasing demand from Latin and Central America is also likely to be a key driver for the homeopathy market over the forecast period.
Asia Pacific is also likely to be a major regional market for the global homeopathy market over the forecast period. Due to the strong presence of alternative traditional medicines in the region, the Asia Pacific has always remained more open to alternative medicines than other regions. This has driven the homeopathy market at a steady growth rate in the region and is likely to enable smooth market growth over the forecast period. Growing interest among poorer patients in Southeast Asia is likely to be a major driver for the global homeopathy market over the forecast period. Japan is also likely to remain a key regional market for homeopathy market players in Asia Pacific over the forecast period.
However, the increasing use of homeopathic medicine to sell quack medicine could emerge as a key restraint on the homeopathy market in Asia Pacific over the forecast period. In July 2019, the Maharashtra state of India issued notices to 167 manufacturers and distributors of homeopathic and ayurvedic medicine. Most of the medicine were for sex organ enhancement, along with other ailments and maladies such as diabetes and arthritis. The increasing prevalence of diabetes in Asia Pacific is likely to further drive the homeopathy market in the region over the forecast period.
Read More @ https://www.marketresearchfuture.com/reports/homeopathy-market-4970
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