Market Insight
Homeopathic medicines have grown in numbers, especially in healthcare and medicine sector. Market reports related to healthcare and medicine industry have been revealed by Market Research Future that states that the global homeopathic market is anticipated to observe an unprecedented growth at 12.5% CAGR, during the forecast period by 2023. The development of alternative medicine, the homeopathy, introduced in 1976, is used in treatments with the help of natural sources such as plants, animals and chemicals or minerals.
The market for homeopathy has expanded remarkably because of the increasing demand for natural remedies. Growing prevalence of chronic and lifestyle-related diseases such as obesity, diabetes, cancer, and fertility issues have led to a faster adoption of alternative medical treatments such as homeopathic medicine. However, the market is regulated by strict laws pertaining to the application of homeopathy in some developed nations like the U.K. and Germany. Meanwhile, many developing economies pose a high possibility for development attributing to the cultural propinquity for natural medication.
Key Drivers
The fact that homeopathy is gradually being accepted as an all-inclusive form of treatment, fuels its growth globally. Homeopathy covers most of the facets of a person's health and the cost is comparatively lower than other conventional or mainstream medicines. Practitioners of homeopathy go through the activity level and biological age of their patients, before planning a line of treatment. This provides them with reasonable duration for deciding the frequency of medication. As a result, it is often seen as a safe option by the users. Also, homeopathy has lesser side effects.
Market Segmentation
The global homeopathic market has also mentioned some of the segments on which it is dependent and has the maximum share of the market. The segments are type, indication, and end-users.
By type: This includes plants based and animal based and mineral. Wherein, plant-based is further segmented into Arnica montana, Bryonia alba, Cinchona officinalis, Pulsatilla nigricans, Rhus tox, Symphytum. Also, animal-based is further segmented into Latrodectus mactans, Tarentula Hispania, Tarentula cubensis, Naja tripudians, Vipera, Sepia, and Cantharis. The mineral is further segmented into Calcarea carbonica, Phosphorus, Calcarea phosphorica, Natrum muriaticuma, and others. Other segments are Nosodes, Sarcodes, and Imponderabilia.
By application: This includes skin & hair, reproductive health, lifestyle disorders, bones, joints, and muscles diseases, brain and nerves disorders, respiratory diseases, childhood diseases, hormonal disorders, and others.
By end-user: This includes hospitals, homeopathic clinics, and others.
Regional Analysis
North America is a key market for homeopathic medicine attributing to the growing awareness about homeopathic treatment coupled with the increasing usage of homeopathic medicine. As a result, homeopathy has a significant presence in the U.S. healthcare sector.
Europe represents the second largest market on account of the rising number of homeopathy professionals and the growing inclination among users towards natural treatments. UK has been reported as the primary market for homeopathic medicine in Europe. As per the Commission of European Communities, 100 million European Union (EU) population (29% of the EU’s population) relies on homeopathic treatment.
Asia Pacific witnesses an increasing demand for alternative medicine such as ayurveda and homeopathy owing to the rising incidence of chronic illnesses such as obesity and diabetes. Additionally, the amplifying demand of medicines made from natural sources fuels the market growth. India is the prime market for homeopathy in Asia Pacific on account of its key homeopathic set-up and rise in the number of homeopathic research centers and medical institutes. Furthermore, Japanese Homoeopathic Medical Association is involved in the international exchange of homoeopathy, promotion, and academic research in Japan. However, homeopathy is comparatively unfamiliar and moderately practiced in China.
Over the last few years, the MEA has observed exponential rise in disposable income which has increased the number of customers for the homeopathy market. Saudi Arabia and Iran are the nations where homeopathy is widely practiced in comparison to other countries in the Middle East.
Key Players
The noteworthy players in the global homeopathic medicine market include names such as Natural Health Supply (U.S.), Hahnemann Laboratories Inc. (U.S.), Boiron USA (U.S), SBL (India), HomeoLab USA (Canada), Nelson & Co. Ltd. (U.K), and Hyland’s Homeopathic (U.S.)
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Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
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