Report by Market Research Future (MRFR) states that the global homeopathic market is set to rise at a CAGR of 12.5% over the forecast period 2017 to 2023.
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.
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.
The worldwide homeopathic medicine market has been segmented based on application, end users, and type.
By application, the market has been segmented into reproductive health, skin & hair, lifestyle disorders, joints, bones, brain and nerves disorders, childhood diseases, respiratory diseases, hormonal disorders and others.
Based on the end user, the market has been segmented into homeopathic clinics, hospitals, and others.
By type, the market has been segmented into mineral based, plant based, and animal based. Mineral based segment is further sub-segmented into Phosphorus, Calcarea carbonica, Natrum muriaticuma, Calcarea phosphorica, and others. Plant based segment is further sub-segmented into Bryonia alba, Arnica montana, Pulsatilla nigricans, Cinchona officinalis, Symphytum and Rhus tox. Animal based segment is further sub-segmented into Tarentula Hispania, Latrodectus mactans, Naja tripudians, Tarentula cubensis, Cantharis, Vipera, and Sepia. The other segment includes Imponderabilia, Sarcodes and Nosodes.
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.
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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