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 medicine 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 development and discovery of homeopathy medicine have created the further basis for the expansion of the market in terms of increasing awareness as well as rising prevalence of lifestyle associated diseases such as obesity, diabetes, and reproductive health. Apart from this, the rising incidence of chronic diseases, as well as increasing demand for medicines from natural sources, are driving the market growth incredibly. Homeopathy market is also gaining attention in many of the emerging markets across the globe due to its remarkable benefits and prevention of diseases.
On the flip side, the global homeopathy market growth also has some restraints such as lack of awareness about homeopathy in developed regions.
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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 Outlook
Geographically, the global homeopathic medicine market has the largest market share in America due to growing awareness about homeopathic treatment and extensive usage of homeopathic medicine. Apart from this, homeopathy sector has also a prominent presence in the U.S. healthcare system.
Europe has acquired the second largest market owing to the rise in the number of homeopathy practitioners, usage of homeopathy by people in day to day healthcare. MRFR study also revealed in its survey that According to the Commission of European Communities, almost 100 million European Union (EU) citizens (29% of the EU’s population) practices homeopathy medicine. In Europe, the UK is the largest market for homeopathic medicine as compared to other regions.
Similarly, in Asia-Pacific, the market has gained an increased amount of traction with the mounting demand for alternative medicine such as homeopathy and Ayurveda. Besides, the prevalence of chronic diseases such as diabetes and obesity and an increase in the adoption of medicines from natural sources is also driving the market growth. India has been accounted for the largest homeopathic medicine market is Asia Pacific region with the prevalence of the most extensive homeopathic infrastructure in the world and increasing homeopathic medical institutes along with research centers. Apart from this, Japan is also known for having the prominent homeopathic medicine market as Japanese Homoeopathic Medical Association is betrothed in the academic research, promotion, and international exchange of homeopathy in Japan.
Lastly, the Middle East Africa also portrays a steady rise in the market due to the lack of awareness for wellbeing, increasing problem of constipation, and availability of homeopathic medicine in the market.
Key Market Players
Hahnemann Laboratories Inc. (U.S.), Natural Health Supply (U.S.), Boiron USA (U.S), HomeoLab USA (Canada), SBL (India), Hyland’s Homeopathic (U.S.), and Nelson Co. Ltd. (U.K) are some of the outstanding market players who are continually contributing to the growth of the market.
Industry News
July 02, 2019: France’s health watchdog recommended that homeopathic medicines should no longer be paid for by the country’s health system because there is insufficient evidence to show they work. However, homeopathy is very popular here; users and homeopaths insist it offers a cheap, environmentally-friendly, and above all holistic approach to healthcare.
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