Homeopathy Market 2018 To 2023 Forecasts by Analgesic & Antipyretic, Dilutions, Tincture and Biochemics Types and Major Drivers Over The Decades
The global homeopathy market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global homeopathy market is booming and expected to gain prominence over the forecast period growing rapidly .The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Global Homeopathy Market – Overview:
Homeopathy is a field of alternative medicine, introduced by Samuel Hahnemann in 1976. Today, homeopathy is one of the most popular form of alternative medicine. The treatment by homeopathy has been found highly effective for chronic diseases and its benefits in skin and hair problems have been widely researched and validated. Growing need for alternate treatment methodologies for chronic diseases, easy to use & user friendly for all age group of patients especially for increasing pediatric & geriatric population and economical treatment as compare to other treatment protocols are the major drivers for the market growth. According to World health Organization, homeopathic medicine is the most popular traditional, complementary and alternative Medicine (TCAM) in countries with a GDP > $15,000, and the second most (after Herbal) in countries with GDP < $15,000.
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However, negative opening & publicity against homeopathy medicine and false advertising and misleading claims made by homeopaths will restrain them market growth during the forecast period. In 2010, the UK Government Science & Technology Committee analysed the research into homeopathy & concluded that homeopathic products perform no better than placebos. Moreover, in 2006, a newsnight investigation revealed that homeopaths told undercover reporters that homeopathic preparations could be used to prevent malaria, this advice was roundly condemned as dangerous & potentially life threatening.
Global Homeopathy Market - Competitive Analysis:
The global homeopathy market seems to be very attractive & cost-effective market, both for existing as well as new entrants, at the same time intense rivalry among existing competitors have been observed. Many organizations especially in European region, American and developing region especially in India, Middle East & Africa. France is known to be a hub of homeopathy market in the world. There are plenty of large and small market players available in the market which provide the wide range of products for all age group of patients.
Boiron is focusing to gain sales through its subsidiaries & increasing the number of product launches. For instance, in 2017, Boiron launched, Sporténine in the 33-tablet format in France, Children’s Stodal multi-symptom in Canada.
Moreover, in July 2015, Hyland’s, Inc. launched a new product into the market Hyland’s 4 Kids Bumps ’n Bruises with Arnica.
In June 2015, Heel’s Traumeel and Zeel T shown to reduce the pain of osteoarthritis of the knee by more than 60% in MOZArT trial.
Major Key Players:
Some of the key players in this market are Boiron Group, Weleda, Heel, Hyland, Nelson & Co Ltd, Homeocan inc, GMP Laboratories, others.
Global Homeopathy Market - Regional Analysis:
Major driving factors for the market are increasing the prevalence of chronic diseases, increasing government support, and well-developed technology. According to the OECD, the healthcare expenditure in Germany was EUR 321 billion in 2014, which is followed by France with healthcare expenditure of EUR 237 billion. People and healthcare organizations in this region are able to afford various alternative methods of treatment, which has helped in driving the growth of the market. In addition to this, increasing government support and funding for the development and improving treatment has provided fuel for the growth of the homeopathy market. The Americas accounted the second largest share in the market owing to well-developed technology, high healthcare expenditure and the presence of the leading players. While the Asia Pacific is the second fastest growing in homeopathy market. Increasing need for better treatment methods, rapidly improving technology, and the presence of huge patient pool drives the growth of this market in Asia Pacific region. The Middle East & Africa holds the least share but will fastest grow during the forecast period in the market owing to the presence of slow but steady developing economies.
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