Global Growth Insights on Homeopathy Market Research Report 2018-2023

Homeopathy Market Information: Types, (Analgesic & Antipyretic, Dilutions, Tincture, Biochemics), Application (Neurology, Respiratory, Immunology, Gastroenterology, And Dermatology), Source (Plants, Animals, Minerals) End User - Global Forecast Till 2023

Market Scenario

Homeopathy is a field of alternative medicine, introduced by Samuel Hahnemann in 1796. It works on the principle of similarity of symptoms i.e. a substance causing symptoms of disease in healthy individual will show same symptoms in the sick. Homeopathy is one of the most popular alternative forms of medicine available today. It first started in Germany over 200 years ago and has since aided people globally to find a safer treatments for various problems. Homeopathy has been acclaimed and disapproved in equal measure and it is trusted by most of the users. 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.

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The global homeopathy market is growing moderately due to the growing need for alternate treatment methodologies for chronic diseases and economical treatment as compare to other treatment protocols. Homeopathy is safe and effective, easy to use & user friendly for all age group of patients especially for increasing pediatric & geriatric population. Additionally, homeopathy highly profitable business, growing prevalence rate related to hair & skin ailments is likely to drive the market growth over the review period.

According to World health Organization, Homeopathy is the fastest-growing and second-most widely-used system of medicine in the world. Furthermore, According to World Health Organization, Homeopathic medicine is the most popular Traditional. Complementary and Alternative Medicine (TCAM) in countries with a GDP > USD15,000, and the second most (after Herbal) in countries with GDP < USD15, 000.

However, negative opening & publicity against homeopathy medicine, false advertising and misleading claims made by homeopaths, lack of funding, limited research & development in the field of homeopathy, poor awareness campaign in favour of homeopathy medicine may hamper the market growth during the forecast period.

The global homeopathy market is expected to grow at a CAGR of 14.60% during the forecast period 2017-2023.

Key Players                                                                                                         

key players in this market are Boiron Group, Weleda, Heel, Hyland, Nelson & Co Ltd, Homeocan inc, GMP Laboratories, others.

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Research Methodology

Source: World Health Organization, Centers for Disease Control and Prevention, expert interview market research future analysis, annual report, white paper, company presentation

Segmentation                                                                                                                                     

The global homeopathy market is segmented on the basis of types, application, source, and end user.

On the basis the types, it is segmented into dilutions, tincture, biochemics, ointments, tablets, and others.

On the basis of the application, it is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others.

On the basis of the source, it is segmented into plants, animals, and minerals.

On the basis of end user homeopathic clinic, hospitals, retailer, e- retailer, research laboratories, and others.

Source: World Health Organization, Centers for Disease Control and Prevention, expert interview market research future analysis, annual report, white paper, company presentation

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Key Findings

The global homeopathy market is expected to reach USD 31459.6 million by 2023 at a CAGR of 14.60%
Tincture is the fastest growing segment, which is projected grow at a CAGR of 14.82% during the forecast period from 2017-2023
The Europe captured the largest share of the global market and is expected to reach USD 11347.7 million by 2023.
The Middle East & Africa is the fastest growing region across the globe and is expected to grow at a CAGR of 16.09% during the forecast period.
Regional Analysis

Europe holds the largest market share in the market on the basis of major driving factors for the market are increasing 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. The healthcare expenditure of United Kingdom in 2014 was EUR 223 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.

The Americas account for the second largest share of the market owing to the presence of patient population, well-developed technology, high healthcare expenditure and the presence of the leading players in this region. People in this region are health conscious that leads to increase in the healthcare spending.

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 is estimated to be the fastest growing region during the forecast period in the market owing to the presence of slow but steady developing economies. However, in African region the market may be poor and slow during the forecast period. 

Intended Audience

Pharmaceutical Companies
Research and Development (R&D) Companies
Government Research Institute
Academic Institutes and Universities
Medical Research Laboratories
Market Research and Consulting Service Providers
Potential Investors

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