Homeopathy Market to Exceed US$ 13,518.62 million by 2028 & Growing at a CAGR of 14.4% - Exclusive Report By The Insight Partners

Homeopathy is an alternative medical system that uses tiny amounts of natural substances from plants and minerals to stimulate the body's healing process. Developed in the early 1700s in Germany, the system is popular in various regions, including Europe and Asia Pacific. It is widely used for allergies, migraines, depression, chronic fatigue syndrome, rheumatoid arthritis, irritable bowel syndrome, premenstrual syndrome, and other chronic diseases.

The homeopathy market growth is attributed to the safety associated with homeopathic products and the rise in adoption of homeopathic medicine, which is expected to significantly increase the homeopathy market size. These drivers are expected to have significant impacts on the homeopathy market size. However, the stringent regulatory approval processes are expected to hamper the growth of the homeopathy market. The homeopathy market report also studies the ongoing opportunities and homeopathy market trends that can have a significant impact on the market growth potential.

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The homeopathy market is projected to reach US$ 13,518.62 million by 2028 from US$ 4,609.55 million in 2020; it is estimated to grow at a CAGR of 14.4% from 2021 to 2028.

There are growing customer concerns about the potential side effects of allopathic pharmaceutical drugs or regular medication. Hence, in Asian and European countries, consumers have been turning to alternative medicines, such as natural remedies, homeopathy, and other supplements. Some skilled homeopaths have also been promoting the benefits of alternative medicine, especially to patients suffering from chronic health conditions such as cardiovascular disease and cancer. Moreover, a study published in the Scandinavian Journal of Public Health, 2017 stated that alternative practices are primarily used in a complementary manner or in combination with traditional medicine. For instance, longa (turmeric) is one of the natural ingredients that is steeped in homeopathic, a traditional form of medicine that originates from India. These conventional or alternative types of medicines are gaining popularity in Europe, and natural ingredient suppliers in developing countries are benefiting. As a result of the widespread use of homeopathic treatments, the industry is expected to expand.

In addition, for those who choose natural treatments such as naturopathy and homeopathy, invasive therapies to treat diseases and malignancies are used as a last resort. The market for orally administered medications and drugs without side effects is expected to grow in the coming years, which is likely to result in an increase in homeopathy product use. Allopathy contains strong medications; however, they are not appropriate for everyone. Furthermore, allopathic drugs are expensive and only have a transient effect on illnesses. Even after the prescribed drug's dose has been completed, the illness can return. Cases of drug abuse are another fact, owing to which people are shifting toward natural medications. Homeopathy remedies offer protective measures and boost immune system. Moreover, they are inexpensive, and they do not have side effects. This is expected to boost the sales of homeopathy products during the forecast period.

Homeopathy Market: Competition Landscape and Key Developments

Fourrts, Allen Healthcare Co. Ltd., Hahnemann Laboratories Inc, Boiron, Homeocan Inc, Hyland's Inc, Nelson Pharmacies Limited, Weleda UK, Biologische Heilmittel Heel GmbH, and Ainsworths (London) Limited are among the key companies operating in the homeopathy market. Product launches and expansion strategies are commonly adopted by these companies to expand their footprint worldwide. They also expand their respective product portfolios to meet the growing demand. The homeopathy market players offer innovative products to cater to constant and changing customer demands across the world, which also permits them to maintain their brand name globally.

Some of the recent developments in the homeopathy market include:

In December 2020, Fourrts launched FILOFLUE, (Homeopathic Preparation) for the treatment of flu-like symptoms. It helps in relieving cough and throat irritation and helps in strengthening the immune system.
In May 2020, Fourrts commenced marketing of Album 30C (Homeopathic medicine) as a preventive measure for COVID-19.

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Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

This release was published on openPR.