Global Homeopathy Products Market to Reach Around USD 15.98 Billion by 2024
The global demand for homeopathy products market was valued at approximately USD 5.39 billion in 2017 and is expected to generate revenue of around USD 15.98 billion by the end of 2024, growing at a CAGR of around 16.80 percent between 2018 and 2024. Homeopathy is a type of alternative medication practice, which was developed in the late 1700s. Based on homeopathic understanding, a substance that is capable of causing an illness is also capable of curing it. This is known as the like cures likes doctrine by Samuel Hahnemann. Homeopathy products market is divided based on application, product, and source. Based on product, the market for homeopathy products is classified into dilutions, ointments, tincture, tablets, biochemics, and others. The dilution segment held approximately 36 percent of the total homeopathy products market in 2016. The increase in demand for dilution medicines worldwide is anticipated to fuel this market’s growth. The ointment segment is expected to show the highest CAGR.
The source segment of the homeopathy products market includes minerals, animals and plants. The plants segment is anticipated to dominate the homeopathy product market, due to the increased demand for natural medicines. The minerals segment is anticipated to show a rapid growth in the source segment. On the basis of application, the homeopathy products market is categorized into neurology, analgesic and antipyretic, immunology, respiratory, dermatology, gastroenterology, and others. The growing use of homeopathy for the treatment of various chronic diseases is anticipated to propel the growth of this market in the coming years. The dermatology segment accounted for a significant share in the global market in 2017 and is expected to register a high growth rate in future, owing to rising incidences of skin-related diseases globally.
Europe, Latin America, North America, Asia-Pacific, and Middle East and Africa are the regional segments of the global market for homeopathy products. Europe is anticipated to lead the homeopathy products market. The rising occurrence of chronic diseases, well-developed homeopathy technology and products, and growing support by government for homeopathy products are fueling the growth of homeopathy products market in the European region. North America is the second most lucrative market homeopathy products, owing to the region’s developed healthcare industry, utilization of modern products and technologies, and presence of major market players. The Asia Pacific region is anticipated to show rapid growth, due to the rapid increase in population, which, in turn, increases the patient pool, rise in online demand for homeopathic products, and strong competition between the homeopathy product manufacturers. Increasing disposable income, rising awareness about homeopathy products, and growing prevalence of various diseases are some factors driving the growth of homeopathy products market globally.
The major players in the global homeopathy products market are Boiron Group, Homeocan Inc., Standard Homeopathic Company, Hahnemann Laboratories, Inc., Nelson & Co. Ltd., Biologische Heilmittel Heel GmbH, Medital International Inc., GMP Laboratories of America Inc., Washington Homeopathic Products, Inc., and Ainsworths Ltd. The major companies focus on launching new products which have different applications and are beneficial to the population’s health. For instance, in 2015, Standard Homeopathic Company (Hyland’s Inc.) launched an ointment that gives relief from bruises and pain. – Zion Market Research