Homeopathic Medicine Market Information: By Types (Plant Based, Animal Based, Minerals Based), By Application (Reproductive Disorders, Hormonal Imbalance, Lifestyle Diseases), and By End User (Hospitals, Homeopathic Clinics) - Global Forecast till 2023
The market for homeopathy has expanded remarkably because of the increasing demand for natural remedies. Growing prevalence of chronic and lifestyle-related diseases such as obesity, diabetes, cancer, and fertility issues have led to a faster adoption of alternative medical treatments such as homeopathic medicine. However, the market is regulated by strict laws pertaining to the application of homeopathy in some developed nations like the U.K. and Germany. Meanwhile, many developing economies pose a high possibility for development attributing to the cultural propinquity for natural medication.
The Worldwide Homeopathic Medicine Market is expected to grow at a CAGR of 12.5% during the forecast period. The global homeopathic medicine market is expected to show sharp growth over the forecast period. Rising prevalence of chronic disease and increasing demand for medicines from natural sources and overall increase in the awareness about medicines and treatment options in homeopathy drive the market growth. Furthermore, homeopathy is gaining attention in many of the emerging market throughout the globe. Lack of awareness about homeopathy in developing countries may act as a barrier for the market growth.
Growing incidences of lifestyle-related and chronic diseases such as cancer, diabetes, obesity, and fertility problems have led to the increased adoption of alternative medical treatments such as homeopathic medicine, this driving market demand. The homeopathic medicine market is restrained by the implementation of strict regulations surrounding the use of homeopathy in certain developed economies such as Germany and the U.K. Meanwhile; emerging economies carry a high potential for growth due to the cultural affinity for natural medication in several fast emerging markets.
Led by the U.S, the Americas account for the largest share of the global market due to the high awareness regarding homeopathic medicine. Highly expensive healthcare often encourages patients to adopt homeopathic medicine. Moreover, the region is witnessing a rising occurrence in lifestyle-related diseases which further facilitate increased demand for homeopathic medicine.
Europe accounts for the second largest share due to the high number of homeopathic practitioners available in the region. U.K leads the regional market with the most significant share. The European region has widespread use of homeopathic medicine for day to day use in assisting the treatment of minor health problems.
In Asia Pacific, rising demand for alternative medicine such as homeopathy and Ayurveda, the prevalence of chronic diseases such as diabetes and obesity and increasing in the adoption of medicines from natural sources drive the market growth. Homeopathic Medicine Market Size in India is the largest for in Asia Pacific owing to its largest homeopathic infrastructure in the world and increasing in the number of homeopathic medical institutes and research centers. Japanese Homoeopathic Medical Association is engaged in the academic research, promotion and international exchange of homoeopathy in Japan. Whereas, homeopathy is relatively unknown and moderately practiced in China.
The competitive analysis of the market in MRFRs report records the strategies and market positions of leading market players such as Natural Health Supply, Boiron, HomeoLab USA, Hyland's Homeopathic, SBL, Nelson & Co. Ltd., and Hahnemann Laboratories Inc.
Latest Industry News
- NHS funded homeopathic treatments have been cut off with exceptions to be considered on a case by case basis.
- Indian homeopathy start-up Welcomecure has raised undisclosed investment from Bollywood Thier association with the brand is expected to increase demand.
The global homeopathic medicine market is segmented on the basis of type, indication, and end users.
On the basis of drugs, market is segmented into plants based, animal based and mineral based. Plant based is further segmented into Arnica montana, Bryonia alba, Cinchona officinalis, Pulsatilla nigricans, Rhus tox, Symphytum. Animal based is further segmented into Latrodectus mactans, Tarentula Hispania, Tarentula cubensis, Naja tripudians, Vipera, Sepia, and Cantharis. Mineral based is further segmented into Calcarea carbonica, Phosphorus, Calcarea phosphorica, Natrum muriaticuma and others. Other segments are Nosodes, Sarcodes and Imponderabilia.
On the basis of application, the market is segmented into skin & hair, reproductive health, lifestyle disorders, bones, joints, and muscles diseases, brain and nerves disorders, respiratory diseases, childhood diseases, hormonal disorders and others.
On the basis of end user, the market is divided into hospitals, homeopathic clinics, and others.
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