Homeopathy Market Overview
The Global Homeopathy Market Mrends is expected to rise to a valuation of more than USD 31.4 Billion by 2023, exhibiting a strong 14.60% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR).
Homeopathy was introduced by Samuel Hahnemann in 1976. It works on the principle of correspondence of symptoms i.e. a substance causing symptoms of disease in healthy individual will show same symptoms in the sick. Today, homeopathy is one of the most popular form of alternative medicine. It is a one of the successful alternative to allopathic medicines. A constant rise in demand for of a variety of medicines such as homeopathy, and an increase in patient satisfaction about alternate treatment methodologies are all significantly fuelling the market growth. Moreover, increasing pediatric geriatric population, user friendly for all age group of patients and economical treatment as compare to other treatment protocols are the major drivers for the market growth. Homeopathic medicine are made by using natural sources such as plants, animals and chemicals or minerals. It involves administration of small doses having specific composition. Homeopathy is known to be originated in Europe, brought up in U.S and progressed in India. However, false advertising and misleading claims made by homeopaths and negative publicity of the homeopathy medicine has restrained the market growth during the forecast period.
Homeopathy Market Segmentation
The global homeopathy market has been segmented on the basis of type, application, source, and end user.
- By type, the global market has been segmented into tablets, ointments, biochemics, tincture, dilutions, and others.
- Based on application, the global market has been segmented into dermatology, gastroenterology, immunology, neurology, respiratory, analgesic and antipyretic, and others.
- Based on source, the global market has been segmented into minerals, animals, plants. The plant segment is likely to dominate the global homeopathy market over the forecast period.
- By end user, the global market has been segmented into homeopathic clinics, hospitals, retailer, E-retailer, research laboratories, and others.
Homeopathy Market Regional Analysis
The global homeopathy market is expected to be dominated by Europe over the forecast period, according to the MRFR report. The homeopathy market has prospered in Europe, as Europe is the place where it was first invented and most practiced. As a result, Central European countries such as Germany, Austria, and the Czech Republic have longstanding traditions of homeopathic medicine. This is likely to drive the homeopathy market in the region over the forecast period. Increasing demand for homeopathy in the UK is also likely to be a major driver for the homeopathy market in Europe over the forecast period. The UK has faced an increasing demand for homeopathy medications in recent years due to the safe effects of the medicine and the growing preference for alternative medicine in the region. This is likely to remain a major driver for the global homeopathy market over the forecast period.
The Americas is expected to hold the second largest share in the global homeopathy market over the forecast period due to the growing demand for homeopathic medicine in North America. The U.S. and Canada are the major regional markets for homeopathy medicine in the Americas and are likely to retain their leadership in the market over the forecast period due to the increasing demand for alternative medicine in the region. U.S. customers rank as one of the highest ranking practitioners of alternative medicine, with several alternative medicines finding strong growth prospects in the U.S. Homeopathy is likely to benefit from the growing demand for cheaper alternatives to conventional medicine. On the other hand, issues regarding the coverage of homeopathic medicines under healthcare plans are likely to haunt the homeopathy market in North America over the forecast period. Increasing demand from Latin and Central America is also likely to be a key driver for the homeopathy market over the forecast period.
Homeopathy Market Players
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.
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