Homeopathy Product Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Homeopathy Product Market Analysis
The homeopathy product market studied is projected to grow with a CAGR of nearly 13.3% during the forecast period.
The impact of COVID-19 was profound on the homeopathic product market due to the closing of homeopathic clinics and manufacturing sites and supply chain disruptions. For instance, a research study published in Complementary Medical Research Journal in September 2021 conducted on 5 patients undergoing homeopathic treatment for treating SARS CoV-2 reported positive results in a short period. The study emphasized the rapidity of response among moderate to severely ill patients to homeopathic treatment when conventional medical options were unable to relieve the disease. Hence, the research studies encouraged the use of homeopathy in treating patients with COVID-19 during the acute phase of the disease. The market has been recovering well over the past two years since the restrictions were lifted and homeopathy clinic visits resumed worldwide.
The primary factor attributing to the growth of the market is the increase in the incidence of lifestyle diseases like heart disease, stroke, obesity, and type 2 diabetes. The diseases associated with smoking, alcohol, and drug abuse are also major factors boosting market growth. For instance, according to the IDF, about 543 million people of age 20 to 79 years were living with diabetes globally in 2021. The overall number of diabetes patients is expected to increase to 643 million by 2030 and 783 million by 2045. Further, as per the same source, approximately 240 million (1 in 2) adults were living with undiagnosed diabetes, and 541 million adults are at increased risk of developing type 2 diabetes. According to National Health Portal, India, homeopathy has a positive role in early diagnosed cases through constitutional corrections. There are homeopathic remedies, called organopathic remedies, that reduce sugar without any side effects. Thus, the growing prevalence of diabetes is expected to boost the homeopathy product market significantly.
Furthermore, the growing awareness regarding the benefits of homeopathy medicine, the adoption of key strategies by key players for promoting the usage of homeopathy medicines, and active promotions regarding it are propelling market growth. For instance, in April 2022, Dr. Batra's Clinic announced it to expand its footprint in smaller towns and cities by increasing its homeopathy clinic network to 225 centers in the upcoming year. This will improve the accessibility of homeopathy medicine in untapped regions, which will increase its demand, thus driving the market. Furthermore, in September 2021, Dr. Batra's launched homeopathy treatments for food, skin, and respiratory allergies. The product launches and expansion by key players are expected to increase the availability of homeopathic products, thereby boosting market growth.
Thus, due to the above-mentioned factors, the studied market is expected to have significant growth during the study period. However, the lack of awareness about homeopathic products is the major drawback of market growth.
Homeopathy Product Market Trends
This section covers the major market trends shaping the Homeopathy Product Market according to our research experts:
Dilutions Segment is Expected to Hold a Significant Market Share Over The Forecast Period
Homeopathic dilution is a procedure in which a substance is diluted with alcohol or distilled water and then vigorously shaken. Homeopathic dilutions are used to increase active principles in medicinal plants, detoxify plants, increase plant growth rate and fruit production, improve plant metabolism, and control diseases.
An article published in the National Library of Medicine in June 2021 stated that serially diluted succussed solutions of a suitable drug or toxic substance could exhibit physicochemical and biological characteristics beyond Avogadro's limit. They can show hormesis, and homeopathy uses them as medicines. Many studies have suggested that homeopathic dilutions can have an impact on gene expression differently than controls. Thus, the advantages of homeopathic dilutions are estimated to boost the segment's utility over the forecast period.
Furthermore, according to an article published in Nature Journal in January 2021, a diluted herbal extract used in traditional homeopathic pharmacopeia can induce a change in mRNA expression that can be measured reliably and reproducibly. Thus, the studies showing a significant impact of homeopathic dilutions will increase its adaptability, thus leading to lucrative growth of the market.
Various homeopathic events are conducted worldwide to spread awareness regarding the benefits and scope of homeopathic products. For instance, in September 2022, Dubai hosted the first Homeopathy International Health summit aimed at educating and promoting a homeopathic system of medicine. The summit was organized by Burnett Homeopathy Pvt Limited, a company that deals with homeopathic dilutions, mother tinctures, lower trituration tablets, and many other homeopathic remedies.
Thus, due to the above-mentioned factors, the studied segment is expected to contribute significantly to the market growth during the study period.
To understand key trends, Download Sample Report
Asia-Pacific is the Fastest Growing Region of the Homeopathy Product Market
The Asia-Pacific region experiences the fastest growth in the market due to the rising demand for alternative medicine and increasing awareness of the system.
The region's increasing prevalence of lifestyle diseases like heart disease, stroke, obesity, and type 2 diabetes is boosting the market growth. According to IDF, 74,194.7 people had diabetes in India in 2021, and the number is expected to reach 92,973.7 by 2030. Also, the number of people with diabetes in China was 140,869.6 in 2021, estimated to reach 164,069.5 by 2030. The high burden of diabetes in the region is projected to boost the demand for homeopathic products to cure it, thereby propelling the market growth during the forecast period.
In addition, according to the World Obesity Federation, India is expected to have over 27 million children with obesity by 2030. Childhood obesity is a growing public health concern in low and middle-income countries where early prevention is critical. Since anti-obesity medications have many adverse reactions like diarrhea, fecal incontinence, oily spotting, flatulence, bloating, dyspepsia, and the high cost of drugs. The adverse effects of allopathic medicines increase the inclination towards homeopathy, which is expected to propel market growth.
Furthermore, the launch of homeopathy services in the region will also propel market growth. For instance, in April 2022, the state government of Pune launched Outdoor Patient Department (OPD) services for homeopathy medicine in state-run rural government hospitals. This will also ensure that more homeopathic doctors are recruited in government hospitals. Additionally, in May 2022, Regional Research Institute (Homeopathy) Guwahati started the three-year (2022-2025) 'Homeopathy for School Health Programme' at various government schools in Guwahati. This will increase awareness regarding the advantages and scope of homeopathy products in lower primary schools so that more and more children get benefitted. Thus, the increasing awareness of homeopathic medicine across the regions will drive market growth.
Thus, the rising burden of chronic diseases in the region and the launch of homeopathy services will further boost the market growth.
To understand geography trends, Download Sample Report
Homeopathy Product Industry Overview
The homeopathy product market is moderately fragmented due to many companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies with major or significant market shares. Some key players are Boiron, Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, Homeocan, SBL, Hahnemann Laboratories, Medisynth, Ainsworths Ltd., Hevert - Arzneimittel GmbH & Co. KG.
Homeopathy Product Market Leaders
Biologische Heilmittel Heel GmbH
A Nelson & Co Ltd
*Disclaimer: Major Players sorted in no particular order
Homeopathy Product Market News
- August 2022: the Academy of Homeopathy Education partnered with the American Institute of Homeopathy (AIH) to launch Acute Care Homeopathy course for medical professionals in a hybrid model. The customized educational program enhances medical professionals' practice and expands the treatment tools available with acute care homeopathy. In the course, participants will learn safe and effective ways to manage pain and mitigate antibiotic overuse with FDA-regulated and approved Homeopathic remedies.
- April 2022: Kaps3 Lifesciences Pvt Ltd., headquartered in Gujarat, India, launched its 'Kaps3 Homeopathy Division' to support the growing demand for homeopathy products in the country.
Homeopathy Product Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Awareness Regarding the Homeopathy Medicine
4.2.2 Rising Prevalence of Lifestyle-Associated Diseases
4.3 Market Restraints
4.3.1 Lack of Awareness about Homeopathic Products
4.4 Porter Five Forces
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - in USD million)
5.1 By Product Type
5.2 By Application
5.2.1 Analgesic and Antipyretic
5.3 By Source
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Biologische Heilmittel Heel GmbH
6.1.3 A Nelson & Co Ltd
6.1.6 Hahnemann Laboratories
6.1.8 Ainsworths Ltd.
6.1.9 Hevert - Arzneimittel GmbH & Co. KG.
6.1.10 Dr.Reckeweg & Co
6.1.11 Powell Laboratories Pvt. Ltd.
6.1.12 Dr. Willmar Schwabe GmbH & Co. KG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Homeopathy Product Market Research FAQs
What is the current Homeopathy Product Market size?
The Homeopathy Product Market is projected to register a CAGR of 13.3% during the forecast period (2023-2027).
Who are the key players in Homeopathy Product Market?
Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, SBL, Boiron and Homeocan are the major companies operating in the Homeopathy Product Market.
Which is the fastest growing region in Homeopathy Product Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Homeopathy Product Market?
In 2023, the North America accounts for the largest market share in the Homeopathy Product Market.
Homeopathy Product Industry Report
Statistics for the 2023 Homeopathy Product market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Homeopathy Product analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.