Market Size of Homeopathy Product Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 13.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*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.
