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.
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.
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.
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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
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.
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.
Homeopathy Product Market Competitor Analysis
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.Additional benefits of purchasing the report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - in USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Boiron
- Biologische Heilmittel Heel GmbH
- A Nelson & Co Ltd
- Homeocan
- SBL
- Hahnemann Laboratories
- Medisynth
- Ainsworths Ltd.
- Hevert - Arzneimittel GmbH & Co. KG.
- Dr.Reckeweg & Co
- Powell Laboratories Pvt. Ltd.
- Dr. Willmar Schwabe GmbH & Co. KG
Methodology
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