The global homeopathic products market size was valued at US$ 6.2 billion in 2020 and is expected to reach over US$ 19.7 billion by 2030, poised to grow at a noteworthy CAGR of 12.3% from 2021 to 2030.
The global homeopathic products market is driven by the rising inclination of the population towards non-invasive treatment. The invasive remedies are considered to be the last resort by the majority of the people especially those who increasingly use the homeopathy medications. Moreover, the homeopathic products are free from any side-effects that create a very positive image among the consumers and boost the demand for the homeopathic products across the globe. The COVID-19 pandemic resulted in an upsurge in the demand for the homeopathic products across the globe. For instance, during the pandemic, the demand for certain homeopathic products increased that offered immunity boosting properties. The Indian Government Ministry of AYUSH has advocated the effectiveness of the homeopathic products in improving the health conditions of the patients. India is one of the fastest-growing economies in the Asia Pacific region that may contribute significantly to the growth of the homeopathic product market in the upcoming years. The AYUSH Ministry is known for offering alternative medicine system and oversees the associated issues.
The top players operating in the global homeopathic product market are investing heavily for deriving the ingredients from mineral and plant sources. Moreover the progress towards the development of gene-targeted treatment is expected to boost the adoption of the homeopathic products among the population, globally, in the forthcoming years. Further, the adoption of digital technologies in the field of homeopathy is expected re-define the way the practitioners operate in the homeopathy industry. For instance, a India based software company developed a software named Hompath that may help the practitioner to prepare the prescriptions within minutes. The adoption of latest technologies in the industry will improve the cost and time effectiveness that will boost the entire homeopathic product industry. The integration of software technologies with the homeopathy books will enhance the global homeopathic product market during the forecast period.
Based on product type, the dilutions segment dominated the global market in 2020, in terms of revenue and is projected to witness remarkable CAGR during the forecast period. The dilution is also known as dynamization. In this process, a substance is diluted using alcohol or water. The dilution helps to improve the medicine’s healing efficacy and prevents any side-effects. The dilution ensures the therapeutic effect of the medicine and hence owing to its effectiveness it is extensively used across the globe. The increased awareness regarding the powerful impact of the dilutions in the treatment has fostered the growth of this segment.
On the other hand, tablets segment is estimated to be the fastest-growing segment during the forecast period. The homeopathy medicines are effective if taken in accurate amount of dosages. Therefore, the availability of homeopathic medicines in the form of tablets ensures the accurate amount of dose needed. Further, it offers convenience to the consumers as the tablets can be safely and easily stored. This factor is expected to drive the demand for the tablets segment during the forecast period.
Based on application, the analgesic and antipyretic segment dominated the market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The analgesic and antipyretic is very useful in the treatment common conditions such as of fever, cold, flu, headaches, toothaches, and muscle aches. These are the most common conditions and hence the extensive use of analgesic and antipyretic has fueled the growth of this segment across the globe.
On the other hand, the respiratory segment is expected to grow at a substantial rate during the forecast period. This can be attributed to the rising prevalence of asthma and other allergies owing to increasing pollution across the globe. Moreover, the recent outbreak of the COVID-19 disease, which is a respiratory syndrome has rapidly boosted the growth of this segment. This trend is expected to continue during the forecast period.
Based on source, the plant segment accounted for over 65% of the global homeopathic products owing to the extensive use of plants, herbs, vegetable, flowers, roots, leaves, and fruits in the preparation of medicines across the globe.
On the other hand, the minerals segment is estimated to be the most opportunistic segment during the forecast period. This is due to the rising investment in the research and developmental activities of the top players to develop various medicines from minerals such as salts, acids, and alkalis.
Based on region, Europe accounted 65% revenue share in 2020 and is expected to sustain its dominance during the forecast period. This can be attributed to the rising obesity, growing geriatric population, rising burden of disease, increased disposable income, and increased awareness regarding the homeopathic products in the region has fostered the growth of the market.
The North America homeopathic product market is expected to foresee a considerable growth rate during the forecast period owing to the rising awareness among the consumers regarding the development of gene-targeted therapeutics and effectiveness of homeopathy medicines in curing respiratory conditions.
On the other hand, Asia Pacific is estimated to be the most opportunistic market during the forecast period. This can be attributed to the increased focus of the government towards the development and promotion of alternative medication systems in the country. For instance, in India the Ministry of AYUSH is directly involved in promotion and development of ayurvedic and homeopathic medicines in the country. Further, the rising popularity of homeopathic health clinic among the consumers is boosting the market growth. For example, Dr. Batra’s Health Clinic is a very popular homeopathy clinic chain in India.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In April 2019, Hayland’s introduced its baby oral pain relief tablets at Walmart and Walgreen stores.
In February 2020, Dr. Reckeweg& Co. announced to expand its product portfolio to include cannabis products for medical purposes.
The various developmental strategies like new product and expansion strategies fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global homeopathic product market include:
Scope of the Homeopathic Products Market Report
|Market Size||USD 19.7 Billion by 2030|
|Growth Rate||CAGR of 12.3% from 2021 to 2030|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application, Source, Region|
|Companies Mentioned||BoironUSA, BiologischeHeilmittel Heel GmbH, A Nelson & Co Ltd, Homeocaninc., SBL, Hahnemann Laboratories, Mediral International Inc, AinsworthsLtd., BioIndiaPharma, Bioforce, SchwabeGroup, Hyland’s Homeopathic, Arogya, Bakson|
Segments Covered in the Report
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