Homeopathic Products Market Size to Worth Around US$ 19.7 Bn by 2030

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04 Oct 2024

Table of Content

According to Precedence Research, the homeopathic products market size is expected to worth around US$ 15.6 billion by 2028 and growing at a CAGR of 12.3% from 2021 to 2030.

Growth Factors

The rising preferences for the non-invasive treatment and shifting focus towards the adoption of preventive care are the major factors that are expected to drive the growth of the global homeopathic products market. The rising prevalence of various diseases is resulting in rising healthcare expenditure and the demand for the invasive procedures is increasing as it is the option opted as last resort. There are various side-effects associated with the increased consumption of modern and chemical based medicines. The rising awareness regarding the benefits of the homeopathic products that are free from any side-effects is gaining a rapid traction among the population.

Moreover, the low cost associated with the homeopathic products is offering an alternative to the scientific medicines to the low income consumers across the globe. Furthermore, the rising government initiatives to promote alternative medicines are expected to boost the growth of the homeopathic products market. For instance The Ministry of AYUSH in India advocates the benefits of homeopathic and Ayurveda medicines. India is a large and emerging economy that can play an important role in the growth of the global homeopathic products market in the foreseeable future.

Report Highlights:

• On the basis of product, the dilutions was the leading segment in the homeopathic products market in 2021. The dilution is a process that is used to enhance the healing efficiency of medicines and eliminates the side-effects. Dilution enhances the therapeutic effects of the medicine and hence it is the most demand type of product across the globe.
• Depending on the application, the analgesic and antipyretic segment led the market in 2021. The analgesic and antipyretic is extensively used in the treatment of various conditions such as toothaches, headaches, muscle aches, fever, and flu, which has resulted in the dominance of this segment in the global homeopathic products market.
• By source, the mineral is expected to be the fastest-growing segment. This is attributed to the increasing investments by the market players in the research and development activities for developing medicines from various mineral like salt, alkali, and acids.
• Region-wise, Europe accounted for the largest revenue share of 65% and led the global homeopathic products market in 2020. There is an increased awareness regarding the preventive and non-invasive care and the health benefits of homeopathic products that has significantly fueled the growth of the market. The consumers in Europe are highly aware of the side-effects of the various chemical based medicines and this is shifting their focus towards the homeopathic and Ayurveda products that are obtained from the natural sources.
• North America is expected to witness a considerable growth rate during the forecast period. The rising prevalence of various chronic diseases and increasing awareness regarding the homeopathic products is fueling the growth of the market in North America. The rising popularity of the alternative medicines in the region is fueling the demand for the homeopathic products. However, the lack of proper reimbursement policies in the region will force the people to obtain the scientific medicines and this is major restraining factor.

Scope of the Report

 

Future of Homeopathic Products Market

The homeopathic products market is expected to witness a considerable growth in the emerging economies where the people are shifting towards the alternative medicine system, owing to the government initiatives. Furthermore, the introduction of digital technologies in this industry is expected to augment the market growth. For instance, an Indian software company developed Hompath, a software that helps the practitioners to create prescriptions within few minutes. The rising integration of the software technologies in the homeopathic products industry is expected to shape the future of the market.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 disease had a positive impact on the global homeopathic products market in 2020. The rapid emergence and increased popularity of certain homeopathic products that claimed to boost the immunity systems gained a rapid traction among the consumers.
• The huge number of hospital admissions owing to the rapid spread of the COVID-19 infection resulted the patients to opt for alternative medicine system.

Key Developments in the Marketplace:

• In April 2019, Hayland’s launched its baby oral pain relief tablets that were made available at Walmart and Walgreen stores.
• In February 2020, Dr. Reckeweg & Co. announced its plan to expand its product portfolio by including cannabis products only for use in medical purposes.

The major players operating in the homeopathic products market are BiologischeHeilmittel Heel GmbH, A Nelson & Co Ltd, BoironUSA, Homeocaninc., SBL, Hahnemann Laboratories, Mediral International Inc, AinsworthsLtd., BioIndiaPharma, Bioforce, SchwabeGroup.

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