Published Date : 22, 2022
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.
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.
Scope of the Report
|Market Size in 2021||USD 6.2 Billion|
|Revenue Forecast By 2030||USD 19.7 Billion|
|CAGR||12.3% from 2022 to 2030|
|Forecast Data||2022 to 2030|
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:
Key Developments in the Marketplace:
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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