The growing aversion to allopathic medicine, a constant rise in demand for convenient dosages of a variety of medicines & an increase in consumer confidence about alternate treatment methodologies are all significantly fueling the market growth. Moreover, increasing number of patients suffering from different chronic diseases have increased the demand for homeopathy medicine and developing regions showing a strong opportunity for homeopathy market.
The global homeopathy market is expected to grow at a CAGR of 14.60% during the forecast period 2017-2023.
The global homeopathy market is growing moderately due to the growing need for alternate treatment methodologies for chronic diseases and economical treatment as compare to other treatment protocols. Homeopathy is safe and effective, easy to use & user friendly for all age group of patients especially for increasing pediatric & geriatric population. Additionally, homeopathy highly profitable business, growing prevalence rate related to hair & skin ailments is likely to drive the market growth over the review period.
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Major Players in the Homeopathy Market
Some of the key players in this market are Boiron Group, Weleda, Heel, Hyland, Nelson & Co Ltd, Homeocan inc, GMP Laboratories, others.
The global homeopathy market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East & Africa.
Europe accounts for the major share. Europe consists of two regions namely Western Europe and Eastern Europe. Western Europe holds the major share of the market, which is majorly contributed by Germany, the U.K, and France. Moreover, owing to the rising prevalence of cancer, changing lifestyle and increasing government support for research & development.
The Americas account for the second largest share of the market owing to the presence of patient population, well-developed technology, high healthcare expenditure and the presence of the leading players. People in this region are health conscious that leads to increase in the healthcare spending. To improve the quality of treatment, the demand for the advanced and better alternative method such as homeopathy medicine has increased. Increasing prevalence of chronic diseases with increasing demand for the better treatment have boosted the growth of the market. Moreover, homeopathy treatment is economical as compare to other treatment protocols.
Asia Pacific is the second fastest growing in homeopathy market. Increasing need for better treatment methods, rapidly improving technology, and the presence of huge patient pool drives the growth of this market in Asia Pacific region. According to the ESCAP Statistical Database, in 2016, approximately 12.4% of the population in the Asia Pacific was over 60 years. According to WHO, in 2013, the per capita healthcare expenditure in Australia was USD 6,110, which was followed by Japan with USD 3,966. Increasing healthcare expenditure, growing demand of alternative treatment methods such as homeopathy for chronic diseases and presence of huge opportunities for the development of this market have paved way for the market growth.
On the other hand, the Middle East & Africa holds the least share but will be fastest growing in forecast period. However, due to the presence of poor and slow developing countries, especially, in the African region the market may hold least market share. The market is segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and Rest of the Middle East & Africa. In the Middle East & Africa, the healthcare spending has increased during last few years owing to increasing awareness about development in the healthcare sector.
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The global homeopathy market is segmented on the basis of types, application, source, and end user. On the basis the types, it is segmented into dilutions, tincture, biochemics, ointments, tablets, and others. On the basis of the application, it is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. On the basis of the source, it is segmented into plants, animals, and minerals. On the basis of end user homeopathic clinic, hospitals, retailer, e- retailer, research laboratories, and others.
According to World health Organization, Homeopathy is the fastest-growing and second-most widely-used system of medicine in the world. Furthermore, According to World Health Organization, Homeopathic medicine is the most popular Traditional. Complementary and Alternative Medicine (TCAM) in countries with a GDP > USD15,000, and the second most (after Herbal) in countries with GDP < USD15, 000.
However, negative opening & publicity against homeopathy medicine, false advertising and misleading claims made by homeopaths, lack of funding, limited research & development in the field of homeopathy, poor awareness campaign in favour of homeopathy medicine may hamper the market growth during the forecast period.
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- The global homeopathy market is expected to reach USD 31459.6 million by 2023 at a CAGR of 14.60%
- Tincture is the fastest growing segment, which is projected grow at a CAGR of 14.82% during the forecast period from 2017-2023
- The Europe captured the largest share of the global market and is expected to reach USD 11347.7 million by 2023.
- The Middle East & Africa is the fastest growing region across the globe and is expected to grow at a CAGR of 16.09% during the forecast period.
Europe holds the largest market share in the market on the basis of major driving factors for the market are increasing prevalence of chronic diseases, increasing government support, and well developed technology. According to the OECD, the healthcare expenditure in Germany was EUR 321 billion in 2014, which is followed by France with healthcare expenditure of EUR 237 billion. The healthcare expenditure of United Kingdom in 2014 was EUR 223 billion. People and healthcare organizations in this region are able to afford various alternative methods of treatment, which has helped in driving the growth of the market.
The Americas account for the second largest share of the market owing to the presence of patient population, well-developed technology, high healthcare expenditure and the presence of the leading players in this region. People in this region are health conscious that leads to increase in the healthcare spending.
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