Homeopathy is a field of alternative medicine, introduced by Samuel Hahnemann in 1976. It works on the principle of similarity of symptoms i.e. a substance causing symptoms of disease in healthy individual will show same symptoms in the sick. Nowadays, homeopathy is the most popular alternative treatment method available. Homeopathy treatment has been acclaimed and disapproved in equal measure and it is trusted by most of the users. Moreover, it has been found highly effective for chronic diseases and its benefits in skin and hair problems have been widely researched and validated.
Homeopathy, includes only natural substances which are used in highly diluted preparations so as that dilute that there is no presence of original substance present anymore. Nevertheless many patients have reported significant benefits from homeopathy medicines. However, homeopathy medicine appear to be very safe and effective treatment method available.
The market for homeopathy has been on the rise over the past few years. Based on MRFR analysis, the market for homeopathy is expected to reach around USD 31459.6 million by 2023 from USD 12118.9 million in 2016 at CAGR of 14.60%. The growth and innovation in the homeopathy, will continue to evolve in future.
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The key players involved in this strategy are Boiron Group, Weleda, Biologische Heilmittel Heel GmbH, Standard Homeopathic Company Hyland’s Inc., Nelson & Co Ltd, GMP Laboratories of America Inc. and others. The homeopathy market is currently dominated by a few players. Boiron Group, Weleda & Biologische Heilmittel, Heel GmbH, are the top three players in global homeopathy market, contributing of almost 11% of total market share of the global market as of 2016.
Boiron group offers products, OTC Brand, Children’s Medicines, Single Medicines, Women’s Line and others. The company has a huge brand image, broad product portfolio, and strong distribution network around the globe. The company products such as OTC brand which includes oscillococcinum and cold calm it is the most widely used product in the market. Furthermore, the company has also invested heavily in various research and development activities to bring innovative products in the market to the unmet market needs.
Weleda held the second largest share in the homeopathy market with a share of 3%. The company’s stronghold is largely attributed to its innovative and sustainable products. The product such as Aconite 30C 125tabs, Dry Skin & Eczema Relief Oral Spray, Arnica 30C 125tabs, Aconite 30C 125tabs are more known drugs globally.
Heel GmbH is the third market leader in the global homeopathy market with a share of 2% as of 2016. The company has a huge product portfolio and good brand identity. Additionally company adopted new strategies such as maximizing the growth of the core product segments and acquisitions to strengthen core areas of the product portfolio.
Hyland’s Inc is one of the leading companies that focuses on the development. The company is well-known for the product- pain relief.
The other prominent players in the market include Washington Homeopathic Products Inc., Homeocan inc., Hahnemann Laboratories Inc., Mediral International Inc., Ainsworths Ltd. Other players accounted for 88% share of the global market in 2016. Companies are focusing on products for various choric diseases. Additionally, they are making efforts to bring efficient and cost-effective products to market.
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Increasing awareness about homeopathic medicines for instance, in Britain the market for homeopathy is estimated to be growing in popularity every year, there are over 4000 homeopathic medicines available from 3000 registered homeopaths i.e one in eight people in the U.K prefer homeopathy and homeopathy is now practiced all over the world. Majorly homeopathic are the most effective and best alternative medicines available for acute diseases. Cost of homeopathy medicine highly influenced by several factors, which varies from region to region, country to country, and depends on exchange rate, taxation, government regulation, manufacturing cost, labor cost, raw material cost, available resources, sales and marketing cost, distribution cost, margin at each level, competitor’s prices. The cost of homeopathic care varies considerably from one homeopath to another. Generally medical doctors who practice homeopathy charge more than non M.D.s, & the longer the practitioner has been practicing, the higher the fees tend to be. Leading markets players in the homeopathy are Boiron Group, Weleda & Biologische Heilmittel Heel GmbH.
However, with the increasing innovations, leading brands are also conscious about the scientific advancements of the products and special attention is being given to the medicines makeup products. Growing adoption of homeopathic medicines are one of the leading revenue generating segment, which may increase the market growth.
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Homeopathy is a system of natural health care that has been in worldwide use for over 200 years. It is recognized by the World Health Organization as the second largest therapeutic system in use in the world. While it is most popular in India and South America, over thirty million people in Europe also benefit from its practice. For instance in France, 40% of the population uses homeopathic medicines and around 30% of physicians prescribe them and is also very popular in the U.K.
Homeopathic treatment works with body’s own healing powers to bring about health and well-being. In homeopathy treatment patients are treated as an individual, not as a collection of disease labels. Generally, homeopathy treats all the symptoms at all levels of such as spiritual, emotional, mental and physical and finds the ‘like cures like’ match for them. Homeopathically prepared remedies, provides the minimum dose, and are gentle, subtle and powerful and they are non-addictive, and not tested on animals.
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