The Global Homeopathy Market is expected to grow at a CAGR of 14.60% during the forecast period 2017-2023.
- Boiron Group,
- Biologische Heilmittel Heel GmbH,
- Standard Homeopathic Company Hyland’s Inc.,
- A Nelson & Co Ltd,
- GMP Laboratories of America Inc.
Homeopathy is a field of alternative medicine, introduced by Samuel Hahnemann in 1976. Today, homeopathy is one of the most popular form of alternative medicine. The treatment by homeopathy has been found highly effective for chronic diseases and its benefits in skin and hair problems have been widely researched and validated. Growing need for alternate treatment methodologies for chronic diseases, easy to use & user friendly for all age group of patients especially for increasing pediatric & geriatric population and economical treatment as compare to other treatment protocols are the major drivers for the market growth.
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According to World health Organization, homeopathic medicine is the most popular traditional, complementary and alternative Medicine (TCAM) in countries with a GDP > $15,000, and the second most (after Herbal) in countries with GDP < $15,000. However, negative opening & publicity against homeopathy medicine and false advertising and misleading claims made by homeopaths will restrain them market growth during the forecast period. In 2010, the UK Government Science & Technology Committee analysed the research into homeopathy & concluded that homeopathic products perform no better than placebos. Moreover, in 2006, a newsnight investigation revealed that homeopaths told undercover reporters that homeopathic preparations could be used to prevent malaria, this advice was roundly condemned as dangerous & potentially life threatening.
The global homeopathy market is growing with the rapid pace. According to a recent study report published by the Market Research Future, the global homeopathy market is booming and expected to gain prominence over the forecast period growing rapidly .The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Global homeopathy market – competitive analysis
The global homeopathy market seems to be very lucrative, attractive & profitable market, both for existing as well as new entrants, at the same time intense rivalry among existing competitors have been observed. Our analysis revealed that the market players have adopted different strategy to increase their business and position in global homeopathy market. In recent years strategic movement by major players such as: focus more on over the counter business, e-pharmacy promotion, apart from that major players and parent company are involved in spreading business by making subsidiaries, which have been used as market penetration strategy and reduce competition.
Boiron Group, Weleda & Biologische Heilmittel Heel GmbH, are the top three players in Global Homeopathy Market, contributing all most 11% of total global market.
In 2016, Boiron launched, Arnigel in 120 gram format in France and Spain, Sédatif PC in 90 tablet format in Italy and Portugal, Magnésium 300+ in Portugal and Slovakia, Homéoptic and Stodaline in Belgium, Oscillococcinum in 30 dose format in South Africa, Camilia in 30 single dose format in Tunisia.
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In 2016, global sales of the natural and organic cosmetics business segment of Weleda grew by a total of 2.1% compared with 2015. The growth regions of Western Europe, South America, Asia and Pacific as well as Central and Eastern Europe including Russia were primarily responsible for the increase.
In Aug-2017, following the successful launches of RESCUE PLUS® Lozenge and RESCUE PLUS® Effervescent, the RESCUE brands’ most popular formats, Dropper and Spray, have joined the sub-brand – adding vitamins B5 and B12 to the unique five flower essence formula as well as strong on-pack consumer claims.
Boiron Group, Weleda, Heel, Hyland, Nelson & Co Ltd, Homeocan Inc., and GMP Laboratories are some of the prominent players at the forefront of competition in the global homeopathy market and are profiled in MRFR Analysis.
Global homeopathy market – Regional Analysis
The Europe dominate the global homeopathy market owing to the presence of huge patient population suffering from cancer, changing lifestyle and increasing government support for research & development. Americas accounts for the second largest market for the homeopathy which is followed by Asia Pacific. Government support for the research and presence of huge patient pool has driven the market in Europe region. Asia Pacific is the fastest growing market owing to the huge population base, increasing prevalence of chronic diseases, rapidly developing economies and presence of huge opportunity for the growth of the market. The Middle East & Africa is expected to have limited market but sound growth. Middle East is dominating this market by holding major share of the Middle East & Africa market owing to a well-developed technology and healthcare sector.
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