Homeopathic Products Market Research Report Forecast Upto 2024
Homeopathy is a medical practice and philosophy based on the principle that human body has the capacity to heal itself. Established in Germany in the late 1700s, homeopathy has been extensively practiced all over Europe. Homeopathy considers symptoms of illness as usual responses of the body as it tries to regain health. Homeopathy is based on the principle that “like cures like.” According to this principle, if a substance produces a symptom in a healthy person, giving a very small amount of the same substance to that person may cure the illness. Homeopathic medicines contain extremely dilute amounts of natural substances that are used to treat a variety of ailments. Homeopathic medicines are manufactured by a process of serial dilution and succession (vigorous shaking).
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Homeopathic Products Market: Segmentation
Homeopathic medicine can be classified on the basis of type of treatment
> Classical homeopathy
> Clinical homeopathy
> Complex homeopathy
> Pluralistic homeopathy
On the basis of origin
> Plant kingdom
> Animal kingdom
> Mineral kingdom
Types of homeopathic medicines
> Classical medicines
> Constitutional medicines
> Isopathic medicines
> Complex medicines
Homeopathic Products Market: Regional Dynamics
Geographically, the global homeopathic products market is divided into four regions: North America, Europe, Asia-Pacific and Rest of the World (RoW). In terms of geography, North America followed by Europe is the largest market for homeopathic products due to increasing interest of people in homeopathic and herbal medicines, rising number of disorders and diseases and favorable regulatory framework. In countries such as the Brazil, the U.K., India, Mexico and Cuba homeopathy is incorporated into the health system and covered by public health insurance.
However, the Asia Pacific market is also growing at a considerable rate due to development of healthcare industry, increasing awareness of people in homeopathy and herbal medicines and increasing prevalence of chronic diseases. According to a study by Associated Chambers of Commerce and Industry of India (ASSOCHAM) 2011, the size of the domestic homeopathy market was around 523 million US Dollars in 2010 and was expected to exceed 160 million US Dollars in the next three years.
The global homeopathic products market is witnessing strong growth due effective and efficient treatments available in homeopathy for various diseases. Homeopathy is proved to be effective in many cases of chronic and acute diseases. Even though there is lack of clear understanding of working of homeopathic medicines, but there is clear evidence that the medicines are active and can be curative. In India, homeopathic medicine has fully incorporated with both traditional ayurvedic and western medicine. African homeopathic medicine market is also growing at a fast rate due to its affordability and effective system of medicine that fits with many traditional African spiritual beliefs. According to WHO, homeopathy is the second largest system of medicine with a growth rate of 20-25% every year. The growing popularity of homeopathy and its legal acceptance has been seen in 66 countries.
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Homeopathic Products Market: Competitive Overview
The homeopathic medicine market is developing significantly due to the participation of many new players in this market. New participants are focusing on new technologies and introducing new product into the market. Also, the market is expected to witness a high growth rate due to growing demand for homeopathic medicines. Some of the major players in homeopathic medicine market are Hahnemann Laboratories Inc., Hyland’s Homeopathic, Natural Health Supply, Nelson & Co Ltd and SBL.
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