Homeopathy Market Worth Nearly $18 Billion by 2030- Exclusive Report by The Insight Partners
The global homeopathy market is growing at a CAGR of 14.7% from 2022 to 2030.
Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) — Homeopathy is an alternative form of medicine that uses highly diluted substances to stimulate the body’s natural healing abilities. Several factors contribute to the growth of homeopathy market. The prevalence of chronic diseases and lifestyle related health problems has been on the rise and homeopathy is often sought for managing chronic conditions and improving overall well-being. Increased awareness of homeopathy and its potential benefits, along with growing acceptance among healthcare professionals, have contributed to its wider adoption. Homeopathic products are primarily sourced from plants (such as red onion, arnica [mountain herb], poison ivy, belladonna [deadly nightshade], and stinging nettle), minerals (such as white arsenic), or animals (such as crushed whole bees). Homeopathic products are often made as sugar pellets to be placed under the tongue; they may also be in other forms, such as ointments, gels, drops, creams, and tablets. Treatments are “individualized” or can be customized as per the requirements from consumers.
According to our new research study on “Homeopathy Market Forecast to 2030 – Global Analysis By Source (Plants, Animals, and Minerals), Type (Dilutions, Tinctures, Biochemics, Ointments, Tablets, and Others), Application (Analgesic & Antipyretic, Respiratory, Neurology, Immunology, Gastroenterology, Dermatology, and Others), Distribution Channel (Homeopathic Clinics, Retail Pharmacies, E-Retailers, and Others), and Geography,” the homeopathy market size is expected to reach $18.06 billion by 2030 from $6.01 billion in 2022; it is estimated to grow at a CAGR of 14.7% during 2022–2030. The growth of the homeopathy market is attributed to the safety associated with homeopathic products and rise in adoption of homeopathic medicine. However, stringent approach by regulatory approvals authorities and shortage of homeopathic facilities & doctors hinders the market growth.
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Global Homeopathy Market: Competitive Landscape and Key Developments Market:
Fourrts, Allen Healthcare Co. Ltd; Hahnemann Laboratories, Inc; Boiron, Homeocan Inc; Hyland’s, Inc, Nelson Pharmacies Limited, Weleda UK, Biologische Heilmittel Heel GmbH; Ainsworths (London) Limited, DHU-Arzneimittel GmbH & Co. KG; Dr Reckeweg & Co GmbH, Similasan Corp; PEKANA Naturheilmittel GmbH; among others among others are the leading companies operating in the homeopathy market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the homeopathy market. Many market players are launching their innovative products in the homeopathy market with advanced features. For instance,
In April 2022, Théa Pharma Inc. announced the availability of the iVIZIA line of over-the-counter (OTC) eye-care products in the United States. The iVIZIA brand is being distributed by Colorado-based Similasan Corporation, known for its natural, homeopathic products for eye, ear, sinus, and cold relief.
In Jan 2020, PEKANA NATURHEILMITTEL GmbH joined hands with ADELMAR PHARMA GmbH to manufacture homoeopathic medicines. Their comprehensive line of highly effective remedies has been developed to help practitioners successfully treat acute and chronic illnesses while avoiding the detrimental side effects often accompanying allopathic drug use.
Safety Associated with Homeopathic Products for Global Homeopathy Market Growth During 2022 to 2030
Homeopathic medicines are widely considered safe as they are prescribed after special preparation processes. These involve the repeated steps of dilution and succussion of shaking at each dilution. Common potencies used are “30C,” diluted 1:100 30-times, and “200C,” diluted 1:100 20,000-times. Thus, such highly diluted medicines are prescribed by skilled professionals, which are deemed safe and are not likely to cause severe side effects. The National Health Services (NHS) of the UK also affirms that these medicines are generally safe, with minimal chances of severe adverse side effects after administration. The British Homeopathic Association states that they can be taken by people of all ages, including children, babies, and pregnant or breastfeeding women, under the proper guidance of an expert homeopath. The European legal and regulatory framework guarantees for homeopathic medicinal products, as for all medicinal products, through several mutually reinforcing activities, the quality and safety of these products, and therefore patient safety. On December 6, 2022, FDA issued a final guidance, Homeopathic Drug Products, that describes the agency’s approach to prioritizing regulatory actions for homeopathic products posing the greatest risk to patients. The FDA is prioritizing specific categories of drugs, such as those intended for populations at greater risk for adverse reactions.
Homeopathy has been introduced into national healthcare systems in many Asian and European countries, and it is thus often protected by national health insurance. However, there are significant variations in the degree to which homeopathy is reimbursed across European countries. In India, homeopathy is well represented in public health, being a close second among the AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) services. Homeopathy wellness centres comprise 31% of the total for AYUSH. Seven out of 10 diseases recognised as a national health burden are in the category of most commonly reported diseases at the homeopathy wellness centres. Academic homeopathy institutes comprise 35.8% of AYUSH colleges, the total student intakes of which are 13,658 and 32,256 respectively. Homeopathy practitioners are 37% of the AYUSH total. Homeopathy units comprise 1/19th of the number of allopathy units, yet the annual patient footfall in the former is 1/5th of the latter. Homeopathy services, wherever available, are being used fully and thus sharing the patient load in the government-run wellness centres. There is the potential for more homeopathic practitioners to contribute importantly to health care delivery in India. In September 2019, Federal Health Minister Jens Spahn declared that he would adhere further to the reimbursability of homeopathy by the statutory health insurance funds
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Global Homeopathy Market: Segmental Overview
The “Global Homeopathy Market” is segmented based on source, type, application, distribution channel, and geography. Based on source, the homeopathy market is segmented into plants, animals, and minerals. The plants segment held the largest share in 2022. Based on application, the global homeopathy market is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. The immunology segment held the largest share of the market in 2022 and the immunology segment is anticipated to register the highest CAGR in the market during the forecast period. Based on distribution channel, the homeopathy market is segmented into homeopathic clinics, retail pharmacies, e-retailers, and others. The homeopathic clinics segment held the largest share of the market in 2022 and the same segment is anticipated to register the highest CAGR during the forecast period. The global homeopathy market based on geography is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and Rest of the Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of the Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Based on geography, the homeopathy market is segmented into five key regions: North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. North America homeopathy market has been analysed based on three major countries — the US, Canada, and Mexico. The US homeopathy market is estimated to hold the largest homeopathy market share during the forecast period. The homeopathy market growth in the US has gained awareness owing to rising consumer awareness and interest in homeopathic remedies. Consumers are actively seeking alternative healthcare options and are more willing to explore homeopathic treatment contributing to the market’s expansion. According to the National Library of Medicine, homeopathy is used by just over 2% of the US population, predominantly for respiratory, otorhinolaryngology, and musculoskeletal complaints.
Go through further research published by The Insight Partners:
Homeopathic Remedies Market – Global Analysis and Forecast to 2030
Complementary and Alternative Medicine Market – Global Analysis and Forecast to 2030
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