Homeopathic Medicine Market to Grow with a CAGR of 16.23% through 2028
The demand for natural remedies, rising healthcare
costs, and integration into mainstream healthcare systems are expected to drive
the Global Homeopathic Medicine Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Homeopathic
Medicine Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Homeopathic Medicine Market
stood at USD 27.50 billion in 2022 and is anticipated to grow with a CAGR of 16.23%
in the forecast period, 2024-2028. This can be attributed to globalization and
accessibility. The global homeopathic medicine market has benefited from
globalization and improved accessibility. With the ease of online shopping and
international shipping, consumers can access a wide range of homeopathic
products from around the world. This has facilitated market growth by making
these remedies available to a global audience.
Moreover, combining multiple homeopathic remedies to
address complex health issues is gaining popularity. This approach allows
practitioners to tailor treatments to individual needs and offers a more
comprehensive solution for patients with multifaceted health concerns.
The COVID-19 pandemic had a significant impact on the
homeopathic medicine market, primarily due to the closure of homeopathic
clinics, manufacturing facilities, and supply chain disruptions. For example, a
research study published in the Complementary Medical Research Journal in
September 2021, which focused on five patients receiving homeopathic treatment
for SARS-CoV-2, demonstrated positive outcomes within a short timeframe. The
study underscored the rapid response of moderately to severely ill patients to
homeopathic treatment when conventional medical options fell short.
Consequently, these research findings encouraged the utilization of homeopathy
for treating COVID-19 during the acute phase. As restrictions were lifted and
homeopathy clinic operations resumed worldwide, the market has been steadily
recovering over the past two years.
One primary driver of market growth is the rising
incidence of lifestyle-related diseases, including heart disease, stroke,
obesity, and type 2 diabetes. Diseases associated with smoking, alcohol
consumption, and substance abuse also contribute significantly to market
expansion. For instance, according to the International Diabetes Federation
(IDF), there were approximately 543 million individuals aged 20 to 79 living
with diabetes globally in 2021, with projections indicating an increase to 643
million by 2030 and 783 million by 2045. Moreover, the IDF reports that about
240 million adults have undiagnosed diabetes, while 541 million adults are at
heightened risk of developing type 2 diabetes. The National Health Portal in
India highlights the positive role of homeopathy in early-diagnosed cases
through constitutional corrections and the use of organopathic remedies that
reduce sugar levels without side effects.
Consequently, the escalating prevalence of diabetes is
anticipated to substantially boost the demand for homeopathic products.
Additionally, the market is benefiting from heightened
awareness of the advantages of homeopathic medicine, strategic initiatives by
key industry players to promote its use, and active marketing campaigns. For
example, in April 2022, Dr. Batra's Clinic announced plans to expand its
presence in smaller towns and cities, increasing its homeopathy clinic network
to 225 centers in the coming year. This expansion aims to improve accessibility
to homeopathic medicine in previously untapped regions, thus driving market
demand. Furthermore, in September 2021, Dr. Batra's introduced homeopathy
treatments for food, skin, and respiratory allergies, further enhancing the
availability of homeopathic products and bolstering market growth.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Homeopathic Medicine Market.”
The Global Homeopathic Medicine Market is segmented
into source, application, regional distribution, and company.
Based on its source, Plants are poised to dominate the
global homeopathic medicine market for several compelling reasons. First and
foremost, there is a growing global trend towards natural and holistic
healthcare solutions, and plants have long been revered for their medicinal
properties. Consumers are increasingly seeking alternatives to conventional
pharmaceuticals, driven by concerns about side effects and the desire for
gentler, more sustainable treatments. Plants offer a rich source of active
ingredients that can address a wide range of health conditions, making them a
versatile choice for homeopathic remedies. Additionally, the increasing
availability of scientific research supporting the efficacy of plant-based
homeopathic treatments is bolstering consumer confidence and driving demand. As
the world becomes more health-conscious and environmentally aware, the
prominence of plant-based homeopathic medicines is expected to continue to
rise, cementing their dominance in the market.
Based on region, North America is poised to dominate
the global homeopathic medicine market for several key reasons. Firstly, the
region boasts a robust healthcare infrastructure, coupled with a strong
emphasis on consumer choice in healthcare options. This encourages patients to
explore alternative and complementary therapies, including homeopathy.
Secondly, North America has a well-established market for natural and holistic
health products, reflecting a growing awareness of the potential benefits of
such treatments. Additionally, the region has witnessed a surge in research and
clinical studies focused on homeopathic remedies, which have contributed to
increased acceptance among healthcare professionals and the general public.
Moreover, regulatory bodies in North America have developed clear guidelines
for the manufacturing and sale of homeopathic medicines, enhancing consumer
trust in product quality and safety. With a combination of factors supporting
its growth, North America is positioned to maintain its dominance in the global
homeopathic medicine market.
The Asia-Pacific region is witnessing the most rapid
market growth during the forecast period due to an escalating demand for
alternative medicine and an increasing awareness of the homeopathic system.
Furthermore, the region's soaring incidence of lifestyle-related diseases, such
as heart disease, stroke, obesity, and type 2 diabetes, is a significant driver
of market expansion. According to the International Diabetes Federation (IDF),
India had 74,194.7 diabetes cases in 2021, a number expected to rise to
92,973.7 by 2030. Similarly, China recorded 140,869.6 people with diabetes in
2021, projected to reach 164,069.5 by 2030. The region's substantial diabetes
burden is anticipated to spur demand for homeopathic products as a potential
treatment, thus fueling market growth.
Major companies operating in Global Homeopathic
Medicine Market are:
- Boiron SA
- Biologische Heilmittel Heel GmbH
- A Nelson & Co Ltd
- Homeocan
- SBL Industries Ltd
- Hahnemann Homoeo Research Laboratory
- Medisynth
- Dr.Reckeweg & Co
- Ainsworths Ltd.
- Hevert Arzneimittel GmbH & Co KG
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“The global homeopathic medicine market is evolving in
response to changing consumer preferences, increased research, and greater
acceptance within mainstream healthcare. These trends reflect the dynamic
nature of the industry as it continues to adapt to the needs of a diverse and
health-conscious population. As these trends continue to shape the landscape,
homeopathy is set to play an increasingly prominent role in the future of
healthcare,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Homeopathic Medicine Market By Source
(Animals, Minerals, Plants), By Application (Analgesic & Antipyretic,
Dermatology, Gastroenterology, Immunology, Neurology, Respiratory), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Homeopathic Medicine Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Homeopathic Medicine Market.
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