MarketResearchFuture.com (MRFR) in its recently Announced study report asserts that the “Global Homeopathy Market” growing further will reach USD 31459.6 Mn. by 2023, registering 14.60% CAGR Along with Top Companies and Mega Trends.
Global Homeopathy Market – Synopsis
Homeopathy was introduced by Samuel Hahnemann in 1796. It works on the principle of correspondence of symptoms i.e. a substance causing symptoms of disease in healthy individual will show same symptoms in the sick.
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Today, homeopathy is one of the most popular form of alternative medicine. It is a one of the successful alternative to allopathic medicines. A constant rise in demand for of a variety of medicines such as homeopathy, and an increase in patient satisfaction about alternate treatment methodologies are all significantly fuelling the market growth.
Moreover, increasing pediatric & geriatric population, user friendly for all age group of patients and economical treatment as compare to other treatment protocols are the major drivers for the market growth. Homeopathic medicine are made by using natural sources such as plants, animals and chemicals or minerals.
It involves administration of small doses having specific composition. Homeopathy is known to be originated in Europe, brought up in U.S and progressed in India. However, false advertising and misleading claims made by homeopaths and negative publicity of the homeopathy medicine has restrained the market growth during the forecast period.
The global homeopathy market is growing with the prompt pace. The market is forecasted to demonstrate a remarkable growth by 2023, beyond its previous growth records in terms of value with a striking CAGR of 14.60% during the anticipated period (2017 – 2023). Growing investment in the healthcare domain, especially from developing regions, and the expenditure on the homeopathy medicines has substantially increased over the past few years. This is one of the factors is expected to continue to aid the market growth due to a lot of homeopathy medicines are cost-effective even this is not being covered by insurance.
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Global Homeopathy Market - Competitive Analysis
The Global Homeopathy Market seems to be very attractive & cost-effective market, both for existing as well as new entrants, at the same time intense rivalry among existing competitors have been observed. Many organizations especially in European region, American and developing region especially in India, Middle East & Africa.
France is known to be a hub of homeopathy market in the world. There are plenty of large and small market players available in the market which provide the wide range of products for all age group of patients.
Boiron is focusing to gain sales through its subsidiaries & increasing the number of product launches. For instance, in 2017, Boiron launched, Sporténine in the 33-tablet format in France, Children’s Stodal multi-symptom in Canada.
Moreover, in July 2015, Hyland’s, Inc. launched a new product into the market Hyland’s 4 Kids Bumps ’n Bruises with Arnica.
In June 2015, Heel’s Traumeel and Zeel T shown to reduce the pain of osteoarthritis of the knee by more than 60% in MOZArT trial.
Homeopathy Market - Top Players:
Weleda, Heel, Hyland, Nelson & Co Ltd, GMP Laboratories, Boiron Group, Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, GMP Laboratories of America, Inc., Standard Homeopathic Company (Hyland's, Inc.), Washington Homeopathic Products and more.
Global Homeopathy Market - Regional Analysis
Major driving factors for the market are increasing the prevalence of chronic diseases, increasing government support, and well-developed technology. According to the OECD, the healthcare expenditure in Germany was EUR 321 billion in 2014, which is followed by France with healthcare expenditure of EUR 237 billion.
People and healthcare organizations in this region are able to afford various alternative methods of treatment, which has helped in driving the growth of the market. In addition to this, increasing government support and funding for the development and improving treatment has provided fuel for the growth of the homeopathy market.
The Americas accounted the second largest share in the market owing to well-developed technology, high healthcare expenditure and the presence of the leading players. While the Asia Pacific is the second fastest growing in homeopathy market. Increasing need for better treatmenFt methods, rapidly improving technology, and the presence of huge patient pool drives the growth of this market in Asia Pacific region. The Middle East & Africa holds the least share but will fastest grow during the forecast period in the market owing to the presence of slow but steady developing economies.
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