Homeopathic Product Market
Homeopathic Product Market (Product Type: Tincture, Dilutions, Bio-chemic, Ointments, Tablets, and Others; Application: Analgesic & Antipyretic, Respiratory, Neurology, Immunology, Gastroenterology, Dermatology, and Others; and Source: Plants, Animals, and Minerals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Path-breaking Gene-targeted Homeopathic Treatment Creates Incremental Opportunities for Companies
Gene-targeted homeopathic treatment is bringing about a change in the homeopathy product market. This revolutionary treatment is a new entrant in the sector of personalized medicines and is redefining the future of healing. Hence, healthcare companies are increasing their R&D in this novel treatment to capitalize on market growth. For instance, Batra’s Positive Health Clinic Pvt. Ltd.-a chain of homeopathy clinics in India, announced the launch of Dr. Batra's™ Geno Homeopathy in the UAE market.
Companies in the homeopathy product market are innovating through medicines that are both natural and effective. This explains why the revenue of tablets is projected for exponential growth in the market for homeopathy products, where the market is estimated to reach a revenue of ~US$ 18.6 Bn by the end of 2027. Advantages of gene-targeted treatment are benefitting individuals, since the treatment is based on the patient’s genetic make-up. Companies in the market for homeopathy products are gauging value-grab opportunities, as the gene-targeted treatment is scientific and uniquely planned for individuals of all age groups.
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Homeopathy Products and Remedies Gain Popularity amidst COVID-19 Crisis
The newly circulating COVID-19 (Coronavirus) has created an unprecedented demand for homeopathy products. As suggested by the Indian Government’s Ministry of AYUSH— an organization that offers alternative medicine systems in the country, has released a health advisory on January 29, 2020, which advocates the use of homeopathic treatment and medicines to improve patient quality of life. India being one of the leading economies of Asia Pacific is contributing toward robust growth as per revenue basis in the homeopathy product market.
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Thousands of individuals worldwide have been affected due to coronavirus. The current COVID-19 crisis is anticipated to generate incremental opportunities for healthcare providers in the homeopathy product market. As such, Unani medicines are being highly publicized for the symptomatic management of fatal infection. Growing awareness about Ayurvedic practices are bolstering market growth. Homeopathic preparations such as Arsenicum album 30C and sesame oil are being increasingly used for prevention against the virus.
Companies Focus on Plant-based Sources to Produce Tincture and Ointments
The homeopathy product market is progressing at an explosive CAGR of ~14% during the forecast. However, common myths surrounding homeopathy products are likely to impede market growth. For instance, there is a serious misconception that homeopathic medicines are all the same i.e. ‘sweet pills’ in white color. Hence, companies dealing in homeopathic medicines are increasing awareness that the medicines may look alike but their formulations are different from each other. Innovations such as the gene-targeted treatment is establishing a healthcare system where no two patients with similar ailments are given the same medicine.
Companies in the homeopathy product market are increasing their R&D activities to derive basic ingredients of homeopathic medicines from plants and minerals. As such, the revenue of plant-based sources are predicted for a stellar growth in the market. Thus, manufacturers are increasing their production capabilities to produce mother tincture, dilutions, and ointments, among others. As such, the revenue of tincture is projected to account for the second-highest revenue among all products in the market for homeopathy products.
Breakthrough Homeopathy Software Deploys Intelligent Search and Analysis from Several Repertories
Next-gen homeopathy software is grabbing the attention of individuals and market players alike. Hence, companies in the homeopathy product market are exploring untapped opportunities in the software domain to broaden their revenue streams. For instance, Hompath— a software company in Mumbai, India, is gaining market recognition for introducing the Hompath Zomeo, a breakthrough software that helps practitioners arrive at prescriptions within minutes. Companies in the homeopathy product market are increasing their efficacy in developing software integrated with huge volumes of homeopathy books that deploy intelligent and accurate search.
Novel homeopathy software are gaining prominence in the market for homeopathy products, owing to its cost and time-efficiency. Provision of accurate data and intuitive tools are becoming the key focus points for software developers. As such, developers are gaining expertise in the development of systems integrated with repertory software to provide instant search and analysis from several repertories.
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Amidst the recent outbreak of COVID-19, the demand for homeopathy medicines is witnessing an unprecedented surge in the homeopathy product market. This explains why the revenue of respiratory applications is projected for aggressive growth during the forecast period. Gene-targeted treatment is being highly publicized in the market landscape.
Apart from immunology, companies are increasing focus in agricultural homeopathy to generate revenue streams. Homeopathy has grown popular in the U.S. where large-scale retailers are increasing the availability of homeopathy products. However, lack of accepted clinical evidence validating the effectiveness of the products are likely to impede market growth. Hence, companies should collaborate with practitioners dealing in mainstream medicine and have a keen interest in homeopathy, in order to establish sustainable business practices.
Homeopathy Product Market: Overview
- According to Transparency Market Research’s latest market report on the homeopathy product market for the historical period of 2017–2018 and forecast of 2019–2027, prevalence of various diseases; increase in geriatric population; and rise in patient population propel the adoption of homeopathy, thereby boosting the homeopathy product market
- According to the report, the global homeopathy product market was valued at US$ 5.6 Bn in 2018. The homeopathy product market is expected to expand at a CAGR of ~14% during the forecast period from 2019 to 2027.
Rise in Prevalence of Diseases such as Chronic Diseases: A Key Driver of Homeopathy Product Market
- Chronic diseases are the leading causes of death and disability worldwide. Disease rates from these conditions are accelerating globally, advancing across every region, and pervading all socioeconomic classes.
- According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by 2020. Emerging markets would be the hardest hit, as population growth is anticipated to be most significant in developing countries.
- Homoeopathy is known for curing the chronic diseases from the roots and the basic principles on which it is founded have to be really followed for the rational healing and curing. According to the British Homeopathic Association, homeopathy is a natural form of medicine used by over 200 million people worldwide to treat both acute and chronic conditions.
Increase in Demand for Complementary and Alternative Medicine (CAM)/Traditional Medicine: Driver of Homeopathy Product Market
- Homeopathy as a complementary and alternative medicine (CAM) and a holistic medicine solves several modern medical problems. Homeopathy, about 200 years old branch of medicine, was first introduced by Samuel Hahnemann, a German physician in 1810 and treatment for diseases with about 3,000 homeopathic remedies was addressed based on a golden principle named as “Like cure like” (similia similibus curentur).
- According to the Complementary and Alternative Medicine – European Patients’ Forum Briefing Paper published in 2013, complementary and alternative medicine (CAM) is increasingly used by patients across the European Union. The WHO estimates that 100 million people in Europe are using traditional and alternative medicines.
- According to the Homeopathy Research Institute (HRI), worldwide, over 200 million people use homeopathy on a regular basis. Homeopathy is included in the national health systems of a number of countries such as Brazil, Chile, India, Mexico, Pakistan, and Switzerland.
Lack of Evidence of Effectiveness of Homeopathy: A Key Restraint of Homeopathy Product Market
- According to the European Patients Forum, CAM is controversial amongst healthcare professionals, the scientific community, and policy makers. Opponents insist that no scientifically valid evidence has been found about their effectiveness and that complementary therapies are based on pseudo-scientific models.
- Lack of evidence studies for the safety and efficacy of complementary and alternative therapies hinders the market growth. Compared to conventional medicine, the research in homeopathy is less even though research in this field is increasing and the Cochrane Library lists over 4,000 randomized trials.
- According to the NHS, an extensive investigation of the effectiveness of homeopathy has been done and no good-quality evidence is available yet, which proves that homeopathy is effective as a treatment for any health condition
- In Australia, in 2015, the National Health and Medical Research Council (NHMRC) released a statement on homeopathy based on its own review of available clinical evidence. NHMRC concluded, no reliable evidence was available that proved homeopathy is effective for any health condition.
- Thus, lack of evidence of effectiveness of homeopathy can hamper the growth of the homeopathy product market
Homeopathy Product Market: Competition Landscape
- This report on homeopathy product market profiles major players in the global homeopathy product market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Prominent players operating in the homeopathy product market include
- Dr. Reckeweg & Co. GmbH
- Hahnemann Laboratories, Inc.
- Dr. Willmar Schwabe GmbH & Co. KG
- Biologische Heilmittel Heel GmbH
- Homeocan inc.
- Ainsworths (London) Limited
- SBL Pvt. Ltd.
Homeopathy Product Market: Key Developments
- Key players in the homeopathy product market are engaged in the development of new products, key merger & acquisition, collaboration, and integration. Key developments by industry players are likely to fuel the homeopathy product market. Some strategies in the homeopathy product market are as follows:
- In February 2020, Dr. Reckeweg & Co. GmbH planned to expand its product portfolio to include medical cannabis products
- In April 2019, Hyland's announced that its Baby Oral Pain Relief Tablets were available at Walgreens and additional Walmart stores, in addition to its previous lineup of retail stores
- In July 2015, Hyland’s launched its homeopathy product 4 Kids Bumps ’n Bruises with Arnica. An advanced treatment for common childhood “boo boos,” the topical ointment stick comes in a fun and whimsical eco-friendly tube, and provides safe and effective relief against bruising, pain, and swelling with Arnica Montana, which is a widely recognized homeopathic medicine for these conditions.
- In the global homeopathy product market report, we have discussed individual strategies, followed by company profiles of the manufacturers of homeopathy product market. The ‘Competition Landscape’ section is included in the homeopathy product report to provide readers with a dashboard view and a company market share analysis of the key players operating in the global homeopathy product market.
Homeopathic Product Market – Scope of the Report
TMR’s report on the global homeopathy product market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators for the said market during the forecast period from 2019 to 2027. The report provides the overall market revenue of the global homeopathy product market for the period of 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global homeopathy product market from 2019 to 2027.
The report has been prepared after an extensive research. Primary research involves bulk of research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Extensive secondary research involves referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global homeopathy product market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various attributes of the global homeopathy product market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Moreover, the report sheds light on changing competitive dynamics in the global homeopathy product market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global homeopathy product market.
The report delves into the competition landscape of the global homeopathy product market. Key players operating in the global homeopathy product market have been identified and each one of them has been profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are attributes of players in the global homeopathy product market that have been profiled in this report.
Key Questions Answered in Homeopathy Product Market Report
- What is the sales/revenue generated by homeopathy product market across all regions during the forecast period?
- What are the opportunities in the global homeopathy product market?
- What are the major drivers, restraints, opportunities, and threats in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which type segment is expected to generate the highest revenue globally in 2027? Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global homeopathy product market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the global homeopathy product market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the homeopathy product market as primary research sources.
These primary and secondary research sources have provided exclusive information during interviews, which serves as a validation from the homeopathy product market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global homeopathy product market with accuracy. The study also uses the top-down approach to assess the revenue for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global homeopathy product market more reliably and accurately.
Homeopathy Product Market – Segmentation
TMR’s study on the global homeopathy product market includes information divided into four segments: product type, application, source, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global homeopathy product market have been discussed in detail.
Analgesic & Antipyretic
Middle East & Africa