Global Homeopathy Product Market: Snapshot
The global market for homeopathy products has skyrocketed in the past few years, with sales of amounting to billions of dollars in key regions such as Europe, North America, Asia Pacific, and Middle East and Africa. Aversion to allopathic medicines, a constant rise in demand for convenient dosages of a variety of medicines, and an increase in consumer confidence about alternate treatment methodologies are all significantly fueling the market growth.
Furthermore, with the growing amount of disposable income available with individuals, especially from developing regions, the expenditure on the global homeopathy products market has substantially increased over the past few years. This factor is expected to continue benefitting the market due to a lot of homeopathy medicines being reasonably priced but often not being covered by insurance.
Transparency Market Research estimates that the global homeopathy product market will exhibit a promising 18.2% CAGR over the period between 2016 and 2024. If the number holds true, the market, which valued at US$3,867.7 mn in 2015, is expected to reach US$17,486.2 mn by 2024.
Demand for Convenient Dosages to Bolster Demand for Homeopathic Products in Dilution Form
On the basis of product type, the study examines homeopathy medicine varieties in forms such as as tablet, tincture, biochemics, dilutions, and ointments. Of these, the dilutions segment is anticipated to account for US$6,253.9 mn by 2024, registering a substantially high CAGR of 17.8% over the forecast period. The high demand for homeopathy products in dilutions form can be attributed to the increasing demand for convenient dosage forms. The segment is estimated to account for the dominant share of 36.8% in the global homeopathy product market by 2016 end but is expected to decrease to 35.8% by 2024.
The tincture segment is expected to follow closely with a value share of 19.5% by 2024 and a CAGR of 17.8% over the period between 2016 and 2024. The segment of ointments is expected to be the most promising in terms of future growth prospects. The study states that the market for homeopathy ointments will exhibit a CAGR of 19.8% from 2016 through 2024, accounting for nearly 12% of the overall market by 2024.
Market in Middle East and Africa to Witness Most Promising Growth
On the basis of geography, the market for homeopathy products in Europe is projected to remain dominant in the global market throughout the forecast period. Homeopathic product in Europe region is estimated to account for the most significant share of 37.9% in 2016, which is expected to decrease to 36.4% by 2024.
The market for homeopathic products is expected to witness a robust growth in the Asia Pacific region owing to increasing population and demand for alternative low cost medicines. The regional market is expected to exhibit a strong CAGR of 18.9% over the forecast period. It is also expected to benefit from rising online sales of homeopathic products and intense competition among homeopathic product manufacturers across key developing and developed countries in the region.
The homeopathy products market in Middle East and Africa projected to be the one with the most promising growth rate in the near future, an estimated 21.1% CAGR from 2016 through 2024. The MEA region has witnessed rapid increase in disposable income over the last few years and this has subsequently led to an increase in the number of consumers able to pay for homeopathy product.
The report also profiles some of the leading homeopathic products manufacturers operating in the global homeopathic products market. Key market players featured in the report include Boiron Group, Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, GMP Laboratories of America, Inc., Standard Homeopathic Company (Hyland's, Inc.), Washington Homeopathic Products, Inc., Homeocan inc., Hahnemann Laboratories, Inc., Mediral International Inc., and Ainsworths Ltd.
Global Homeopathy Product Market: Overview
This report by Transparency Market Research on the global homeopathy product market for the period 2016–2024 presents an outlook of the market across the globe. The primary objective of the report is to offer updates on market opportunities in the global homeopathy product market.
The report is categorically divided into four sections namely, by product type, by application, by source, and by region, to understand and offer insights on the global homeopathy product market. The report provides analysis of the global homeopathy product market in terms of market value (US$ Mn).
The report starts with an overview of the global homeopathy product market. This section includes TMR’s analyses of key trends, drivers and restraints from the supply, demand and macroeconomic perspectives. Impact analysis of key growth drivers based on the weighted average model are included in the report to better equip and arm clients with crystal-clear and decision-making insights.
Global Homeopathy Product Market: Segmentation
The section that follows analyses the market on the basis of product type and presents the forecast in terms of value for the next 8 years. On the basis of product type, the global homeopathy product market has been segmented into:
Another section included in the report is on the basis of application that analyses the market and presents the forecast in terms of value for the next 8 years. On the basis of application, the global homeopathy product market has been segmented into:
- Analgesic and Antipyretic
Another section included in the report is on the basis of source that analyses the market and presents the forecast in terms of value for the next 8 years. On the basis of source, the global homeopathy product market has been segmented into:
The following section of the report includes analysis of the global homeopathy product market on the basis of region. The global homeopathy product market is segmented into five key regions:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Global Homeopathy Product Market: Research Methodology
To deduce market size, the report considered data points such as regional split and market split by product type, by application, and by source and qualitative inputs from primary respondents have been incorporated to arrive at suitable market estimates. The forecast presented in the report evaluates the total revenue that is expected to be generated across the homeopathy product market over forecast period (2016–2024). When developing the market forecast, the starting point involved sizing up the current market, which forms the basis for forecasting how the market is anticipated to take shape during the forecast period. Given the characteristics of the market, TMR triangulated the data on the basis of various analysis based on both supply side and demand side. However, quantifying the market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them at the end of the forecast period.
Global Homeopathy Product Market: Scope of the Report
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the market and identify the right opportunities in the homeopathy product market.
As previously highlighted, the market for homeopathy product is split into various sub-segments or categories, on the basis of region, product type, application, and source; all these sub-segments or categories have been analysed in terms of Basis Points (BPS) to understand the individual segments’ relative contribution to market growth. This detailed level of information is important for identification of many key trends in the homeopathy product market.
Another key feature of this report is the analysis of the homeopathy product market by region, product type, application, and source and its revenue forecast in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global homeopathy product market.
In order to understand key growth segments in terms of growth and performance of the homeopathy product market, Persistence Market Research developed a market attractiveness index. The resulting index should help providers identify real market opportunities.
Global Homeopathy Product Market: Competitive Dynamics
In the final section of the report, the homeopathy product competitive landscape is included to provide report audiences with a dashboard view of the market players and company analysis, based on categories of providers across the value chain, their presence in the homeopathy product portfolio and key differentiators. Some of the major market players featured in this section are:
- Boiron Group
- Biologische Heilmittel Heel GmbH
- A Nelson & Co Ltd
- GMP Laboratories of America, Inc.
- Standard Homeopathic Company (Hyland's, Inc.)
- Washington Homeopathic Products, Inc.
- Homeocan inc.
- Hahnemann Laboratories, Inc.
- Mediral International Inc.
- Ainsworths Ltd.