The global market for homeopathy products is a fragmented on with the presence of several small and medium enterprises. In 2015, the top five companies accounted for only 27% of the market, with Boiron Group owning 17.3% of the shares. This influential position of Boiron Group is attributed to its strong presence across regions such as North America, Europe, Asia Pacific, and the Middle East and Africa (MEA). Some of the other notable vendors in global homeopathy products market are A Nelson & Co Ltd, GMP Laboratories of America, Inc., Biologische Heilmittel Heel GmbH, Standard Homeopathic Company, Homeocan Inc, and Washington Homeopathic Products.
The smaller players are expected to struggle to gain market share due to the stiff competition, although strategies such as increased focus on robust marketing and promotional activities, expansion across promising regional markets of Asia Pacific and MEA, and proper usage e-commerce may help them increase their position. According to the Transparency Market Research (TMR) report, the global homeopathy product market had an opportunity of US$3.9 bn in 2015. Rising at a robust CAGR of 18.2% during the forecast period of 2016 to 2024, the valuation is estimated to reach US$17.5 bn by the end of 2024.
MEA Outperforming Europe as Most Lucrative Regional Market
The TMR report segments the global market for homeopathy product on the basis of product type, application, source, and geography. By product type, the market is divided into tincture, dilutions, biochemics, ointments, tablets, and others. Out of these, the dilutions segment is anticipated to expand at the best CAGR of 17.8% during the forecast period, which is a reflection of increasing demand from convenient dosage forms. The segment of tincture is expected to remain second most lucrative product type, with ointments also promising considerable increase in demand until 2024.
By application, the market has been divided into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. By source, the market is categorized into plants, animals, and minerals. Geographically, the report studies the regional markets of North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Europe currently serves the maximum demand and will continue to account for the most significant share in the market. However, the Middle East and Africa region is estimated surge more rapidly. The Europe market for homeopathy products is projected to exhibit an 18.2% CAGR during the forecast period of 2016 to 2024 while the MEA market will expand at a 21.1% CAGR.
Lack of Quality Standards Hindering Adoption
The report observes that the demand in the global homeopathy products market has surged in the past few years, owing to reasons such as version of allopathic medicines, increase in consumer confidence about alternate treatment methods, and the consistent rise in the demand for convenient dosages of a variety of medicines. Due to the prevalence of several allopathic medicines which lead to side-effects, consumers are shifting toward homeopathic methodologies which are also believed to completely cure the diseases. Additionally, the disposable income has increased multifold among the individuals, especially among the urban population in developed and developing economies, which will further fuel the demand during the forecast period. Conversely, the lack of quality standardization is expected to hinder the growth rate. Currently, a significant chunk of market revenue is generated by small and medium sized businesses that are scattered over the key regions, which makes it difficult to assert a quality assurance standards.
The information presented in this review is based on a Transparency Market Research report, titled, “Homeopathy Product Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Segments of the Global Homeopathy Product Market
Global Homeopathy Product Market, Type:
Global Homeopathy Product Market, Application
- Analgesic and Antipyretic
Global Homeopathy Product Market, Source:
Global Homeopathy Product Market, Geography:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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