Published: Feb, 2018
The global homeopathy product market has been experiencing a heavy presence of small and medium enterprises (SMEs), as noted by Transparency Market Research (TMR) in its latest report. This could be evident from a just over 27.0% share jointly accumulated by five leading players in 2015. In the same year, a 17.3% share was secured by Boiron Group, which is considered to be significant enough to influence the direction of the market. The company has been able to hold a commanding position in the industry due to its telling presence in key regions such as the Middle East and Africa (MEA), Asia Pacific, North America, and Europe.
Domain experts at TMR prognosticate the global homeopathy product market to make a drastic progress during the forecast tenure 2016-2024 at an 18.2% CAGR. As the final forecast year sees completion, the market could post a revenue collection of US$17.4 bn progressing from a US$3.8 bn collected in 2015. Dilutions are foreseen to be a lucrative product to focus on since they could bag a king’s share of the market while expanding at a CAGR of 17.8%. Although the MEA could rank higher on the basis of CAGR, Europe is anticipated to outclass every other region with its dominating share of a 36.4% by 2024.
Manufactures Bank on Consistent Demand for Convenient Dosages of Medicines
Homeopathy product manufacturers could cash in on the increasing concerns of allopathic medicines on the part of their high usage. The prolonged usage of allopathic medicines could have serious side effects, about which consumers and non-consumers are becoming increasingly aware. Seasoned analysts expect this to be a crucial factor escalating the demand in the world homeopathy product market since consumers are desperately looking for alternative treatments.
A TMR analyst has stated that the market is predicted to be on the brink of being a mainstay in most important regions. An independent survey conducted in the recent past had revealed a lush amount of spending on homeopathy products in North America alone. Manufacturers of homeopathy products are envisioned to keep a close eye on the rise of various diseases around the globe, which has been swelling the requirement of different drugs and medicines.
Lack of Quality Standardization Affects Sales of Homeopathy Medicines and Drugs
Suppliers of homeopathy products are envisaged to suffer when operating in the global market because of a substantial shortfall in quality control. It could be challenging to implement quality assurance standards with a consolidated effort because a considerable part of the total market revenue is collected by SMEs dispersed across key regions. Manufacturers are prophesied to face the brunt of reduced demand and negative customer experience on account of the lack of adherence to sound manufacturing practices, thus compromising product quality to a significant degree.
However, players have been taking to the adoption of powerful business strategies such as geographical expansion into the MEA and Asia Pacific and strong promotional and marketing activities to cement their position in the international homeopathy product market. Moreover, there has been an intelligent usage of the extremely influential ecommerce marketplace, which could be an evidence of competent opportunities prevailing in the industry.
The information presented in this review is based on a TMR report, titled “Homeopathy Product Market (Product - Tincture, Dilutions, Biochemics, Ointments, and Tablets; Application - Analgesic and Antipyretic, Respiratory, Neurology, Immunology, Gastroenterology, and Dermatology; Source - Plants, Animals, and Minerals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
- Europe to steer the ship for the global homeopathy product market with a higher share.
- Players to leverage the benefits of the highly influential ecommerce marketplace.
The global homeopathy product market has been segmented as presented below:
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 (LATAM)
- Rest of LATAM
- Rest of Europe
- Asia Pacific (APAC)
- Australia and New Zealand
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
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