PUBLISHER: Orion Market Research | PRODUCT CODE: 1159141
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159141
Global Homeopathy Market Size, Share & Trends Analysis Report by Type (Ointments, Tincture, Dilutions, and Others), by Source (Minerals, Animals, Plants) and by Application (Dermatology, Gastroenterology, Immunology & Neurology, Respiratory, Analgesic & Antipyretic and Others) Forecast Period (2022-2028)
The global homeopathy market is anticipated to grow at a substantial CAGR of 14.4% during the forecast period. The growing prevalence of various diseases is the major factor indicating the growth of the Homeopathy Market. According to the Centers for Disease Control and Prevention (CDC), 6 in 10 adults in the US have a chronic disease and 4 in 10 adults in the US have two or more. For instance, according to The Homeopathy Research Institute (HRI) a study in 2021, involving 150 patients, found that homeopathy improved quality of life and prolonged survival time.
The global Homeopathy Market is segmented based on the type, source, and application. Based on the type, the market is segmented into tablets, ointments, tincture, dilutions, and others. Based on the source, the market is sub-segmented into minerals, animals, plants. Based on the application, the market is sub-segmented into the dermatology, gastroenterology, immunology & neurology, respiratory, analgesic and antipyretic, and others. The above-mentioned segments can be customized as per the requirements. The dilutions segment held the largest share in the market as using liquids the medicine can be diluted and made gentler in working. For instance, According to Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) a review of basic research on highly diluted homeopathic medicines found 98 replicated experiments, over 70% of replications were positive
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. After the Asia-Pacific, the North America is considered to hold prominent market share in the homeopathy market after the Asia-Pacific region. The growth is attributable due to the increasing prevalence of lifestyle diseases like heart disease, and stroke, obesity and type 2 diabetes in the region. According to the National Institute of Health, more than 6 million people in the US use homeopathy to treat health problems.
The major companies serving the global Homeopathy Market include Boiron, GMP Laboratories of America Inc., Hahnemann Laboratories, Inc., JNSON LABORATORIES (P) LTD., SBL, Dr. Willmar Schwabe India Pvt Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In 2018 Boiron launched pre-medicated standardized homeopathic medicines (Boiron Tubes) for the first time in India.
Research Methodology
The market study of the global homeopathy market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: