Homeopathic Products Market Outlook 2031
- The global homeopathic products market was valued at US$ 10.7 Bn in 2021
- The global market is projected to advance at a CAGR of 11.6% from 2022 to 2031
- The global homeopathic products market is anticipated to reach more than US$ 32.4 Bn by the end of 2031
Homeopathic Products Market Introduction
Homeopathy is an alternative medical system created more than 200 years ago in Germany. Homoeopathic products are made from various sources, including plants, animals, and minerals. Typically, the products are composed of pellets that are meant to be ingested under the tongue. These could also come in different formulations including pills, ointments, drops, creams, and gels. Homeopathy primarily distinguishes between the clinical patterns of the signs & symptoms that are distinct from those of personalized medicine and uses a separate diagnostic method to allocate remedies to specific individuals.
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Homeopathic and herbal products have similarities, but they are not the same. They differ in the remedy. Herbal medicines can be either the medicinal plant or the extract from it. It could include roots and stem. More often, it can include the flowers, medicines, etc. There is one big difference between the homeopathic and herbal products, i.e., the concentration of the medicine. Herbal medicines have measurable amount of active ingredients, while homeopathic medicines contain little or no active ingredients. Homeopathic medicine products are usually dilute and even inert. Homeopathic medicine products are available on both the platforms. One can avail homeopathic products online or purchase from stores.
In 2016, the U.S. Federal Trade Commission (FTC) declared that it would hold efficacy and safety claims for over-the-counter homeopathic medicines to the same standards as those for other products making comparable claims. Additionally, it is noted that businesses should have the qualified and trustworthy scientific proof the FTC demands for any health-related claims, including those stating a product could treat a certain ailment. According to a 2016 review of survey data, majority of persons who take homoeopathic remedies do so for musculoskeletal discomfort and colds.
Increase in Demand for Complementary and Alternative Medicine/Traditional Medicine to Drive Global Homeopathic Products Market
Numerous contemporary medical issues can be resolved with homeopathy as a complementary and alternative medicine (CAM) and holistic treatment. A German physician named Samuel Hahnemann first created homeopathy. Based on the ‘like cures like’ theory, about 3,000 homeopathic remedies were used to treat ailments (similia similibus curentur). Studies have shown that more people are using complementary and alternative medicine (CAM), including those who are unable to pay for traditional medical care.
According to the Homeopathy Research Institute (HRI), more than 200 million people across the world regularly use homeopathy. It is integrated into the national health systems of several countries such as Brazil, Chile, India, Mexico, Pakistan, and Switzerland. Hence, increase in preference for complementary and alternative medicine (CAM)/traditional medicine over conventional medicine is driving the alternative medicines market.
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Rise in Prevalence of Diseases, especially Chronic Diseases, to Drive Demand for Homeopathic Products
Chronic diseases are the leading causes of death and disability globally. Incidence of comorbidities with these diseases is accelerating globally, developing in all regions and affecting all social and economic classes. Chronic diseases are primarily defined in terms of biomedical disease categories, such as diabetes, asthma, and depression. Chronic diseases are one of the most common and expensive health issues in the U.S. Nearly half of the people of the country (about 45% or 133 million) have at least one chronic disease, and the number is increasing. Chronic diseases such as cancer, diabetes, high blood pressure, stroke, heart disease, respiratory disease, arthritis, obesity and oral disease could lead to hospitalization, long-term disability, reduction in quality of life, death, and disability. In the U.S. alone, chronic diseases account for nearly 75% of total healthcare costs, or about US$ 5,300 per person per year, according to the Centers for Disease Control and Prevention.
According to the National Health Service (NHS), homeopathy is used for a very wide range of health conditions. Several practitioners believe it helps with all conditions. As per homeopathic products market research, the most common conditions for which people seek homeopathic treatment include asthma, ear infections, hay fever; psychiatric disorders such as depression, stress and anxiety; allergies such as food allergies and dermatitis (allergic skin disease); arthritis; and high blood pressure. Therefore, rise in prevalence of various chronic diseases is expected to augment the global homeopathic products market revenue.
Dilutions Segment Dominated Global Homeopathic Products Market
In terms of product type, the global homeopathic products market has been classified into tinctures, dilutions, bio-chemic, ointment, tablet, and others. The dilutions segment dominated the global market and held a major share in 2021. Homeopaths claim that each dilution is meant to make the remedy increasingly stronger, by which they mean more potent. A solution that is more dilute is described as having a higher potency, and the more dilute substances are considered by homeopaths to be stronger and deeper-acting.
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Rise in Demand for Homeopathic Medicines Propelling Immunology Segment
Based on application, the global homeopathic products market has been segregated into analgesic & antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. The immunology segment accounted for major share of the global market in 2021. Immunology deals with physiological functioning of the immune system in states of both health and disease as well as malfunctions of the immune system in immunological disorders such as allergies, hypersensitivities, immune deficiency, transplant rejection, and autoimmune disorders.
Increased Demand for Plant-sourced Homeopathic Products due to Better Drug Quality
In terms of source, the global homeopathic products market has been divided into plant, animals & minerals. The plants segment accounted for the largest share of the global homeopathic products market in 2021. Homeopathic products are primarily made up of plants to maintain the drug quality. The material is collected either from the wild or is cultivated in gardens under expert supervision.
Regional Analysis of Global Homeopathic Products Market
North America accounted for major share of the global homeopathic products market in 2021. The market in the region is likely to advance at a high CAGR from 2022 to 2031, owing to the high rate of adoption of homeopathic products. According to the Centers for Disease Control & Prevention, 6 in 10 people in the U.S. live with at least one chronic disease, such as heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the leading causes of death and disability in the U.S., and is also a leading factor driving healthcare costs.
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Asia Pacific held the second-largest share of the global market in 2021. The market in the region is likely to grow at a rapid pace from 2022 to 2031, owing to high rate of adoption of homeopathic products. Rise in awareness and acceptance of homeopathy and support from governing authorities make the region a highly lucrative market for homeopathic products.
Analysis of Key Players in Global Homeopathic Products Market
The global homeopathic products market is fragmented, with the presence of large number of local as well as international players. Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by the key players. Leading players in the global homeopathic products market are Boiron, Dr. Reckeweg & Co. GmbH, Hyland’s, Hahnemann Laboratories, Inc., Dr. Willmar Schwabe GmbH & Co. KG, Biologische Heilmittel Heel GmbH, Homeocan, Inc., Ainsworths (London) Limited, PEKANA, and SBL Pvt. Ltd.
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