Homeopathic Products Market Size to Hit USD 19.7 Bn by 2030

Ottawa, Nov. 16, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global homeopathic products market size was valued at US$ 6.2 billion in 2020. The increasing demand for the complementary and alternative medicine is expected to drive the global homeopathic product market. According to the British Homeopathic Association, homeopathy is a natural form of medicine that cures both the acute and chronic diseases from the roots and prevents ant type of side-effects. As per the data published by the Homeopathy Research Institute, around 200 million people across the globe use homeopathic products on a regular basis.

The rising prevalence of chronic diseases among the population is a significant driver of the homeopathic product market. According to the World Health Organization, the developing countries are expected to witness maximum number of chronic diseases among its population owing to the rapidly growing population. Furthermore, the rising inclination towards the non-invasive treatment is fostering the market growth. The invasive treatment are too costly and certain health complications may arise after the treatment. On the other hand, the homeopathy offers orally administered medicines and are free from side effects and are cheaper. This is a major driver of the homeopathic product market.

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The rising investments in the expansion, new product launches, and research & developmental activities adopted by the top players are expected to boost the growth of the market during the forecast period. Companies are trying to develop innovative ways to extract ingredients from plants and minerals. Furthermore, the surging awareness among the population regarding the gene-targeted treatment in the homeopathy is resulting in a burgeoning demand for the homeopathic products across the globe.

The rising prevalence of chronic diseases, growing geriatric population, high healthcare expenses related to the modern healthcare treatment centers, rising awareness regarding the effectiveness of homeopathy medicines, cheaper cost of medicines, and rising consumer expenditure on health and wellness are some of the important factors that are accountable for the growth of the global homeopathic product market during the forecast period.

Scope of the Homeopathic Products Market

The North America dominated the market in 2020, in terms of revenue. The North American population is becoming more aware of the recent developments in the homeopathic products. Further, the growing popularity of gene-targeted treatment is boosting the demand in the region. The government initiatives to protect those patients who prefers homeopathic treatment may impact the market growth. Food and Drug Administration of the US is to update its policies regarding the homeopathic products to ensure safe ingredients and good manufacturing practices in the industry. These factors are expected to propel the growth of the homeopathic product market in North America.

Asia Pacific is expected to be the fastest-growing market. The presence of huge population coupled with rising burden of disease is fostering the market. Moreover, the huge youth population is expected to boost the demand for the homeopathic products to treat acne and skin related issues as the homeopathy offers very effective and permanent treatment for various skin related issues like acne and pimples. Further, the rising popularity of homeopathy clinic chains in the region is fostering the market growth.

The rising popularity of tablet form of homeopathic medicines is gaining traction among the population. The homeopathic treatments are very much effective when the medicine doses are taken in accurate amounts and hence tablet form of medicine offers accurate dosage and ease and convenience associated with the consumption and storage of the tablets is fueling the growth of the homeopathic product market, globally.

The increased demand for the analgesic and antipyretic has significantly contributed towards the market growth. The analgesic and antipyretics are extensively used for the treatment of common conditions such as fever, cold, flu, headaches, and toothaches. Moreover, the rapidly growing demand for the respiratory treatment medicines in the recent years owing to the rising prevalence of asthma and other respiratory syndromes is expected to drive the market in the forthcoming years.

The increased usage of plant based sources for the preparation of homeopathic medicines has dominantly driven the homeopathic market. Maximum volume of homeopathic products are produced from the extracts of plants, herbs, leaves, roots, fruits, and vegetable. These naturally derived sources helps to trigger the healing properties of the human body.

The various developmental strategies like new product and expansion strategies fosters market growth and offers lucrative growth opportunities to the market players. For instance, in February 2020, Dr. Reckeweg & Co. announced to expand its product portfolio to include cannabis products for medical purposes.

Report Highlights

• Based on product type, the market is segmented into dilutions, tincture, tablets, bio-chemics, ointments and others. The dilutions segment accounted largest revenue share in 2020 and the trend is likely to continue during the forecast period. The tablets segment is projected to witness fastest growing segment in near future.
• Based on application, the market is segmented into analgesic and antipyretic, dermatology, respiratory, neurology, immunology, gastroenterology, and others. The analgesic and antipyretic segment accounted largest revenue share in 2020. On the other hand, the respiratory segment is anticipated to grow at a remarkable CAGR over the forecast period 2021 to 2030.
• Based on source, the plant segment dominated market share for over 65% in 2020, owing to the extensive use of plants, herbs, vegetable, flowers, roots, leaves, and fruits in the preparation of medicines across the globe.
• Based on region, Europe dominated the market with 65% revenue share in 2020 due to growing geriatric population.

Key Players

The key players operating in the homeopathic products market are Hyland’s Homeopathic, Arogya, Bakson, Helios Homeopathy, Rxhomeo, BoironUSA, BiologischeHeilmittel Heel GmbH, A Nelson & Co Ltd, Homeocaninc., SBL, Hahnemann Laboratories, Mediral International Inc, AinsworthsLtd., Hevert - Arzneimittel GmbH & Co. KG, BioIndiaPharma, Bioforce, SchwabeGroup, and Lord’S Homeopathic Laboratory (P) Ltd..

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