Homeopathy Product Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Homeopathy Product Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The homeopathy product market studied was projected to grow with a CAGR of nearly 18.3% over the forecast period (2022-2027).

In recent times, countries have faced a huge threat of COVID-19. As per the World Health Organization (WHO), coronavirus disease is an infectious disease, and most people infected with the COVID-19 virus will experience mild to moderate respiratory illness. Homeopathic products have profound use in multiple disease areas. It has been regularly used for treating COVID-19-positive patients, and COVID-19 had a significant impact on the studied market growth. The study "Homeopathic Treatment for COVID-19-Related Symptoms: A Case Series" published in February 2022, stated that patients responded to homeopathic treatment in an unexpectedly short period, improving both physically and mentally. Therefore, positive results of homeopathic treatments will encourage their usage and will boost the market during the study period.

The major factor attributing to the growth of the market is the increase in the incidence of lifestyle diseases like heart disease, stroke, obesity, and type 2 diabetes, and diseases associated with smoking and alcohol and drug abuse are the major factors boosting the market growth. For instance, according to the December 2021 report from the International Diabetes Federation (IDF), about 543 million people of age 20 to 79 years were living with diabetes in 2021, globally, and the overall number of diabetes patients is expected to increase to 643 million by 2030 and 783 million by 2045. Further, as per the same source, approximately 240 million (1 in 2) adults were living with undiagnosed diabetes, and 541 million adults are at increased risk of developing type 2 diabetes. Thus, the growing prevalence of diabetes and its risk factors are expected to boost the homeopathy product market significantly.

Furthermore, the growing awareness regarding homeopathy medicine, adoption of key strategies for promoting the usage of homeopathy medicines, and active promotions regarding it are propelling the market growth. For instance, in April 2022, Dr. Batra’s Clinic is expected to increase its homeopathy clinic network to 225 centers in 2022-23 by expanding its footprint in smaller towns and cities. This will improve the accessibility of homeopathy medicine in untapped regions, which will increase its demand, thus driving the market. Furthermore, in September 2021, Dr. Batra's launched homeopathy treatments for food, skin, and respiratory allergies, thus boosting the market.

Thus, due to the above-mentioned factors, the studied market is expected to have significant growth during the study period. However, the stringent regulations by the governments of many developed countries are the major drawback of market growth.

Key Market TrendsDilutions Segment is Dominating the Homeopathy Product Market Over the Forecast Period

Homeopathic dilution, also known as dynamization or potentisation, is a procedure in which a substance is diluted with alcohol or distilled water and then vigorously shaken. Insoluble solids, such as quartz and oyster shell, are diluted by grinding them with lactose. Homeopathic dilutions are used to increase active principles in medicinal plants, detoxify plants, increase plant growth rate and fruit production, improve plant metabolism, and control diseases.

The rising awareness of the efficiency of alternative medical practices is the key factor that has led to the burgeoning demand for homeopathy products all over the world. A growing volume of the population showing a tendency toward alternate medical systems for the treatment of chronic diseases is a crucial trend highlighting the demand for homeopathy dilution products. The escalating demand is supported largely by the rising belief in the efficacy of homeopathy dilutions and the growing disposable incomes, especially in emerging economies. Furthermore, the rising prevalence of lifestyle diseases is also another factor boosting the segment.

According to the study "Low-dose Drosera rotundifolia induces gene expression changes in 16HBE human bronchial epithelial cells," published in January 2021, shows that a diluted herbal extract used in a traditional homeopathic pharmacopeia can induce a change in mRNA expression that can be measured reliably and reproducibly. Thus, the studies showing a significant impact of homeopathic dilutions will increase its adaptability, thus leading to lucrative growth of the market.

Thus, due to the above-mentioned factors, the studied segment is expected to contribute significantly to the market growth during the study period.

Asia-Pacific is the Fastest Growing Region of the Homeopathy Product Market

The Asia-Pacific region experiences the fastest growth in the market due to the rising demand for alternative medicine and increasing awareness of the system. Further, the increasing prevalence of lifestyle diseases like heart disease, stroke, obesity, and type 2 diabetes in the region is boosting the market growth. According to a report published by the National Center for Cardiovascular Diseases, 2020, the number of cardiovascular patients in China was to stand at 330 million. From 2009 to 2019, the number of operations for coronary heart disease in China increased from 230,000 to more than 1 million a year.

In this region, India is the largest market owing to its large homeopathic infrastructure in the world and an increasing number of homeopathic institutes and research centers, and the increasing incidence of lifestyle diseases. For instance, according to a new report released by the World Obesity Federation in July 2021, India is expected to have over 27 million children with obesity by 2030. Childhood obesity is now a growing public health concern in low and middle-income countries where early prevention is critical. As per the statistics, the increasing lifestyle diseases and increasing awareness of homeopathy products are propelling the market growth.

Additionally, the launch of homeopathy services in the region will also propel market growth. For instance, in April 2022, the state government of Pune is expected to launch Outdoor Patient Department (OPD) services for homeopathy medicine in state-run rural government hospitals. This will also ensure that more homeopathic doctors are recruited in the government hospitals. Additionally, in May 2022, Regional Research Institute (Homeopathy) Guwahati started the three-year (2022-2025) ‘Homeopathy for School Health Programme’ at various government schools in Guwahati. This will incorporate a homeopathic approach in lower primary schools so that more and more children get benefitted. Thus, the increasing awareness of homeopathic medicine across the regions will drive the market growth.

Thus, due to the rising burden of chronic diseases in the region and launch of homeopathy services will further boost the market growth.

Competitive Landscape

The Homeopathy Product market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Boiron USA, Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, Homeocan inc., SBL, Hahnemann Laboratories, Mediral International Inc, Ainsworths Ltd., Hevert - Arzneimittel GmbH & Co. KG.

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