The global Homeopathy Product Market is projected to register a healthy CAGR of 18.2% during the forecast period 2016-2024. The report provides insightful information on the global homeopathy product market pertaining to the market trends, competitive landscape, market dynamics, and market estimation and forecast for the projected eight-year period.
Rising disposable income increases the probability of consumer spending on healthcare leading to higher potential sales of homeopathy products. The average cost of homeopathic remedies lower than the average cost of allopathic medications, which is responsible economic factor for increasing the market share of homeopathic products in the healthcare industry. Consumer are more concerned about the adverse effect of allopathic medicine, therefore more people are shifting towards traditional medicine for diseases such as cough, cold & flu, neurological diseases, sexual problems, feminine problems, metabolic diseases, etc. The prevalence of diseases such as cancer, cardiovascular, diabetes, and sexual disorders are also expected to drive the growth of homeopathic products market. High demand for herbal and natural products due to adverse effect of synthetic products results in high demand for homeopathic products over the forecast period. Convenient and painless dosage form for patient unlike chemotherapy, infusions, injections etc. also driving the homeopathic product market.
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Technology innovations in formulation for instance Sarah McCann filled a patent on homeopathic composition and formulation for maintaining healthy weight in 2012, shifting towards alternative medicine will minimum side effects, and high demanding homeopathic remedy for children trending the growth of global homeopathy product market. There is also a rising trend of e-Commerce, high demand for low cost medical treatment, technology innovations in formulation, and high demand for low cost medical treatment has increased the demand for homeopathic products. These factors have led to a rapid growth of the global homeopathic product market over the last few years and this trend is likely to continue in the coming eight years.
Global homeopathic product is segmented on the basis of product type (tincture, dilutions, biochemics, ointments, tablet, and others), application (analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others), and source (plants, animals, and others).
On the basis of product type, the dilutions segment is anticipated to account for US$ 6,253.9 Mn by 2024, registering a substantially high CAGR of 17.8% over the forecast period with a relatively high value share of 35.8%. The tincture segment is expected to follow closely with a value share of 19.5% by 2024 and a CAGR of 17.8%. Revenue share of ointment segment is expected to increase from 10.3% in 2016 over 11.5% in 2024, with CAGR of 19.8%.
On the basis of application, the immunology segment is anticipated to account for US$ 3,289.2 Mn by 2024, registering a substantially high CAGR of 11.3% over the forecast period with a relatively high value share of 19.6%. The analgesic and antipyretic segment is expected to follow closely with a value share of 16.1% by 2024 and a CAGR of 18.2%. Revenue share of respiratory segment is expected to increase from 16.9% in 2016 over 18.1% in 2024, with CAGR of 19.3 %.
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On the basis of source, the plants segment is anticipated to account for US$ 9,734.9 Mn by 2024, registering a substantially high CAGR of 18.4% over the forecast period with a relatively high value share of 55.7%. The minerals segment is expected to follow with a value share of 24.8% and a CAGR of 18.6%. Whereas revenue share of animals segment is expected to decrease from 20.8% in 2016 over 19.5% in 2024, with CAGR of 17.2%.
The report covers the global mobile application market across five key regions namely – North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA). On the basis of region, Europe region is projected to remain dominant in homeopathic products market throughout the forecast period. Homeopathic product in Europe region is estimated to account for the largest market share of 37.9% in 2016 which is expected to decrease to 36.4% by 2024 at the CAGR of 18.2%. Homeopathic product is expected to witness robust growth in the APAC market driven by increasing population and demand for alternative low cost medicine in the region and the market is growing at the CAGR of 18.9 % over the forecast period. MEA is projected to be the fastest growing market over the forecast period, with a growth rate of 21.1%. The MEA region has witnessed rapid increase in disposable income over the last few years and this has subsequently led to an increase in the number of consumers able to pay for homeopathy product.
The report also profiles some of the leading homeopathic products manufacturers operating in the global homeopathic products market. Key market players featured in the report include Boiron Group, Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, GMP Laboratories of America, Inc., Standard Homeopathic Company (Hyland’s, Inc.), Washington Homeopathic Products, Inc., Homeocan inc., Hahnemann Laboratories, Inc., Mediral International Inc., and Ainsworths Ltd.
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