Market Research Future (MRFR) in its recently published study report asserts that the already booming market of Homeopathy is expected to gain prominence over the forecast period. The market is forecasted to reach high in revenue by the end of 2023, growing at a CAGR of 14.60% during 2017-2023.
Global Homeopathy Market – Competitive Analysis
The Global Homeopathy Market seems to be very lucrative, attractive & profitable market, both for existing as well as new entrants, at the same time intense rivalry among existing competitors have been observed. Our analysis revealed that the market players have adopted different strategy to increase their business and position in global homeopathy market. In recent years strategic movement by major players such as: focus more on over the counter business, e-pharmacy promotion, apart from that major players and parent company are involved in spreading business by making subsidiaries, which have been used as market penetration strategy and reduce competition. The major players in global homeopathy market such as Boiron Group, Weleda, Biologische Heilmittel Heel GmbH, Standard Homeopathic Company Hyland’s Inc., A Nelson & Co Ltd, GMP Laboratories of America Inc. and others.
Boiron Group, Weleda & Biologische Heilmittel Heel GmbH, are the top three players in Global Homeopathy Market, contributing all most 11% of total global market.
In 2016, Boiron launched, Arnigel in 120 gram format in France and Spain, Sédatif PC in 90 tablet format in Italy and Portugal, Magnésium 300+ in Portugal and Slovakia, Homéoptic and Stodaline in Belgium, Oscillococcinum in 30 dose format in South Africa, Camilia in 30 single dose format in Tunisia.
In 2016, global sales of the natural and organic cosmetics business segment of Weleda grew by a total of 2.1% compared with 2015. The growth regions of Western Europe, South America, Asia and Pacific as well as Central and Eastern Europe including Russia were primarily responsible for the increase.
In Aug-2017, following the successful launches of RESCUE PLUS® Lozenge and RESCUE PLUS® Effervescent, the RESCUE brands’ most popular formats, Dropper and Spray, have joined the sub-brand – adding vitamins B5 and B12 to the unique five flower essence formula as well as strong on-pack consumer claims.
Global Homeopathy Market – Key Findings
- The global homeopathy market is expected to reach USD 31459.6 million by 2023 at a CAGR of 14.60%
- Tincture is the fastest growing segment, which is projected grow at a CAGR of 14.82% during the forecast period from 2017-2023
- The Europe captured the largest share of the global market and is expected to reach USD 11347.7 million by 2023.
- The Middle East & Africa is the fastest growing region across the globe and is expected to grow at a CAGR of 16.09% during the forecast period.
Global Homeopathy Market – Segmentation
The Global Homeopathy Market is segmented on the basis of types, application, source, and end user. On the basis the types, it is segmented into dilutions, tincture, biochemics, ointments, tablets, and others. On the basis of the application, it is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others.
On the basis of the source, it is segmented into plants, animals, and minerals. On the basis of end user homeopathic clinic, hospitals, retailer, e- retailer, research laboratories, and others.
Global Homeopathy Market – Dominant Players
Some of the key players in this market are
- Boiron Group
- Nelson & Co Ltd
- Homeocan inc
- GMP Laboratories
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Global Homeopathy Market – Overview
Homeopathy is a field of alternative medicine, introduced by Samuel Hahnemann in 1976. It works on the principle of similarity of symptoms i.e. a substance causing symptoms of disease in healthy individual will show same symptoms in the sick. Homeopathy is one of the most popular alternative forms of medicine available today. It first started in Germany over 200 years ago and has since aided people globally to find a safer treatments for various problems. Homeopathy has been acclaimed and disapproved in equal measure and it is trusted by most of the users. The treatment by homeopathy has been found highly effective for chronic diseases and its benefits in skin and hair problems have been widely researched and validated.
The global homeopathy market is growing moderately due to the growing need for alternate treatment methodologies for chronic diseases and economical treatment as compare to other treatment protocols. Homeopathy is safe and effective, easy to use & user friendly for all age group of patients especially for increasing pediatric & geriatric population. Additionally, homeopathy highly profitable business, growing prevalence rate related to hair & skin ailments is likely to drive the market growth over the review period.
However, negative opening & publicity against homeopathy medicine, false advertising and misleading claims made by homeopaths, lack of funding, limited research & development in the field of homeopathy, poor awareness campaign in favour of homeopathy medicine may hamper the market growth during the forecast period. The Global Homeopathy Market is expected to grow at a CAGR of 14.60% during the forecast period 2017-2023.
Global Homeopathy Market – Regional Analysis
The Europe dominate the global homeopathy market owing to the presence of huge patient population suffering from cancer, changing lifestyle and increasing government support for research & development. Americas accounts for the second largest market for the homeopathy which is followed by Asia Pacific. Government support for the research and presence of huge patient pool has driven the market in Europe region. Asia Pacific is the fastest growing market owing to the huge population base, increasing prevalence of chronic diseases, rapidly developing economies and presence of huge opportunity for the growth of the market. The Middle East & Africa is expected to have limited market but sound growth. Middle East is dominating this market by holding major share of the Middle East & Africa market owing to a well-developed technology and healthcare sector.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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