The Insight Partners Latest Research on “Homeopathy Market Forecast to 2028″ Focuses COVID-19 Impact and Global Analysis By Source (Plants, Animals, and Minerals), Type (Dilutions, Tinctures, Biochemics, Ointments, Tablets, and Others), Application (Analgesic and Antipyretic, Respiratory, Neurology, Immunology, Gastroenterology, Dermatology, and Others), and Distribution Channel (Homeopathic Clinics, Retailers, e-Retailers and Others)
“Homeopathy Market is expected to reach US$ 13,518.62 million by 2028 from US$ 4,609.55 million in 2020; it is expected to grow at a CAGR of 14.4% from 2021 to 2028. The homeopathy market growth is attributed to the safety associated with homeopathic products and the rise in adoption of homeopathic medicine, which is expected to significantly increase the homeopathy market size. These drivers are expected to have significant impacts on the homeopathy market size.
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However, the stringent regulatory approval processes are expected to hamper the growth of the homeopathy market. The homeopathy market report also studies the ongoing opportunities and homeopathy market trends that can have a significant impact on the market growth potential.
Homeopathy Market Segmentations:
Based on source, the homeopathy market can be segmented into plants, animals, and minerals. The plant segment held the largest share of the homeopathy market in 2020 and is expected to continue its dominance during the forecast period. The plant segment is expected to witness the highest CAGR during the forecast period. A majority of homeopathic drugs are derived from plants or plant parts such as bark, flower, roots, leaves, and others. The segment is expected to hold almost two-thirds of the market during the forecast period.
Based on the type, the homeopathy market is segmented into dilutions, tinctures, biochemics, ointments, tablets, and others. The dilutions segment held the largest share of the market in 2020 and is expected to have a significant share of the market during the forecast period. However, the ointments segment is expected to witness the highest CAGR from 2021 to 2028.
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There are growing customer concerns about the potential side effects of allopathic pharmaceutical drugs or regular medication. Hence, in Asian and European countries, consumers have been turning to alternative medicines, such as natural remedies, homeopathy, and other supplements. Some skilled homeopaths have also been promoting the benefits of alternative medicine, especially to patients suffering from chronic health conditions such as cardiovascular disease and cancer. Moreover, a study published in the Scandinavian Journal of Public Health, 2017 stated that alternative practices are primarily used in a complementary manner or in combination with traditional medicine. For instance, Curcuma longa (turmeric) is one of the natural ingredients that is steeped in homeopathic, a traditional form of medicine that originates from India. These conventional or alternative types of medicines are gaining popularity in Europe, and natural ingredient suppliers in developing countries are benefiting. As a result of the widespread use of homeopathic treatments, the industry is expected to expand.
Leading Companies are:
- Fourrts, Allen Healthcare Co. Ltd.
- Hahnemann Laboratories Inc
- Boiron, Homeocan Inc
- Hyland’s Inc
- Nelson Pharmacies Limited
- Weleda UK
- Biologische Heilmittel Heel GmbH
- Ainsworths (London) Limited
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