Global Homeopathy Market – Overview
The global homeopathy market is expected to grow at a CAGR of 14.60% during the forecast period 2017-2023. Homeopathy is a field of alternative medicine, introduced by Samuel Hahnemann in 1976. Today, homeopathy is one of the most popular form of alternative medicine. 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. Growing need for alternate treatment methodologies for chronic diseases, easy to use & user friendly for all age group of patients especially for increasing pediatric & geriatric population and economical treatment as compare to other treatment protocols are the major drivers for the market growth.
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According to World health Organization, homeopathic medicine is the most popular traditional, complementary and alternative Medicine (TCAM) in countries with a GDP > $15,000, and the second most (after Herbal) in countries with GDP < $15,000. However, negative opening & publicity against homeopathy medicine and false advertising and misleading claims made by homeopaths will restrain them market growth during the forecast period. In 2010, the UK Government Science & Technology Committee analysed the research into homeopathy & concluded that homeopathic products perform no better than placebos. Moreover, in 2006, a newsnight investigation revealed that homeopaths told undercover reporters that homeopathic preparations could be used to prevent malaria, this advice was roundly condemned as dangerous & potentially life threatening.
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
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Global Homeopathy market – Regional Analysis
Major driving factors for the market are increasing the prevalence of chronic diseases, increasing government support, and well-developed technology. According to the OECD, the healthcare expenditure in Germany was EUR 321 billion in 2014, which is followed by France with healthcare expenditure of EUR 237 billion. People and healthcare organizations in this region are able to afford various alternative methods of treatment, which has helped in driving the growth of the market. In addition to this, increasing government support and funding for the development and improving treatment has provided fuel for the growth of the homeopathy market. The Americas accounted the second largest share in the market owing to well-developed technology, high healthcare expenditure and the presence of the leading players. While the Asia Pacific is the second fastest growing in homeopathy market. Increasing need for better treatment methods, rapidly improving technology, and the presence of huge patient pool drives the growth of this market in Asia Pacific region.
Major TOC of Homeopathy Market Research Report – Global Forecast till 2023:
1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Homeopathy Market, by Type
7 Global Homeopathy Market, by Applications
8 Global Homeopathy Market, by Source
9 Global Homeopathy Market, By End User
10 Global Homeopathy Market, By Region
11 Competitive Landscape
12 Company Profiles
13 MRFR Conclusion
15 List of Tables$
16 List of Figures
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