Europe to Dominate Homeopathy Market, MEA to Exhibit Fastest Growth
The Global Homeopathy Market is expected to grow at a robust CAGR of 14.6% over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global homeopathy market is mainly driven by the growing demand for alternative medicine that is free from the encumbrances of the scientific method and evidence-based progression. The growing number of people willing to believe in lifestyle and medicinal systems that don’t fit the conventional model of natural laws is likely to be a major driver for the global homeopathy market over the forecast period.
The growing prevalence of minor conditions that don’t warrant any major medicinal intervention is likely to be the major driver for the global homeopathy market over the forecast period, as homeopathy is shown to have no effect on major ailments. Due to not containing any active ingredients, unlike medicine, homeopathy is inherently safer than the latter. This has driven widespread adoption of homeopathic medicine among adults as well as children. Since homeopathic medicine consists of simple sugar pills and other such simplistic formulations, even infants and geriatric individuals can safely consume homeopathic medicine.
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The absence of active ingredients in homeopathy also makes it safe from the risk of accidental overconsumption, as not having any active ingredients means that the risk they pose is also removed. This is likely to remain the major driver for the global homeopathy market over the forecast period.
On the other hand, the growing campaign by science-based medicine researchers to limit the claims of homeopathy and introduce it to evidence-based research methodologies is likely to hinder the growth of the global homeopathy market. Several respected scientific institutions have come out in recent years against homeopathy being considered as being equivalent to other, evidence-based medicine, due to the clear lack of evidence demonstrating the efficacy of homeopathic medication. Though this hasn’t dented the popular appeal of homeopathy, insurance agencies have on occasion removed homeopathic medicine from their coverage. This could hinder the global homeopathy market over the forecast period.
The global homeopathy market is expected to rise to a valuation of USD 31,459.6 million by 2023.
Competitive Analysis:
Leading players in the global Homeopathy market include Boiron Group, Heel, Nelson & Co. Ltd., GMP Laboratories, Homeocan Inc., Hyland, and Weleda.
Industry Updates:
In March 2019, the French Academy of Medicine and Academy of Pharmacy published a report urging the French government to remove the reimbursement coverage for homeopathic medicine, on the basis of the demonstrated fact that homeopathic medicine doesn’t work. The French healthcare system is in the red at the present, resulting in efforts being made to clear out the deadwood and make the system profitable again.
Also in March 2019, Canada stopped funding homeopathic therapies in Honduras, citing the need to reduce its expenditure on medicine that hasn’t been shown to work.
Segmentation:
The global homeopathy market is segmented on the basis of type, application, source, end user, and region.
On the basis of type, the global homeopathy market is segmented into dilutions, tincture, biochemics, ointments, tablets, and others. Tinctures are the fastest growing segment and are expected to exhibit a CAGR of 14.82% over the forecast period.
On the basis of the application, the homeopathy market is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others.
On the basis of the source, the market is segmented into plants, animals, and minerals.
On the basis of end user, the homeopathy market is segmented into homeopathic clinics, hospitals, retailers, e-retailers, research laboratories, and others.
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Regional Analysis:
Europe is the largest regional market for homeopathic medicine and is likely to reach a valuation of USD 11,347.7 million by 2023. The origin of homeopathy was in Europe, which gives the region the first mover advantage in the homeopathy market.
The Middle East and Africa is the fastest growing regional market for homeopathic medicine and is likely to exhibit a CAGR of 16.09% over the forecast period.
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