Homeopathy is a medical practice and philosophy based on the principle that the human body has the innate ability to heal itself. Established in late 1700s in Germany and developed by Dr. Samuel Hahnemann, homeopathy has been widely practiced in Europe. Homeopathic medicines contain exceptionally dilute amounts of natural substances that aid in treating a wide range of ailments. Homeopathic medicines are manufactured by a process of succession and serial dilution.
Global Homeopathy Product Market: Key Trends
The global homeopathy product market is driven by factors such as rise in demand for suitable dosages of a variety of medicines, aversion to allopathic medicines, and growth in consumer confidence about alternate treatment methodologies. Plus, cost-effective homeopathy medicines are propelling the market growth.
However, the market growth will be negatively impacted by the complete absence of quality control and regulations within the global homeopathy products market. Every manufacturing industry needs to follow certain manufacturing practices, but the global homeopathy products market is not following suit. To a great extent, this is invariably compromising the quality of medicines and creating negative consumer experiences and reducing demand.
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Global Homeopathy Product Market: Market Potential
The benefits of homeopathy medicines are known worldwide and have managed to change the perception about alternative medicines. In a recent development, a research team led by Dr Kushal Banerjee and researchers from the University of Oxford, the Homeopathy Research Institute, London, and the Imperial College, London came together to test the effectiveness of homeopathy for the treatment of a condition called Allergic Rhinitis (AR).
Affecting 500 million people globally, AR is being increasingly considered as a predecessor to the development of bronchial asthma. The symptoms of AR include blocked and running nose, sneezing, and watering and burning eyes. This condition is very common to those living in urban areas with high levels of pollution. By collecting the data from trials, the researchers came to a conclusion that homeopathic treatment can be used effectively for treating the symptoms of AR. GalphimiaGlauca - a homeopathic medicine from the herb of the same name is effective in treatment of AR symptoms. A homeopathic nasal spray was also found to have some positive outcome.
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Global Homeopathy Product Market: Regional Outlook
On account of escalating population and high demand for alternative low-cost medicines, Asia Pacific is expected to hold a significant share in the market during the forecast period. In addition, increasing sales of homeopathic products and stiff competition among homeopathic product manufacturers across key developing and developed countries in the region will supplement the demand growth.
The Middle East and Africa will register a strong CAGR during the forecast period as over the last few years there has been a rise in disposable income and this has consequently led to a surge in the number of consumers able to pay for homeopathy product.
Global Homeopathy Product Market: Competitive Analysis
Standard Homeopathic Company (Hyland's, Inc.), Homeocan inc., Boiron Group, A Nelson & Co Ltd, Biologische Heilmittel Heel GmbH, GMP Laboratories of America, Inc., Mediral International Inc., Washington Homeopathic Products, Inc., Hahnemann Laboratories, Inc., and Ainsworths Ltd are the leading players operating in the global homeopathy product market.
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There are other prominent vendors that are struggling to uphold their position in the market due to intense competition. Through strategies such as increased emphasis on strong promotional and marketing activities and optimum usage of highly persuasive e-commerce marketplace, players will gain increased traction in the global market.
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