The major factors driving to the growth of the market are safety associated with homeopathic products and rise in adoption of homeopathic medicine. However, the stringent regulatory approvals restrain the market growth. Homeopathy market is a medicinal branch that believes that the body can heal itself. The healthcare professionals practicing homeopathy use minute amounts of natural substances from plants, animals, and minerals that stimulates the process of healing. It is widely used to treat allergies, migraines, depression, chronic fatigue syndrome, rheumatoid arthritis, irritable bowel syndrome, premenstrual syndrome, and other chronic diseases.
In Europe, there is an exponential growth in the number of COVID-19 confirmed cases. Spain, Germany, France, Italy, and the UK are the most affected countries in Europe. The region is among the top consumers of herbal medicinal products backed by the mounting awareness regarding the benefits of consuming herbal remedies. Moreover, strong government support with regard to new product launches bolsters the regional market. Regulatory authorities such as British herbal medicine association and European herbal & traditional medicine practitioners association are also striving to promote the use of herbal medicines, which also propels the market growth.
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Fourrts, Allen Healthcare Co. Ltd., Hahnemann Laboratories Inc, Boiron, Homeocan Inc, Hyland's Inc, Nelson Pharmacies Limited, Weleda UK, Biologische Heilmittel Heel GmbH, and Ainsworths (London) Limited are among the leading companies operating in the market.
Based on 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. The increasing inclination toward alternate medicine for the treatment of chronic diseases is boosting the market growth for dilutions segment. Further, the ointments segment is expected to grow at the highest CAGR during 2021–2028.
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.
The report segments global homeopathy market as Follows:
By Source
- Plants
- Animals
- Minerals
By Type
- Dilutions
- Tinctures
- Biochemics
- Ointments
- Tablets
- Others
By Application
- Analgesic and Antipyretic
- Respiratory
- Neurology
- Immunology
- Gastroenterology
- Dermatology
- Others
By Distribution Channel
- Homeopathic Clinics
- Retailers
- e-Retailers
- Others
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