Growing awareness of alternative medicine has presented huge pathway for growth in adoption of homeopathy products. Individuals across the globe are opting for effective yet natural medications that offer permanent healing without side effects. People are more inclined towards medications, for instance homeopathy, that offer permanent cure to avoid unnecessary healthcare costs and inconvenience.
This has led to an upsurge in the use of alternative medicines, and in turn supported the growth in sales of homeopathy products. This has offered companies involved in manufacturing and distribution of homeopathy products an upward growth path with increasing number of patients preferring homeopathy over invasive medications and allopathy.
Vendors operating in the global homeopathy products market are Ainsworths Ltd., Mediral International Inc., Hahnemann Laboratories, Inc., Homeocan Inc., Washington Homeopathic Products, Inc., Standard Homeopathic Company (Hyland’s, Inc.), GMP Laboratories of America, Inc., A Nelson & Co Ltd., Biologische Heilmittel Heel GmbH and Boiron Group.
According to analysis carried out by Fact.MR, the global market for homeopathy products is poised to expand at a high value CAGR during the period of assessment, 2017-2026. By end of the year of assessment (2026), the sales of homeopathy products are estimated to touch a valuation of more than US$ 23 Bn and is projected to expand at a volume CAGR of 17.1% during the period of forecast. This growth in sales of homeopathy products is mainly driven by rising awareness of homeopathy treatment and increasing preference for zero side effect medications and economical but effective drugs.
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Homeopathy – a Holistic Treatment, Gaining Steam Since Past Several Years
Homeopathy considers several facets that describe well-being of an individual and is recognized as a holistic medication or therapy. Daily activity level and biological age are primary aspects that the practitioner of homeopathy considers that helps him/her to decide the frequency and duration of homeopathic medication and the entire course of treatment. Severity of the disorder and ailment type are also studied that determine the course of the treatment and dosage.
Practitioners consider adaptiveness, social background, temperament, as well as responsiveness to medicine during treatment plan. As per homeopathic principle, these factors are acting catalysts or positively impact the treatment success, consequently making it a holistic medication. This is expected to support the sale of homeopathy products in the long run.
Key Highlights on Global Homeopathy Products Market
Europe region is expected to reflect higher consumption of homeopathy products. The rate of consumption of homeopathy products in Europe is projected to expand at a high rate during the forecast period. Asia Pacific excluding Japan (APEJ) region is also poised to reflect higher inclination towards use of homeopathy as a medication, thus fuelling the demand for homeopathy products in the coming years. Homeopathy products market in APEJ is projected to grow at a value CAGR of 18.7% during 2017-2026
With respect to product type, dilutions have gained high preference since past years. The sale of dilutions is estimated to reach a higher value by end of the assessment year. On the other hand, homeopathy tablets are also gaming high traction. With simplicity in use and handling and at the same time delivering increased effectiveness of the medication, demand for tablets is expected to rise at a meteoric rate in the coming future
Plants are the major sources used in the production of homeopathy products. As a source type, plants account for a major market share in the homeopathy market. The plant segment is expected to largely contribute to the growth of the homeopathy products market and is estimated to reach a value of over US$ 10 Bn by end of 2026
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By application, homeopathy products are widely used in immunology treatments. Sale of homeopathy products for immunology is expected to cross US$ 7 Bn by end of assessment year. Moreover, homeopathy products have also gained sufficient traction in treatment of respiratory disorders, exclaims Fact.MR