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According to The Insight Partners latest study on “Homeopathy Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Source, Type, Application, Distribution Channel, and Geography,” the market is expected to reach US$ 13,518.62 million by 2028 from US$ 4,609.55 million in 2020; it is expected to grow at a CAGR of 14.4% from 2021 to 2028.
Homeopathy is an alternative medical system that uses tiny amounts of natural substances from plants and minerals to stimulate the body’s healing process. Developed in the early 1700s in Germany, the system is popular in various regions, including Europe and Asia Pacific. It is widely used for allergies, migraines, depression, chronic fatigue syndrome, rheumatoid arthritis, irritable bowel syndrome, premenstrual syndrome, and other chronic diseases. The market report aims to develop an understanding of the homeopathy market scope and trends, which are expected to drive the market.
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Homeopathy Market: Competition Landscape and Key Developments
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 key companies operating in the homeopathy market. Product launches and expansion strategies are commonly adopted by these companies to expand their footprint worldwide. They also expand their respective product portfolios to meet the growing demand. The homeopathy market players offer innovative products to cater to constant and changing customer demands across the world, which also permits them to maintain their brand name globally.
Based on source, the homeopathy market can be segmented into plants, animals, and minerals. The plant segment held the largest share of the homeopathy market in 2020 and is expected to continue its dominance during the forecast period. The plant segment is expected to witness the highest CAGR during the forecast period. A majority of homeopathic drugs are derived from plants or plant parts such as bark, flower, roots, leaves, and others. The segment is expected to hold almost two-thirds of the market during the forecast period.
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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.
In addition, for those who choose natural treatments such as naturopathy and homeopathy, invasive therapies to treat diseases and malignancies are used as a last resort. The market for orally administered medications and drugs without side effects is expected to grow in the coming years, which is likely to result in an increase in homeopathy product use. Allopathy contains strong medications; however, they are not appropriate for everyone. Furthermore, allopathic drugs are expensive and only have a transient effect on illnesses. Even after the prescribed drug’s dose has been completed, the illness can return. Cases of drug abuse are another fact, owing to which people are shifting toward natural medications. Homeopathy remedies offer protective measures and boost immune system. Moreover, they are inexpensive, and they do not have side effects. This is expected to boost the sales of homeopathy products during the forecast period.
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