Homeopathic Veterinary Medicines Market: Introduction
According to the report, the global homeopathic veterinary medicines market was valued over US$ 100 Mn in 2020. It is projected to expand at a CAGR of ~5% from 2021 to 2031. Veterinary homeopathy is gaining popularity, with many doctors and veterinarians throughout the world adopting it. Most veterinarians choose homeopathy, as several animal diseases are chronic and recurrent. The goal of employing homeopathy is to boost an animal’s immunity and cure the ailment at its source. Rise in awareness, technological developments, and increase in demand for complementary and alternative medicine (CAM) are major factors expected to drive the global homeopathic veterinary medicines market during the forecast period.
Europe held a major share of the global homeopathic veterinary medicines market in 2020. Europe, being home to several key players of the market, is a prominent market for homeopathic veterinary medicines. High acceptance and usage of superior quality homeopathic veterinary medicines, feed additives, and vaccines are major factors fueling the growth of the homeopathic veterinary medicines market in the region.
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Moreover, high investments by farmers in health management of livestock, especially feed additives and vaccines, have fueled the homeopathic veterinary medicines market in Europe. The homeopathic veterinary medicines market in Asia Pacific is expected to expand at a high CAGR of 6.1% from 2021 to 2031. Rapid increase in per capita income and high expenditure on animal products are estimated to boost the homeopathic veterinary medicines market in Asia Pacific.
Increase in Demand for Complementary and Alternative Medicine (CAM) Globally to Drive Market
According to research studies, the use of complementary and alternative medicine (CAM) has increased over the previous decade. Homeopathy is an alternative or supplemental medicine (CAM). This implies that homeopathy differs significantly from therapies used in mainstream Western medicine. In 1810, German physician Samuel Hahnemann created homeopathy, and the therapy of ailments using around 3,000 homeopathic medicines was based on a golden principle known as “Like cures like” (similia similibus curentur). This technique encourages the body to recover itself by boosting the immune system.
Remedies are made from a variety of plants, animal components, and minerals, and are tailored to the specific needs of each animal. People have begun to take their dogs to holistic veterinary professionals for help in the past few years, with a variety of illnesses and disorders, including chronic concerns such as digestive troubles, skin irritations, arthritis, and respiratory concerns.
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Homeopathic medicine may also be used to treat acute diseases such as diarrhea, bites, and stings. Therefore, an increase in preference for homeopathic medicines for veterinary treatment over conventional medicine has been observed, which, in turn, fuels the global homeopathic veterinary medicines market.
Plant-derived Veterinary Medicines in High Demand
In terms of source of origin, the global homeopathic veterinary medicines market can be classified into plant-derived, animal-derived, and minerals. The plant-derived segment dominated the global homeopathic veterinary medicines market in 2020, and the trend is projected to continue during the forecast period. Nux vomica is the common name for …….