The homeopathy market was valued at US$ 4,609.55 million in 2020 and is projected to reach US$ 13,518.62 million by 2028; it is expected to grow at a CAGR of 14.4% from 2021 to 2028.
According The Insight Partners study on “Homeopathy Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Diagnosis Type ,End User,” The report highlights trends existing in the market, and drivers and hindrances pertaining to the market growth. The major factors driving to the growth of the market are safety associated with homeopathic products and rise in adoption of homeopathic medicine.
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.
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Market Insights
Rise in Adoption of Homeopathic Medicine
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 Homeopathy Market , by region, is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South and Central America (SAM).North America held the largest market share in 2021.
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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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 growth of the market for this segment is attributed to the rising prevalence of lifestyle diseases and increasing consumer inclination toward alternate medicine for the treatment of chronic diseases. Further, the ointments segment is expected to witness the highest CAGR during 2021–2028.
Based on application, the homeopathy market is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. The analgesic and …….