Impact Assessment of COVID-19 Outbreak on Homeopathic Product Market
Homeopathic Product Market: Introduction
According to the report, the global homeopathic product market was valued at US$ 5.6 Bn in 2018 and is projected to expand at a CAGR of ~14% from 2019 to 2027. Homeopathy is one of the health systems widely practiced in almost all continents. Dr. Hahnemann, the founder of the system, introduced an unconventional approach in the preparation of the medicines and a new therapeutic principle for the treatment of the sick.
According to the U.S. FDA recognized Homeopathic Pharmacopoeia of the United States, homeopathy is natural, as its remedies are produced, from natural sources, whether vegetable, mineral, or animal in nature. Growth of the global homeopathic product market can be attributed to increase in prevalence of various diseases and rise in geriatric population across the globe.
Europe dominated the global homeopathic product market in 2018 and the trend is anticipated to continue during the forecast period. Increase in adoption of homeopathy products, availability of all major companies in the region, and increase in prevalence of various diseases are anticipated to drive the market in Europe. Asia Pacific is expected to be a highly lucrative market for homeopathic product, expanding at a higher CAGR during the forecast period.
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Safety and Less Risk of Adverse Side Effects Associated with Homeopathic Product Drive Market
According to the NHS of the U.K., homeopathic remedies are generally safe, and the risk of a serious adverse side effects arising from taking these remedies is thought to be minimal. According to the British Homeopathic Association, homeopathic medicines are safe to use, as they rarely cause side effects. This means when used appropriately under the guidance of a qualified homeopath, they can be taken by people of all ages, including babies, children, and pregnant or breastfeeding women.
According to the Faculty of Homeopathy, homeopathic medicines in high dilutions, prescribed by trained professionals, are probably safe and unlikely to provoke serious adverse reactions. One of the expressed reasons for the popularity of homeopathy among patients at the Royal London Homoeopathic Hospital (RLHH) is that it does not have side effects associated with several conventional drugs. Hence, safety and less risk of adverse side effects associated with homeopathic remedies are the factors responsible for propelling the homeopathic product market.
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Dilution Product to Dominate Market
Based on product type, the global homeopathic product market has been divided into tincture, dilutions, bio-chemics, ointments, tablets, and others. The dilution segment dominated the global homeopathic product market in 2018 and the trend is likely to continue during the forecast period, as in homeopathy, a solution that is more dilute is described as having a higher potency, and more dilute substances are considered by homeopaths to be stronger and deeper-acting.
Immunology to be Key Application Area
In terms of application, the global homeopathic product market has been segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. The immunology segment dominated the global homeopathic product market and is expected to grow at a rapid pace during the forecast period. According to a study titled “Women and Autoimmune Diseases”, published in NCBI Journal, autoimmune diseases are the third most common category of disease in the U.S. after cancer and heart disease; they affect approximately 5% to 8% of the population.
Plants to be Major Source
Based on source, the global homeopathic product market has been segmented into plants, animals, and minerals. The plants segment dominated the global homeopathic product market in terms of revenue in 2018 and the trend is projected to continue during the forecast period of the homeopathic product market. According to a study titled “Usefulness of Angiospermic Plants in Homeopathy System of Medicine” published in 2015, more than 30,000 plant specimen of medicinal importance are grown all over the world, but only around 2,500 plants species are known to be useful for medicine preparation. Over 300 plants are now traditionally used as drug source in homeopathy.
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Europe to Dominate Global Market
Geographically, the global homeopathic product market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global homeopathic product market in 2018, followed by Europe. Europe accounted for major share of the global homeopathic product market in 2018, owing to presence of key players, increase in research & developmental activities, well-equipped and developed healthcare infrastructure, surge in number of disease cases, and rise in geriatric population. The homeopathic product market in Asia Pacific is likely to expand at a higher CAGR from 2019 to 2027. Significant growth of the homeopathic product market in the region can be attributed to high prevalence of various diseases, increase in adoption of homeopathy products, rise in geriatric population, surge in patient population, and increase in interest of key players in the region.
Competition Landscape
The global homeopathic product market is fragmented in terms of number of players. Key players in the global market include BOIRON, Dr. Reckeweg & Co. GmbH, Hyland’s, Hahnemann Laboratories, Inc., Dr. Willmar Schwabe GmbH & Co. KG, Biologische Heilmittel Heel GmbH, Homeocan inc., Ainsworths (London) Limited, PEKANA, and SBL Pvt. Ltd. R&D activities, merger & acquisitions, agreements, and collaborations are the key strategies adopted by these players to operate their business in the global homeopathic product market.
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