Wilmington, Delaware, United States, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global market for homeopathic products was estimated to have acquired US$ 10.7 billion in 2021. It is anticipated to advance with a rapid 11.6% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 32.4 billion.
Homeopathy is used to treat a very broad spectrum of medical disorders, according to the National Health Service (NHS). Many medical professionals think it benefits all ailments. According to market research on homeopathic remedies, psychiatric disorders like anxiety, stress, and depression, allergies like food allergies and dermatitis (allergic skin disease), arthritis, and high blood pressure are the most typical conditions for which individuals seek homeopathic treatment.
Other conditions that are frequently treated with homeopathy include asthma, ear infections, and hay fever. It is anticipated that the prevalence of numerous chronic diseases would grow, increasing demand for homeopathic products globally.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 10.7 Bn | |
| Estimated Value | US$ 32.4 Bn | |
| Growth Rate - CAGR | 11.6% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 163 Pages | |
| Market Segmentation | Product, Application, Source | |
| Regions Covered | North America,Latin America,Europe,Asia Pacific,Middle East & Africa | |
| Companies Covered | 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,SBL Pvt. Ltd. | |
Key Findings of Market Report
- The market for homeopathic goods has been segmented into tinctures, dilutions, bio-chemic, ointment, pills, and others based on product type.
- In 2021, the dilutions category controlled a sizable portion of the worldwide market.
- The market for homeopathic drugs has been divided into categories for analgesic and antipyretic, respiratory, neurology, immunology, gastrointestinal, dermatology, and others based on application.
- In 2021, the immunology market category had a sizable portion of the overall market.
- The global market for homeopathic goods has been segmented into three sources: plants, animals, and minerals.
- In 2021, the plant's category held the greatest market share worldwide.
Market Trends for Homeopathic Products
- In 2021, the immunology category dominated the global market in terms of application. Immunology focuses on the physiological functions of the immune system in both healthy and diseased conditions, as well as immune system dysfunctions caused by immunological disorders include allergies, hypersensitivities, immune deficiencies, transplant rejection, and autoimmune diseases.
- According to TMR report, the plant's category held a major market share globally in 2021. Plants are generally used to make homeopathic treatments to preserve the medicinal quality. The material is either harvested from the wild or grown in gardens under the guidance of experts.
- The dilutions category dominated the global market and held a significant share in 2021 in terms of product type. Homeopaths assert that each dilution is intended to make the medicine stronger—more potent—specifically, stronger. A more diluted solution is said to have a higher potency, and homeopaths believe that more diluted drugs have a stronger and longer-lasting effect.
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Homeopathic Products Regional Market Outlook
Various reasons are propelling the growth of the Homeopathic Products market in different regions. These are:
- In 2021, the homeopathic products market was dominated by North America. The market in the region is predicted to grow at a rapid CAGR between 2022 and 2031 due to the widespread use of homeopathic treatments.
- The Centers for Disease Control & Prevention estimate that 6 in 10 Americans have at least one chronic illness, such as cancer, diabetes, heart disease, or stroke. These and other chronic illnesses are the main contributors to rising healthcare expenses as well as the major causes of mortality and disability in the United States.
- In 2021, Asia Pacific had the second-largest market share globally. The market in the area is predicted to expand quickly between 2022 and 2031 due to the widespread use of homeopathic remedies.
- The region is a very profitable market for homeopathic goods due to the increase in awareness and acceptance of homeopathy as well as backing from regulatory bodies.
Global Homeopathic Products Market: Key Players
There are many domestic and foreign companies within the fragmented global market for homeopathic goods. Product portfolio expansion and mergers and acquisitions are the main methods used by the major businesses.
The following companies are well-known participants in the global Homeopathic Products market:
- 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
- SBL Pvt. Ltd.
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Developments by the key players in the global market for Homeopathic Products are:
| Market Player | Year | Key Developments |
| Kaps3 Lifesciences Pvt Ltd., | 2022 |
|
| Dr. Reckeweg & Co. GmbH | 2020 |
|
| Hyland | 2019 |
|
Global Homeopathic Products Market Segmentation
- Product
- Tincture
- Dilutions
- Bio-chemic
- Ointment
- Tablet
- Others
- Application
- Analgesic & Antipyretic
- Respiratory
- Neurology
- Immunology
- Gastroenterology
- Dermatology
- Others
- Source
- Plants
- Animals
- Minerals
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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