The global demand for homeopathic products has growth by remarkable lengths over the past few years, thanks to the massive interest shown by developed economies. The recognized forms of delivery in the global homeopathy product market include tablets, ointments, biochemicals, dilutions, and tinctures. Each form has found its own range of success in different regions based on the type of treatment in demand. The global homeopathy product market currently claims to cater to several applications, including treatments in dermatology, gastroenterology, immunology, neurology, respiratory, and antipyretic systems.
The global homeopathy product market is expected to reach US$ 17.486 bn by the end of 2024. It is projected at an astounding CAGR of 18.2% within a forecast period from 2016 to 2024. This market was calculated at US$3.86 bn in 2015. Several factors are working in favor of – and in opposition to – the global homeopathy product market. The degree of these factors of influence and the market’s future scope is explained by Transparency Market Research by answering the three key questions on the current affairs within the market:
Does the Global Homeopathy Product Market Truly Have a Significant Scope in Developed Nations?
Seeing how the U.S. had already spent close to US$30 bn on alternative medicine in 2012, it can be comfortably said that providers of homeopathy products will have optimistic scope in quite a few regions. In fact, one of the key factors driving the demand for the global homeopathy product market is the increasing level of aversion to allopathic medicine within North America and Europe. A consequence of high drug prices and discomfort due to side-effects is a growing number of people looking for treatment options outside of conventional medicine. They are approaching treatments such as acupressure, yoga, and homeopathy for solutions that allopathic medicine cannot provide.
Do Developing Economies also have a Comparable Impact on Homeopathic Product Sales?
Europe is looking to be the dominant force in the growing adoption of homeopathy products now and over the coming years. By the end of 2024, Europe is expected to gather up a share of 36.4% in the global homeopathy product market, a huge contribution in comparison to other regions. However, developing economies are not falling behind for long in terms of demand growth, as both Asia Pacific and the MEA are looking to be extremely promising to all players in the world.
Asia Pacific itself has been the birthplace for several of the alternative medical practices and therefore holds a seriously high scope of growth for even players willing to gain a global prominence, despite the large number of regional players here. This is a possibility due to the increasing disposable income available to the people residing within APAC. Meanwhile, MEA is showing a massive increase in the demand for homeopathy products due to the intensely high allopathic drug prices.
Does the Convenience Factor Favor Homeopathic Medicine over Others?
There is a definite correlation between the global homeopathy product market’s increase in demand and the growing affinity for convenient medical treatments. The growing number of patients looking towards homeopathy favor it largely due to the presence of dilutions of their treatments. This makes it much easier for them to consume several medicines and go through a stable recovery period. By the end of 2024, dilutions are expected to take up 35.8% of the global homeopathy product market, after expanding at a CAGR of 17.8% from 2016 to 2024.