Homeopathy is an alternative medication therapy that works on the principle that a substance that is known to cause usual side effects and symptoms when administered into a healthy individual may also cure same symptoms in other sick patients. The whole process involves giving a homeopathic substance to a healthy patient and recording unusual alterations from normal metabolic activities. A substance is added into the list of homeopathic remedies through a process known as “potentization.” It involves repeated dilutions and succussions into the water. Among the most common diseases for which homeopathy is sought include asthma, arthritis, cardiovascular and heart disorders, high blood pressure, and hay fever.
Based on end user, over-the-counter (OTC) and retail pharmacy homeopathic products are easily available especially as part of treatment of common cold and flu. Famous homeopathic products are those which are made with the help of plants such as arnica and chamomile as well as minerals such as mercury and sulfur. Depending on product, homeopathic remedies come in the form of tablets, skin ointments, and oral dilutions. Among dilution-based homeopathic remedies available in the Indian market, ashwagandha and ginseng tonic have gained high traction.
COVID-19 Impact Analysis
Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected to witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the homeopathic remedies market.
Top Impacting Factors
- Homeopathic market is postulated to witness immense market growth, owing to rising awareness about the homeopathy, especially in highly industrialized regions such as North America and Europe.
- Rising incidents of diseases and syndromes associated with obscure lifestyle regiment such as obesity, gastrointestinal imbalance, and reduced testosterone levels is anticipated to drive market growth of advanced therapeutic drug industry, including homeopathy.
- However, strict regulatory norms associated with the use of homeopathic remedies in a few countries are anticipated to hamper the market penetration at a global stage.
- Additionally, lack of awareness regarding new age homeopathic products in developing and backward regions such as Africa and the Middle East may hamper market growth.
Key Market Trends
- North America is anticipated to dominate the market, owing to rising awareness regarding the industry coupled with population shift toward new age instant relief therapeutic drugs even if it means spending more than usual.
- In Asia-Pacific, especially India, is witnessing high market traction with respect to homeopathy and Ayurveda, owing to shift toward consumer ethnocentrism and vision of swadeshi products.
- However, recently, Food and Drug Administration (FDA) in the U.S. recalled Sprayology’s water-based homeopathic products, owing to presence of microbial contamination at King Bio Inc. manufacturing facility at Nashville.
- Increasing demand for veganism and plant-based supplements in developed regions, owing to rise in the number of animal protection right groups is further anticipated to drive huge revenues for the industry. This trend is more evidently visible in Canada, Australia, and Brazil.
Key Benefits of the Report
- This study presents the analytical depiction of the homeopathic remedies industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Homeopathic Remedies Report
- Which are the leading players active in the homeopathic remedies market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the homeopathic remedies market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
- What are the impacts of COVID-19 in the industry?
- What is homeopathic remedies?
- What is the homeopathic remedies market prediction in the future?
- What are the current trends and predicted trends?
Key Market Segments
- By Type
- Plant-based
- Mineral-based
- Animal-based
- By Application
- Reproductive Disorders
- Hormonal Imbalance
- Lifestyle Diseases
- Skin and Hair
- Muscles Diseases
- Nerves Disorders
- Respiratory Diseases
- Childhood Diseases
- By Product
- Tincture
- Biochemics
- Ointment
- Tablets
- Dilutions
- Others
- By End User
- Hospitals
- Diagnostic Laboratories
- Retail Pharmacy
- Online Pharmacy
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Arogya
- Rxhomeo
- Lord’S Homeopathic Laboratory (P) Ltd.
- Hyland’s Homeopathic
- BioIndia Pharma
- Bioforce
- Schwabe Group
- Bakson
- Hahnemann Laboratories
- Helios Homeopathy