Homeopathy Product Market Revenue to Register a CAGR of 18.2% by 2024 Owing to Increasing Demand for Dilutions; Europe Slated to be the Largest Market by 2024
The global Homeopathy Product Market is projected to register a healthy CAGR of 18.2% during the forecast period 2016-2024. The report provides insightful information on the global homeopathy product market pertaining to the market trends, competitive landscape, market dynamics, and market estimation and forecast for the projected eight-year period.
Rising disposable income increases the probability of consumer spending on healthcare leading to higher potential sales of homeopathy products. The average cost of homeopathic remedies lower than the average cost of allopathic medications, which is responsible economic factor for increasing the market share of homeopathic products in the healthcare industry. Consumer are more concerned about the adverse effect of allopathic medicine, therefore more people are shifting towards traditional medicine for diseases such as cough, cold & flu, neurological diseases, sexual problems, feminine problems, metabolic diseases, etc.
There is also a rising trend of e-Commerce, high demand for low cost medical treatment, technology innovations in formulation, and high demand for low cost medical treatment has increased the demand for homeopathic products. These factors have led to a rapid growth of the global homeopathic product market over the last few years and this trend is likely to continue in the coming eight years.
Global homeopathic product is segmented on the basis of product type (tincture, dilutions, biochemics, ointments, tablet, and others), application (analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others), and source (plants, animals, and others).
On the basis of product type, the dilutions segment is anticipated to account for US$ 6,253.9 Mn by 2024, registering a substantially high CAGR of 17.8% over the forecast period with a relatively high value share of 35.8%. The tincture segment is expected to follow closely with a value share of 19.5% by 2024 and a CAGR of 17.8%. Revenue share of ointment segment is expected to increase from 10.3% in 2016 over 11.5% in 2024, with CAGR of 19.8%.
On the basis of application, the immunology segment is anticipated to account for US$ 3,289.2 Mn by 2024, registering a substantially high CAGR of 11.3% over the forecast period with a relatively high value share of 19.6%. The analgesic and antipyretic segment is expected to follow closely with a value share of 16.1% by 2024 and a CAGR of 18.2%. Revenue share of respiratory segment is expected to increase from 16.9% in 2016 over 18.1% in 2024, with CAGR of 19.3 %.
On the basis of source, the plants segment is anticipated to account for US$ 9,734.9 Mn by 2024, registering a substantially high CAGR of 18.4% over the forecast period with a relatively high value share of 55.7%. The minerals segment is expected to follow with a value share of 24.8% and a CAGR of 18.6%. Whereas revenue share of animals segment is expected to decrease from 20.8% in 2016 over 19.5% in 2024, with CAGR of 17.2%.
The report also profiles some of the leading homeopathic products manufacturers operating in the global homeopathic products market. Key market players featured in the report include Boiron Group, Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, GMP Laboratories of America, Inc., Standard Homeopathic Company (Hyland’s, Inc.), Washington Homeopathic Products, Inc., Homeocan inc., Hahnemann Laboratories, Inc., Mediral International Inc., and Ainsworths Ltd.