Homeopathic Medicine Market Overview
Homeopathy has become a highly popular field of study which focuses on an alternative treatment of diseases. Largely focusing on natural sources for producing homeopathic medicine, the market for homeopathy has grown significantly due to the high demand for natural remedies. Market Research Future has determined that the global homeopathic medicine market is anticipated to grow at an above-average CAGR of 12.5% during the forecast period of 2017 to 2023. Projections regarding other key market figures are available in MRFRs research report.
Growing incidences of lifestyle-related and chronic diseases such as cancer, diabetes, obesity, and fertility problems have led to the increased adoption of alternative medical treatments such as homeopathic medicine, this driving market demand.The homeopathic medicine market is restrained by the implementation of strict regulations surrounding the use of homeopathy in certain developed economies such as Germany and the U.K. Meanwhile; emerging economies carry a high potential for growth due to the cultural affinity for natural medication in several fast emerging markets.
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Homeopathic Medicine Market Segmentation
Segmentation of the market in MRFR's report has been performed on the basis of drug type, application, end-users, and region. By drug type, the market is divided between plant-based, animal based, and mineral based. These segments are sub-segmented as follows
- Plant-based - Pulsatilla nigricans, Rhus tox, Symphytum, Arnica montana, Bryonia alba, and Cinchona officinalis.
- Animal-based - Naja tripudians, Vipera, Sepia, Cantharis, Latrodectus mactans, Tarentula Hispania, and Tarentula cubensis.
- Mineral-based - Phosphorus, Calcarea phosphorica, Natrum muriaticuma, Calcarea carbonica, and others. Others are further segmented in the report.
By application, the market is categorized by skin & hair, lifestyle disorders, bones, joints & muscle diseases, childhood diseases, hormonal disorders, respiratory diseases, brain & nerves disorders, reproductive health, and others.
By end-user, the market is segmented into hospitals, homeopathic clinics, and others.
Globally, the market is segmented into The Americas, Europe, Asia Pacific, and the Middle East and Africa.
Regional Analysis
Led by the U.S, the Americas account for the largest share of the global market due to the high awareness regarding homeopathic medicine. Highly expensive healthcare often encourages patients to adopt homeopathic medicine. Moreover, the region is witnessing a rising occurrence in lifestyle-related diseases which further facilitate increased demand for homeopathic medicine.
Europe accounts for the second largest share due to the high number of homeopathic practitioners available in the region. U.K leads the regional market with the most significant share. The European region has widespread use of homeopathic medicine for day to day use in assisting the treatment of minor health problems.
Meanwhile, the Asia Pacific offers great potential for market growth over the assessment period. The growing urbanization of the region has led to an increase in lifestyle-related diseases. Moreover, the emerging economies of the APAC region have a long history with natural remedies, which has resulted in a high adoption and increased demand for homeopathic medicine. There are a high number of clinics, and research institutes dedicated to the field of homeopathy which is further encouraging growth for the market.
Key Players
The competitive analysis of the market in MRFRs report records the strategies and market positions of leading market players such as Natural Health Supply, Boiron, HomeoLab USA, Hyland's Homeopathic, SBL, Nelson & Co. Ltd., and Hahnemann Laboratories Inc.
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