The research study covers the present scenario and growth prospects of the global homeopathy product market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Homeopathy products are available in various formulations and are in high demand due to their cost-effectiveness and easy availability. Among the various formulations, tinctures and tablets are in high demand, followed by biochemics and ointments, as these are the basic formulations for nearly all homeopathy products. Among the available homeopathy products, the curative use products have a larger market share, owing to the wider applications in various treatment areas.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global homeopathy product market:
- Acceptance of homeopathy as a holistic treatment
- Increased adoption of alternative therapies including homeopathy
- Increased demand for preventive care
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Acceptance of homeopathy as a holistic treatment
Homeopathy is considered as a holistic treatment that considers several aspects of a person’s well-being. Before deciding on a line of treatment, doctors practicing homeopathy study the biological age and activity level of a patient, which helps them to decide on the duration and frequency of medication. The type and severity of the ailment also determines the potency and frequency of the medicine to be administered.
Amber Chourasia, a lead health and wellness research analyst at Technavio, says, “The homeopathy practitioners take factors like temperament, social background, adaptiveness, and responsiveness into consideration while devising a treatment plan. According to the principle of homeopathy, these factors can either act as a catalyst or inhibit the impact of treatment on a patient.”
Increased adoption of alternative therapies including homeopathy
There has been an increase in demand for alternative therapies as they are associated with lower risks and also because they bring down healthcare expenditure substantially. Along with homeopathy, yoga and meditation, physiotherapy, light therapy, Ayurveda, and acupuncture are increasingly becoming popular. Among these alternative therapies, homeopathy has a wider geographical reach and scope as it can be used as a treatment for various medical conditions.
“If the market scenario is considered from the prospective of service providers, homeopathy is a complementary and alternative medicine, which has a high scope for legal recognition in various countries across the world. Among the 42 European countries, homeopathy is practiced in nearly 38 countries, three among four European citizens are aware of homeopathy treatments, where one is an existing user of homeopathy products,” adds Amber.
Increased demand for preventive care
The CDC defines diseases such as diabetes, cardiovascular diseases, obesity, hypertension, and liver cirrhosis as lifestyle diseases. They are caused by unhealthy habits such as smoking, high consumption of alcohol, lack of exercise, and inappropriate food habits. The rise in cases of such diseases is increasing healthcare costs and thereby compelling people to opt for alternative treatments alongside medical interventions.
Healthcare costs have been rising over the past decade. For instance, osteoporosis, the most prevalent bone disease in the US, accounted for more than USD 15-USD 17 billion in direct healthcare costs in 2013 because of fractures.
- Dr. Willmar Schwabe India
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