Homeopathic Products Enjoy Limelight as End Users Seek Alternative Treatments
Homeopathy is a complementary and alternative medicine (CAM) that is generally a safe option for treating medical conditions. Characterized by low risk and side effects, homeopathy is witnessing a cultural moment. A social conversation about avoiding antibiotics to live a cleaner life with lesser side effects has given momentum to homeopathic products. As per Homeopathy Research Institute (U.K.), over 200 million people worldwide use homeopathy regularly.
The popularity of homeopathic medicines has moved out from its origin region Europe to Asian countries, which inherently are attuned to alternative medicines. Today, homeopathic products are extensively being used to treat communicable and non-communicable diseases. As per Germany Trade & Invest (GATI) report, homeopathic and anthroposophic medicines put together are growing at the prolific rate of 13%, which is higher than conventional medicines in the German market.
Holistic Approach in Treating Illnesses Draws Attention to Homeopathy Treatments
Homeopathy treatments approach illnesses as a whole instead of a clinical condition. Diseases, illnesses, and conditions are considered to be a result of imbalance or off-balance of mental state, which creates a disturbance in wellbeing. Thus, this unique characteristic ensures the patient receives a personalized assessment of the condition and treatment. Treatments are designed and curated to stimulate body’s own healing mechanism through specific medicinal formulae. Thus, a more holistic approach and personalization of medications have garnered the global homeopathic products market significant attention.
The market also stands to benefit as homeopathic products are far more affordable than allopathy treatments and consultations with specialized doctors. The lack of side effects due to the consumption of homeopathic products has also fuelled the market growth. Furthermore, homeopathic products offer solutions to a wide range of medical issues ranging from skin to liver, which has also created a positive influence in the global market.
Lack of Empirical Data About Safety and Effectiveness Hinders Market Growth
So far, no homeopathic products have been approved by FDA. While homeopathic products are generally highly diluted, few of these have been found to contain measurable amounts of active ingredients and therefore have the potential of causing harm, if consumed or used without prescription. However, upcoming regulatory moves from different nodal agencies would play a decisive role in giving the market significant momentum.
Furthermore, the Lack of scientific or empirical data to support the ‘safety and effectiveness claims of homeopathy practitioners make it challenging to prescribe these medicines for critical illnesses, which can hinder the market growth.
COVID-19 to Accelerate Adoption of Alternate Treatment Methods
The COVID-19 crisis is expected to open up the adoption of alternative treatment methods, creating higher business opportunities for homeopathy medicines and practitioners. Growing awareness about natural remedies for diseases, infections, and conditions is boosting the market growth. For instance, the homeopathic combination of Arsenicum album 30 as a prophylactic medicine against Coronavirus is being increasingly used. The sudden spotlight on Arsenicum album30 came as a result of the Ministry of AYUSH, Central Council for Research in Homeopathy (CCRH) released a statement in support of alternative treatments for boosting immunity to combat the Coronavirus.
Personalized Medicines Would Drive Next Phase of Homeopathic Products Market Growth
Path-breaking homeopathic treatment regimens like Gene-targeted Homeopathy are set to create incremental opportunities in the fields like personalized medicines. In 2018 Dr Batra's launched ‘Dr Batra's Geno Homeopathy’ in India. It is genetically personalized homeopathic care that involves designing a treatment based on individual genome sequencing to target multiple ailments.
Companies are widening revenue streams by integrating healthcare IT with existing treatment solutions. Prime example is Mumbai-based software company, Hompath, which is helping homeopathy practitioners to freeze prescriptions in no time with innovative software - Hompath Zomeo.
Important market growth stimulant is growing need for safe, low cost and effective alternative treatment methodologies, especially for chronic diseases. Homeopathy fits the bill as safer and effective, easy to use, for all age groups of patients, especially for the growing paediatric and geriatric population. The European Committee for Homeopathy (ECH) finds in Europe, homeopathic medicines cost few cents per day (sometimes a fraction of a cent) on average in chronic conditions. Also, some research studies have exhibited significantly positive outcomes as three-quarters of the chronically ill patients reported that they felt ‘moderately better’ or ‘much better.'
Integration of Homeopathy with other Alternative Treatments to Boost Homeopathic Products Market
One of the key findings of the report indicates a growing tendency towards integration of homeopathic medicines with allopathy rather than a stand-alone rival alternative to conventional treatment. The Government of India is proposing integration of modern and traditional systems of medicine like allopathy, homeopathy and Ayurveda in medical practice, education and research by 2030 through its ambitious project ‘One Nation, One Health System’.
Dilutions are accounted for roughly more than 1/3rd of the entire homeopathic products market in 2019. Medicinal preparations originated from plants source accounted majority of the market share last year and anticipated to maintain a stronghold throughout the remaining forecast period. The dominant channel for the sale of homeopathic medicines was retail pharmacies during the year 2019.
Europe to Lead Homeopathic Products Market While Asia Pacific Eyes Highest Market Growth
In 2019, Europe led the homeopathic products' market. Better market penetration and vast patient population suffering from critical illnesses coupled with government-sponsored R&D are expected to keep the regional growth intact. U.K.-based Homeopathy Research Institute (HRI) has funded clinical studies for multiple conditions such as attention deficit hyperactivity disorder (ADHD) and irritable bowel syndrome to be treated with homeopathy. These efforts are expected to give the regional homeopathic products market an additional boost in the coming years.
Asia Pacific is set to become the fastest-growing region due to an increase in healthcare expenditure and respective governments’ facilitation. Developing nations too are slated to exhibit a steady adoption rate. Homeopathy is included in the national health systems of a number of countries such as Brazil, Chile, India, Mexico, and Switzerland, which is expected to give it an additional boost.
Global Homeopathic Products Market: Key Players
Some of other leading players in the market are Boiron Group, Biologische Heilmittel Heel GmbH, A Nelson & Co. Ltd., GMP Laboratories of America Inc., Standard Homeopathic Company (Hyland's, Inc.), Washington HomeopathicProducts Inc., Homeocan Inc., Hahnemann Laboratories Inc., Mediral International Inc., Ainsworths Ltd., Dr. Reckeweg & Co. GmbH, PEKANA, SBL Pvt. Ltd., and Weleda.
Key Elements Included In The Study: Global Homeopathic Products Market
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