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Homeopathy Global Market Report 2023
Major players in the homeopathy market are Boiron Group, Dr.Reckeweg and Co. GmbH, Hyland’s Inc, Hahnemann Laboratories Inc, Dr.Willmar Schwabe GmbH and Co. KG, Biologische Heilmittel Heel GmbH, Homeocan Inc, Ainsworths London Limited, PEKANA Naturheilmittel GmbH, SBL Pvt.
New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Homeopathy Global Market Report 2023" - https://www.reportlinker.com/p06486479/?utm_source=GNW
Major players in the homeopathy market are Boiron Group, Dr.Reckeweg and Co.
GmbH, Hyland’s Inc, Hahnemann Laboratories Inc, Dr.Willmar Schwabe GmbH and Co.
KG, Biologische Heilmittel Heel GmbH, Homeocan Inc, Ainsworths London Limited, PEKANA Naturheilmittel GmbH, SBL Pvt. Ltd., Nelson Pharmacies Limited, Weleda UK, GMP Laboratories of America Inc., Fourrts, Allen Healthcare Co. Ltd., Natural Health Supply, HomeoLab, GMP Laboratories, and Standard Homeopathic Co.
The global homeopathy market is expected to grow from $6.31 billion in 2022 to $7.30 billion in 2023 at a compound annual growth rate (CAGR) of 15.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The homeopathy market is expected to reach $13.21 billion in 2027 at a CAGR of 16.0%.
The homeopathy market consists of sales of creams, ointments, combination remedies used in the process of healing practices.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Homeopathy is a therapeutic and alternative medicine approach that claims to boost healing responses to diseases by providing chemicals that imitate disease symptoms in healthy people.It is used to treat an extremely wide range of conditions, including physical conditions and psychological conditions.
It depends on the concept that the body can heal itself.
North America was the largest region in the homeopathy market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in homeopathy report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The types of homeopathy are dilutions, tinctures, biochemists, ointments, tablets, and others.Dilution refers to the process of systematically reducing the concentration of a substance through successive mixing and shaking.
The sources involved are plants, animals, and minerals, and are distributed by homeopathic clinics, retailers, e-retailers, and other distribution channels for analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others.
The rise in the adoption of homeopathic medicine is expected to propel the growth of the homeopathy market going forward.Homeopathic medicines refer to a critical component of homeopathy prescribed based on an individual’s specific symptoms and overall physical, mental, and emotional characteristics.
With the growing popularity of homeopathy with no side effects and the rise of a personalized and holistic approach with tailored treatment plans to individual needs enhancing the appeal and effectiveness of homeopathy, the adoption of homeopathy is rising, which will support the growth of the market.For instance, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations responsible for international public health, in 2022, homeopathy will be available and practiced in 40 of the 42 European countries, and 95% of all general practitioners, pediatricians, and dermatologists in France use homeopathic medicines for their practice.
Furthermore, according to the National Institute of Health (NIH), a primary health agency of the United States, more than 6 million individuals in the US utilized homeopathy to address specific health conditions in 2020, and over 200 million people globally incorporated homeopathy into their regular healthcare practices. Therefore, the rise in the adoption of homeopathic medicine is driving the growth of the homeopathy market.
Product innovation has emerged as a key trend gaining popularity in the homeopathy market.Major companies operating in the homeopathy market are concentrating their efforts on creating innovative products to strengthen their position in the market.
For instance, in January 2022, Boiron Group, a France-based manufacturer of homeopathic products, launched Storinyl, a new homeopathic syrup, in France.This syrup is specifically formulated to address cold, dry, and wet cough symptoms.
Storinyl relieves common cold symptoms such as nasal congestion, runny nose, sneezing, and coughing. It aims to alleviate discomfort and promote respiratory well-being through its homeopathic formulation.
In March 2021, Schwabe India, an India-based homeopathic product manufacturer, acquired Sanat Products Limited for an undisclosed amount.With this acquisition, Schwabe India will expand its distribution network in the OTC (over-the-counter) segment by adding Sanat’s distribution network in the OTC segment and enhancing its reach and availability of products across India.
Sanat Products Limited is an India-based company specializing in the manufacturing and distribution of homeopathic medicines and herbal healthcare products.
The countries covered in the homeopathy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The homeopathy market research report is one of a series of new reports that provides homeopathy market statistics, including homeopathy industry global market size, regional shares, competitors with homeopathy market share, detailed homeopathy market segments, market trends, and opportunities, and any further data you may need to thrive in the homeopathy industry. This homeopathy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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