The global homeopathy product market will exhibit a promising 18.2% CAGR over the period between 2016 and 2024. If the number holds true, the market, which valued at US$3,867.7 mn in 2015, is expected to reach US$17,486.2 mn by 2024.
Middle East and Africa to Provide Promising Growth Opportunities
TMR estimates that the global homeopathy product market, which valued at US$3,867.7 mn in 2015, is expected to reach US$17,486.2 mn by the end of 2024, exhibiting a CAGR of 18.2% over the period between 2016 and 2024. Of the key product varieties in the market, the segment of dilutions is expected to achieve the most promising share in the market’s valuation by the end of forecast period, retaining its dominant position with over 35% of the market by 2024.
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In terms of geography, Europe will continue to account for the most significant share in the market throughout the forecast period but will lose prominence to the Middle East and Africa region in terms of growth rate. Over the period between 2016 and 2024, the Europe market for homeopathy products will exhibit an 18.2% CAGR while the MEA market will expand at a 21.1% CAGR.
Aversion to Allopathic Medicine Expected to Increase Homeopathic Medicine Sales
One of the leading factors augmenting the growth of the global homeopathy products market is the growing concern regarding the high usage of allopathic medicine. “People are becoming increasingly aware of the cumulative side-effects that they may contract after prolonged use of allopathic medicine.
This is leading consumers towards alternative treatments, including homeopathy. An independent survey had revealed that US$3 bn was spent on homeopathic medicine within North America alone, in 2007.
The market has skyrocketed since then and is on the brink of becoming a mainstay in all key regions,” states a TMR analyst.
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Quality Standardization Still Lacking in Homeopathic Medicine Manufacture
There is a considerable lack of quality control within the global homeopathy products market and suppliers are suffering because of it. A massive chunk of the market revenue is gathered by small and medium sized business that are scattered over the key regions, making it very difficult to hold a consolidated effort for quality assurance standards implementation.
Every manufacturing industry needs to adhere to good manufacturing practices and so far, the global homeopathy products market is not playing its part to the fullest extent. This is compromising the quality of medicines and products to a great extent, creating negative consumer experiences and reducing demand.
The global market for homeopathy products features the presence of a large number of small and medium enterprises, with the top five companies cumulatively accounting for merely over 27% of the overall market in 2015, observes Transparency Market Research (TMR) in a recent report. Despite this, the company Boiron Group held over 17.3% of the market in the said year, a share large enough to have a key influence on the market’s direction.
Strong presence across regions such as Europe, North America, Asia Pacific, and Middle East and Africa (MEA) has allowed the company to command a prominent position in the global homeopathy products market so far.
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However, other notable vendors such as Biologische Heilmittel Heel GmbH, A Nelson & Co Ltd, GMP Laboratories of America, Inc., Standard Homeopathic Company (Hyland's, Inc.), Washington Homeopathic Products, Inc., and Homeocan inc., struggle to strengthen their hold on the market amid harsh competition. Strategies such as increased focus on robust marketing and promotion activities, proper usage of the highly influential e-commerce marketplace, and expansion across promising regional markets such as Asia Pacific and Middle East and Africa (MEA) could help companies gain more traction in the global market.
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