The global homeopathy market is anticipated to grow at a significant CAGR of 14.4% during the forecast period. The ongoing expansion of digital health technologies and increasing efforts by medical practitioners to extend patient experience due to COVID-19 is driving the homeopathy market. For instance, in 2021, Hahnemann Scientific Laboratory (India) Pvt. Ltd. also known as Haslab, launched India’s first health and wellness mobile application, Dr. Haslab to serve the increasing demand for homeopathy medicine 

However strict regulations by the governments of different countries hamper the growth of the homeopathy market. According to Food and Drug Administration in 2021, Under the Federal Food, Drug, and Cosmetic Act, homeopathic products are subject to requirements related to approval, adulteration and misbranding as other drug products. There are currently no homeopathic products approved by FDA.

Impact of COVID-19 Pandemic on Global Homeopathy Market

Growing demand for homeopathy treatment as a result of rising number of COVID-19 cases is driving the growth of the homeopathy market. According to a study by Frontiers Media SA in 2020, a total of 39 herbal medicines were recognized as very likely to appeal to COVID-19 patients. The study also highlighted the potential of medicinal plants for the management of early symptoms of flu within the context of COVID-19 in otherwise healthy adults.

Segmental Outlook 

The global Homeopathy Market is segmented based on the type, source, and application. Based on the type, the market is segmented into tablets, ointments, tincture, dilutions, and others. Based on the source, the market is sub-segmented into minerals, animals, plants. Based on the application, the market is sub-segmented into dermatology, gastroenterology, immunology & neurology, respiratory, analgesic and antipyretic, and others. The above-mentioned segments can be customized as per the requirements.

Global Homeopathy Market Share by Application, 2020 (%)

The Dermatology Segment is Anticipated to Dominate the Global Homeopathy Market

Based on the application, the dermatology segment holds the major share in 2020. As per pr newswire in 2021, Dr. Batra's launched Derma heal, a first of its type, easy and pain-free skincare solution for its patients. This skincare treatment combines the goodness of UVB light rays and homeopathy to treat skin diseases naturally and safely.

In 2020, a case study published in AYUHOM, the Research Journal of Northeastern Institute of Ayurveda and Homoeopathy, Shillong shows that Homoeopathy can do wonders in cases of viral skin infections and diseases. The study showed the treatment of five patients suffering from five different skin diseases with homeopathy. These notable results uplift the belief in the positive effects of homeopathic medicine on skin disorders.

Regional Outlooks

The global Global Homeopathy market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement.

Global Homeopathy Market Growth, by Region, 2021-2027

The Asia-Pacific Region Holds the Prominent Share in the Global Homeopathy Market

Homeopathy is well recognized and favored in India as the government of India encourages the use of homeopathy. The government of India also provides its population with wider access to homeopathy products which in turn foster the universal health coverage of India. For instance, in 2019, according to Central Council for Research in Homoeopathy (CCRH), 673 AYUSH wellness centers are run by the government, 255 belong to homeopathy, which is 37.8% of total wellness centers. Ayurveda, the ancient medical science of India, makes 42% of the total count.

Indian authorities suggested the use of homeopathy to prevent coronavirus infection is driving the growth of the homeopathy market in India. For instance, Ministry of AYUSH, Central Council for Research in Homoeopathy (CCRH) suggested the ways and means of prevention of coronavirus infection through homeopathy in the 64th meeting of its scientific advisory board on 28th January 2020. The board suggested that homeopathy medicine Arsenicum album30 could be taken as prophylactic medicine for coronavirus infections

Market Players Outlook

The major companies serving the global Homeopathy Market include Boiron, GMP Laboratories of America Inc., Hahnemann Laboratories, Inc., JNSON LABORATORIES (P) LTD., SBL, Hahnemann Scientific Laboratory (India) Pvt. Ltd. (HSL), Dr. Willmar Schwabe India Pvt. Ltd. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2019, Schwabe India launched two new products Rück-Pain drops for oral use and Olmuv oil for external application for faster relief from tormenting pain.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global homeopathy market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.