Path-breaking Gene-targeted Homeopathic Treatment Creates Incremental Opportunities for Companies
Gene-targeted homeopathic treatment is bringing about a change in the homeopathy product market. This revolutionary treatment is a new entrant in the sector of personalized medicines and is redefining the future of healing. Hence, healthcare companies are increasing their R&D in this novel treatment to capitalize on market growth. For instance, Batra’s Positive Health Clinic Pvt. Ltd.-a chain of homeopathy clinics in India, announced the launch of Dr. Batra's™ Geno Homeopathy in the UAE market.
Companies in the homeopathy product market are innovating through medicines that are both natural and effective. This explains why the revenue of tablets is projected for exponential growth in the market for homeopathy products, where the market is estimated to reach a revenue of ~US$ 18.6 Bn by the end of 2027. Advantages of gene-targeted treatment are benefitting individuals, since the treatment is based on the patient’s genetic make-up. Companies in the market for homeopathy products are gauging value-grab opportunities, as the gene-targeted treatment is scientific and uniquely planned for individuals of all age groups.
Homeopathy Products and Remedies Gain Popularity amidst COVID-19 Crisis
The newly circulating COVID-19 (Coronavirus) has created an unprecedented demand for homeopathy products. As suggested by the Indian Government’s Ministry of AYUSH— an organization that offers alternative medicine systems in the country, has released a health advisory on January 29, 2020, which advocates the use of homeopathic treatment and medicines to improve patient quality of life. India being one of the leading economies of Asia Pacific is contributing toward robust growth as per revenue basis in the homeopathy product market.
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Thousands of individuals worldwide have been affected due to coronavirus. The current COVID-19 crisis is anticipated to generate incremental opportunities for healthcare providers in the homeopathy product market. As such, Unani medicines are being highly publicized for the symptomatic management of fatal infection. Growing awareness about Ayurvedic practices are bolstering market growth. Homeopathic preparations such as Arsenicum album 30C and sesame oil are being increasingly used for prevention against the virus.
Companies Focus on Plant-based Sources to Produce Tincture and Ointments
The homeopathy product market is progressing at an explosive CAGR of ~14% during the forecast. However, common myths surrounding homeopathy products are likely to impede market growth. For instance, there is a serious misconception that homeopathic medicines are all the same i.e. ‘sweet pills’ in white color. Hence, companies dealing in homeopathic medicines are increasing awareness that the medicines may look alike but their formulations are different from each other. Innovations such as the gene-targeted treatment is establishing a healthcare system where no two patients with similar ailments are given the same medicine.
Companies in the homeopathy product market are increasing their R&D activities to derive basic ingredients of homeopathic medicines from plants and minerals. As such, the revenue of plant-based sources are predicted for a stellar growth in the market. Thus, manufacturers are increasing their production capabilities to produce mother tincture, dilutions, and ointments, among others. As such, the revenue of tincture is projected to account for the second-highest revenue among all products in the market for homeopathy products.
Breakthrough Homeopathy Software Deploys Intelligent Search and Analysis from Several Repertories
Next-gen homeopathy software is grabbing the attention of individuals and market players alike. Hence, companies in the homeopathy product market are exploring untapped opportunities in the software domain to broaden their revenue streams. For instance, Hompath— a software company in Mumbai, India, is gaining market recognition for introducing the Hompath Zomeo, a breakthrough software that helps practitioners arrive at prescriptions within minutes. Companies in the homeopathy product market are increasing their efficacy in developing software integrated with huge volumes of homeopathy books that deploy intelligent and accurate search.
Novel homeopathy software are gaining prominence in the market for homeopathy products, owing to its cost and time-efficiency. Provision of accurate data and intuitive tools are becoming the key focus points for software developers. As such, developers are gaining expertise in the development of systems integrated with repertory software to provide instant search and analysis from several repertories.
Amidst the recent outbreak of COVID-19, the demand for homeopathy medicines is witnessing an unprecedented surge in the homeopathy product market. This explains why the revenue of respiratory applications is projected for aggressive growth during the forecast period. Gene-targeted treatment is being highly publicized in the market landscape.
Apart from immunology, companies are increasing focus in agricultural homeopathy to generate revenue streams. Homeopathy has grown popular in the U.S. where large-scale retailers are increasing the availability of homeopathy products. However, lack of accepted clinical evidence validating the effectiveness of the products are likely to impede market growth. Hence, companies should collaborate with practitioners dealing in mainstream medicine and have a keen interest in homeopathy, in order to establish sustainable business practices.
Homeopathy Product Market: Overview
The homeopathy product market for the historical period of 2017–2018 and forecast of 2019–2027, prevalence of various diseases; increase in geriatric population; and rise in patient population propel the adoption of homeopathy, thereby boosting the homeopathy product market
According to the report, the global homeopathy product market was valued at US$ 5.6 Bn in 2018. The homeopathy product market is expected to expand at a CAGR of ~14% during the forecast period from 2019 to 2027.
Rise in Prevalence of Diseases such as Chronic Diseases: A Key Driver of Homeopathy Product Market
Chronic diseases are the leading causes of death and disability worldwide. Disease rates from these conditions are accelerating globally, advancing across every region, and pervading all socioeconomic classes.
According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by 2020. Emerging markets would be the hardest hit, as population growth is anticipated to be most significant in developing countries.
Homoeopathy is known for curing the chronic diseases from the roots and the basic principles on which it is founded have to be really followed for the rational healing and curing. According to the British Homeopathic Association, homeopathy is a natural form of medicine used by over 200 million people worldwide to treat both acute and chronic conditions.
Increase in Demand for Complementary and Alternative Medicine (CAM)/Traditional Medicine: Driver of Homeopathy Product Market
Homeopathy as a complementary and alternative medicine (CAM) and a holistic medicine solves several modern medical problems. Homeopathy, about 200 years old branch of medicine, was first introduced by Samuel Hahnemann, a German physician in 1810 and treatment for diseases with about 3,000 homeopathic remedies was addressed based on a golden principle named as “Like cure like” (similia similibus curentur).
According to the Complementary and Alternative Medicine – European Patients’ Forum Briefing Paper published in 2013, complementary and alternative medicine (CAM) is increasingly used by patients across the European Union. The WHO estimates that 100 million people in Europe are using traditional and alternative medicines.
According to the Homeopathy Research Institute (HRI), worldwide, over 200 million people use homeopathy on a regular basis. Homeopathy is included in the national health systems of a number of countries such as Brazil, Chile, India, Mexico, Pakistan, and Switzerland.
Lack of Evidence of Effectiveness of Homeopathy: A Key Restraint of Homeopathy Product Market
According to the European Patients Forum, CAM is controversial amongst healthcare professionals, the scientific community, and policy makers. Opponents insist that no scientifically valid evidence has been found about their effectiveness and that complementary therapies are based on pseudo-scientific models.
Lack of evidence studies for the safety and efficacy of complementary and alternative therapies hinders the market growth. Compared to conventional medicine, the research in homeopathy is less even though research in this field is increasing and the Cochrane Library lists over 4,000 randomized trials.
According to the NHS, an extensive investigation of the effectiveness of homeopathy has been done and no good-quality evidence is available yet, which proves that homeopathy is effective as a treatment for any health condition
In Australia, in 2015, the National Health and Medical Research Council (NHMRC) released a statement on homeopathy based on its own review of available clinical evidence. NHMRC concluded, no reliable evidence was available that proved homeopathy is effective for any health condition.
Thus, lack of evidence of effectiveness of homeopathy can hamper the growth of the homeopathy product market
Homeopathy Product Market: Competition Landscape
This report on homeopathy product market profiles major players in the global homeopathy product market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
Prominent players operating in the homeopathy product market include
Key Questions Answered in Homeopathy Product Market Report
Homeopathy Product Market – Segmentation