The homeopathy market was valued at US$ 4,609.55 million in 2020 and is projected to reach US$ 13,518.62 million by 2028; it is expected to grow at a CAGR of 14.4% from 2021 to 2028.
The factors such as safety associated with homeopathic products and rise in adoption of homeopathic medicine fuel the market growth.Moreover, increasing demand for plant-based supplements is expected to foster the market growth during the forecast period.
However, the stringent regulatory approvals hinder the growth of the homeopathy market.Additionally, APAC countries are witnessing rise in the demand for homeopathy products.
The homeopathic clinics in India have witnessed a surge in demand since the beginning of the COVID-19.For instance, Dr.
Kalyan Banerjee’s Clinic dispensed 2 lakh courses of homeopathy prophylaxis protocol for the prevention of COVID-19. Thus, the escalating demand for homeopathy treatment due to the rising number of COVID-19 confirmed cases is driving the growth of the market.
The global homeopathy market is segmented on the basis of type, source, application, and distribution channel.Based on type, the market is segmented into dilutions, tinctures, biochemics, ointments, tablets, and others.
The dilutions segment held the largest share of the market in 2020, whereas the ointments segment is anticipated to register the highest CAGR during 2021–2028.By source, the market is segmented into plants, animals, and minerals.
The plants segment held the largest market share in 2020, and the same segment is estimated to register the highest CAGR during the forecast period.The homeopathy market, based on application, is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others.
The analgesic and antipyretic segment held the largest share of the market in 2020, whereas the immunology segment is estimated to register the highest CAGR from 2021 to 2028. Based on distribution channel, the market is segmented into homeopathic clinics, retailers, e-retailers, and others. The homeopathic clinics segment held the largest market share in 2020 and is estimated to register the highest CAGR during the forecast period.
The World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), and the American Institute of Homeopathy are among the primary and secondary sources referred to while preparing the report on the homeopathy market.
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