A marked presence of several small and medium enterprises (SME) renders the competitive landscape in the global homeopathy product market
moderately fragmented, finds Transparency Market Research (TMR). In
2015, the leading five players could only account for mere 27.0% share
of the global market pointing toward the fragmentation in the market. Of
these players, around 17.3% share in the global marked was earned by
Boiron, a globally prominent manufacturer, which had a large impact on
the contours of the competitive dynamics. The company could boast of
prominent position in the global market underpinned by its capacities in
key regions such as the Middle East and Africa (MEA), North America,
Europe, and Asia Pacific, notes TMR.
TMR analysts also observed that a number
of top players are focusing on geographic expansion across Asia Pacific
and the Middle East and Africa to consolidate their positions. Several
players are also planning to tap into the lucrativeness of e-commerce
marketplace in a move to gain a competitive edge over their competitors.
The global homeopathy product market
stood at US$3.8 billion in 2015 and is projected to proliferate at a
CAGR of 18.2% during 2016–2024. By the end of the forecast period, the
market will earn a revenue worth of US$17.4 billion.
The various forms of homeopathic products
are tablets, tinctures, dilutions, ointments, and biochemics. Of these,
dilutions form the most lucrative segment and is expected to reach a
worth of US$6,253.9 million by 2024 end by rising at a rapid pace. The
growth can be attributed by substantially rising demand for a convenient
dosage form among the patient population.
Geographically, the global market is led
by Europe which is expected to hold its sway throughout the assessment
period. However, the Middle East and Africa market for homeopathy
products is anticipated to rise at a potentially attractive CAGR of
21.1% during 2016–2024. The growth is underpinned by the vast rise in
disposable incomes.
Burgeoning Popularity of Alternate Medical Systems and Substantial Disposable Incomes accentuate Demand
The mounting concern of side effects or
adverse effects arising out of prolonged usage of allopathic medicines
among patients and the rising awareness of the effectiveness of
alternate medical systems are key factors that have led to the
proliferating demand for homeopathy products all over the world.
Homeopathy products have gained immense popularity in recent years owing
to growing acceptance of this highly individualized remedy to address
specific symptoms in patient populations, world over.
A growing volume of population showing
inclination toward alternate medical systems for the treatment of
chronic ailments is a crucial trend accentuating the demand for
homeopathy products. The burgeoning demand is supported largely by the
rising confidence in the efficacy of homeopathy products and the growing
disposable incomes especially in emerging economies.
Populations in developed nations are
witnessed making sizeable spending on the purchasing of homeopathic
products. This has presented abundant opportunities for manufacturers to
capitalize on. The rising prevalence of chronic diseases has led to the
rise in demand for various products in complementary health practices.
This is reflecting well on the demand for homeopathy products that are
considered to have negligible side-effects.
Lack of Quality Control and Standardization of Homeopathic Medicine Glairing Constraint
The global homeopathy product market may
face few critical stumbling blocks. The lack of quality control and
standardization of homeopathic medicine is the most glaring constraint
hindering the uptake of homeopathy products among the global
populations. This can be attributed largely to the infeasibility of
various small- and medium-scale manufacturers in the market spread
across key regions to conform to good manufacturing practices. This
sometimes takes a serious toll on the product quality. Furthermore, the
paucity of a robust, widely acceptable mechanism for global regulators
to access the efficacy and safety of homeopathy remedies is also a
crucial impediment to the growth of the market.
Nevertheless, the market is expected to
reap lucrative gains from robust promotional and marketing activities in
the coming years, especially in developing regions. The rapidly rising
online demand homeopathic products, coupled with intense competition
among manufacturers to improve their product quality, is expanding the
market prospects.
The study presented here is based on a
report by Transparency Market Research (TMR) titled “Homeopathy Product
Market (Product Type – Tincture, Dilutions, Biochemics, Ointments, and
Tablets; Application – Analgesic and Antipyretic, Respiratory,
Neurology, Immunology, Gastroenterology, and Dermatology; Source –
Plants, Animals, and Minerals) – Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast 2016–2024”.
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