The global homeopathic products market has gained sudden popularity as the global population seeks alternative therapies to strengthen the immune system amidst a raging pandemic. The homeopathic products market includes medicines, ointments, and tinctures that are grouped as complementary and alternative medicine (CAM). Known to have fewer side effects, these products are in the limelight as consumers opt for a holistic treatment for clinical conditions.
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Fairfield Market Research also observes that the market for homeopathic products has shifted from its place of origin in Europe to Asian countries. According to Germany Trade & Invest (GATI) report, homeopathic and anthroposophic medicines are collectively growing at a significant rate of 13%, above that of conventional medicines in Germany.
Affordability Drives Patients to Seek Homeopathic Products
Research indicates that the global homeopathic products market is expected to soar as it is highly affordable as compared to conventional medicines and therapies. With no side effects, a growing number of patients are shifting their attention to homeopathy products for better blood sugar control, improved blood pressure, skin remedies, and more. The significant cost reduction in treating respiratory, allergic, and asthmatic conditions with homeopathy products has been identified as the key driver for the global market.
Complete Therapy and Holistic Approach Makes a Strong Case for Global Homeopathic Products Market
The global homeopathic products market is steadily gaining ground as the growing number of end users realise the long-term benefit of its complete system of medicine. The promise to reduce the disease progression while treating the patient for its susceptibility have made a strong case for the market. Homeopathy practitioners assess potential stressors, infectious agents, environmental influences, emotional temperament, genetics, and family history that might be causing a susceptibility pattern to eliminate the cause of illness. Meticulously individualised prescriptions are deduced to treat the disease, condition, or illness, which is known to bring about a relief, cure, and prevention from a possible relapse in the future.
Customisation of Therapy Wins Global Homeopathic Products Market Many Accolades
In recent times, the global homeopathic products market has gained prominence as it is investing in research and development of highly customised therapy and medicines for patients. Fairfield Market Research says that path-breaking gene-targeted homeopathic treatment is set to change the game for the market. Precision-driven and highly scientific in approach is being designed to treat conditions such as acne, hair loss, psoriasis, respiratory allergies, and others. For instance, in 2018, Dr Batra’s presented ‘Dr Batra’s Geno Homeopathy’, putting India on the international platform. This is a genetically personalized homeopathic treatment that is based on genome sequencing used for identifying exact illness, its extent, and the changes required to remedy it.
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Asia Pacific to Overtake Europe as Homeopathy Products Gain Government Backing
The outbreak of the COVID-19 pandemic has givien the global homeopathic products market a new momentum. As a preventive measure, the Government of India’s Ministry of AYUSH, Central Council for Research in Homeopathy (CCRH) announced that boosting immunity is crucial to fighting the coronavirus. For the same, it suggested Arsenicum album30, a prophylactic medicine to keep coronavirus at bay. This has given the Asia Pacific homeopathic products market a massive impetus.
Asia Pacific is also anticipated to be the fastest-growing market for homeopathic products as healthcare expenses are higher. Greater affordability of seeking a holistic treatment through homeopathy is expected to drive this market in the developing economies of Asia Pacific.
Global Homeopathic Products Market: Key Players
Key players studied by Fairfield Market Research are Boiron Group, A Nelson & Co. Ltd., Biologische Heilmittel Heel GmbH, Standard Homeopathic Company (Hyland’s, Inc.), GMP Laboratories of America Inc., Washington HomeopathicProducts Inc., Hahnemann Laboratories Inc., Homeocan Inc., Mediral International Inc., Dr. Reckeweg & Co. GmbH, Ainsworths Ltd., PEKANA, SBL Pvt. Ltd., and Weleda.
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