Plants Segment has the Largest Share of Source in the Asia Pacific Homeopathy Market during 2021–2028
According to The Insight Partners market research study on “Asia Pacific Homeopathy Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Source, Type, Application, and Distribution Channel” is expected to reach US$ 3,284.8 million by 2028 from US$ 1,231.8 million in 2021. The market is estimated to grow at a CAGR of 15.0% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific Homeopathy market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the safety associated with homeopathic products and rise in adoption of homeopathic medicine are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the stringent regulatory approvals.
The rising number of COVID-19 cases in India is increasing the demand for homeopathy medicines. The COVID-19 crisis has generated opportunities for healthcare providers in the homeopathy product market. Homeopathic preparations such as Arsenicum album 30C and sesame oil are increasingly used. India's government has introduced multiple schemes to promote AYUSH activities and has also set up individual research councils for each AYUSH systems, which exemplifies its interest in developing this growing industry. Homeopathy is proven to be a natural immunity booster. In the initial days of the pandemic, the Gujarat State Government has distributed the homeopathic prophylaxis to Covid-19 prescribed by the AYUSH ministry to 3.48 crore people in the state. Also, the Kerala government distributed homeopathy medicine to 4.5 million people to boost immunity. In addition to this, the Indian Government’s Ministry of AYUSH released a health advisory in January 2020, which advocates homeopathic treatment and medicines to improve patient quality of life. In the following months, homeopathic drugs have been prescribed across the country. State governments of Rajasthan, Karnataka, Tamil Nadu, Andhra Pradesh, and Kerala have endorsed its usage, and in Maharashtra Brihanmumbai Municipal Corporation, and government hospitals have recommended their use. Given that, the homeopathic clinics in India have witnessed a surge in demand; for instance, Dr. Kalyan Banerjee's Clinic dispensed 2 lakh courses of homeopathy prophylaxis protocol for the prevention of COVID-19 cases. India is one of the fastest growing economies in the Asia Pacific is contributing toward robust growth in the homeopathy product market.
The market for homeopathy market is segmented into source, type, application, and distribution channel. Based on source, it is segmented into plants, animals, and minerals. In 2020, the plants segment accounted for the Asia Pacific homeopathy market's largest market share. Most of the homeopathic remedies are obtained from plants. More than 50% of homeopathic medicines are derived from plants. Medicines are either extracted from the whole plat or parts of plants like bark, flower, roots, leaves and others. Thus, the plants segment is likely to witness rapid growth during the forecast period.
Fourrts, Nelson Pharmacies Limited, Allen Healthcare Co. Ltd., Weleda UK, and Biologische Heilmittel Heel GmbH are among the leading companies in the Asia Pacific homeopathy market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in December 2020, Fourrts launched FILOFLUE, (Homeopathic Preparation) for treatment of Flu like symptoms. it helps in helps in relieving cough and throat irritation and helps in strengthening the immune system.
The market for homeopathy market is segmented into source, type, application, and distribution channel. Based on source, the homeopathy market is segmented into plants, animals, and minerals. Based on type, the homeopathy market is segmented into dilutions, tinctures, biochemics, ointments, tablets, and others. Based on application, the homeopathy market is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. Based on end user, the homeopathy market is segmented into homeopathic clinics, retailers, e-retailers, and others. Geographically, the homeopathy market is segmented into Asia Pacific (Australia, India, Japan, Malaysia, New Zealand, Rest of Asia Pacific).
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