Plants Segment has the Largest Share of Source in the North America Homeopathy Market during 2021–2028
According to The Insight Partners market research study on “North America Homeopathy Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Source, Type, Application, and Distribution Channel” is expected to reach US$ 3,780.1 million by 2028 from US$ 1,438.8 million in 2021. The market is estimated to grow at a CAGR of 14.8% from 2021 to 2028. The report provides trends prevailing in the North America 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.
Consumer demand for alternative therapy is increasing as customers are becoming aware of better immune health. Consumer are spending across a multitude of categories, one of them is homeopathy. Consumer demand for homeopathy medicine have increased as interest in overall health and wellness has grown. Moreover, with the increasing cases of COVID-19, The American Institute of Homeopathy (AIH) hosted a two-hour international web conference on the homeopathic treatment of patients with COVID-19 in March 2021. Health Canada regulates homeopathic products and reviews homeopathic products to make sure that they are safe. Initially, homeopathic products were not widely available in stores; now, many homeopathic products are available in stores. Non-prescription drugs such as pain relievers, allergy medications, and cold and flu medications are widely available for consumers. Also, governments have been distributing the homeopathy medicines due to rising cases of COVID-19. For instance, the Cuban government distributed homeopathic remedy PrevengHo-Vir to the elderly and other vulnerable people to “prevent” the spread of the disease. Owing to increasing cases of COVID-19, the demand for immunity booster products have increased in the region.
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 North America 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, Hahnemann Laboratories, Inc., Boiron, Homeocan Inc., Hyland's, Inc., Nelson Pharmacies Limited, Weleda UK, and Biologische Heilmittel Heel GmbH are among the leading companies in the North America 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 North America (US, Canada, Mexico).
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