Homeopathy is alternative medicine, which was established in Germany in the later part of the 18th century. It is based on the idea of ‘Law of Similars’. According to this principle, if a matter can produce symptoms in a healthy individual, it can treat similar symptoms in a sick individual. Homeopathic medicines are composed of natural substances in extremely diluted amounts for the treatment of a number of ailments. These medicines are prepared by repeatedly diluting and vigorous shaking of the original substance preparation in water and alcohol. Post dilution, the medicine is added to pillules or lactose tablets.
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The global homeopathic products market is on the rise due to the increasing demand for homeopathy for the treatment of several diseases. According to the World Health Organization, homeopathy is the second largest medicine system displaying a growth rate of 20-25% each year. This is because homeopathy has reportedly proven to be effective for the treatment of several acute and chronic diseases. Though there is a lack of understanding of working of homeopathic medicines, these medicines are believed to be active and are curative.
The increasing participation of several new players is also leading to the growth of the global homeopathy products market. These players are focused on the utilization of new technologies for the development of more effective products.
North America is the largest regional market for homeopathy products due to several factors. These include increasing preference of individuals for natural and holistic medicine and favorable reimbursement policies for the same. Europe is the second-largest market for homeopathy products. In the U.K., homeopathy is fully recognized as a curative medical practice and is covered by public health insurance. Asia Pacific is emerging as a significant market for homeopathy products due to the rapid advancement of the healthcare industry in emerging economies and the revival of alternative medicine for fewer side-effects. According to a study carried out by the Associated Chambers of Commerce and Industry of India in 2011, the domestic homeopathy market is expected to reach new heights in the coming years.
Some of the leading players in the global homeopathy products market are Hahnemann Laboratories Inc., Natural Health Supply, SBL, Hyland’s Homeopathic, and Nelson & Co. Ltd.
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