Alternative medicines

Homeopathic Products Market Size to Hit USD 19.7 Bn by 2030 – GlobeNewswire

Summary

Ottawa, Nov. 16, 2021 (GLOBE NEWSWIRE) — According to Precedence Research, the global homeopathic products market size was valued at US$ 6.2 billion in 2020. The increasing demand for the complementary and alternative medicine is expected to drive the global homeopathic product market. According to the British Homeopathic Association, homeopathy is a natural form of medicine that cures both the acute and chronic diseases from the roots and prevents ant type of side-effects. As per the dat…….

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Ottawa, Nov. 16, 2021 (GLOBE NEWSWIRE) — According to Precedence Research, the global homeopathic products market size was valued at US$ 6.2 billion in 2020. The increasing demand for the complementary and alternative medicine is expected to drive the global homeopathic product market. According to the British Homeopathic Association, homeopathy is a natural form of medicine that cures both the acute and chronic diseases from the roots and prevents ant type of side-effects. As per the data published by the Homeopathy Research Institute, around 200 million people across the globe use homeopathic products on a regular basis.

The rising prevalence of chronic diseases among the population is a significant driver of the homeopathic product market. According to the World Health Organization, the developing countries are expected to witness maximum number of chronic diseases among its population owing to the rapidly growing population. Furthermore, the rising inclination towards the non-invasive treatment is fostering the market growth. The invasive treatment are too costly and certain health complications may arise after the treatment. On the other hand, the homeopathy offers orally administered medicines and are free from side effects and are cheaper. This is a major driver of the homeopathic product market.

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The rising investments in the expansion, new product launches, and research & developmental activities adopted by the top players are expected to boost the growth of the market during the forecast period. Companies are trying to develop innovative ways to extract ingredients from plants and minerals. Furthermore, the surging awareness among the population regarding the gene-targeted treatment in the homeopathy is resulting in a burgeoning demand for the homeopathic products across the globe.

The rising prevalence of chronic diseases, growing geriatric population, high healthcare expenses related to the modern healthcare treatment centers, rising awareness regarding the effectiveness of homeopathy medicines, cheaper cost of medicines, and rising consumer expenditure on health and wellness are some of the important factors that are accountable for the growth of the global homeopathic product market during the forecast period.

Scope of the Homeopathic Products Market

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Source: https://www.globenewswire.com/news-release/2021/11/16/2335627/0/en/Homeopathic-Products-Market-Size-to-Hit-USD-19-7-Bn-by-2030.html

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Report Coverage Details
Market Size in 2030 USD 19.7 Billion