The global homeopathy product market has been experiencing a heavy
presence of small and medium enterprises (SMEs), as noted by
Transparency Market Research (TMR) in its latest report. This could
be evident from a just over 27.0% share jointly accumulated by five
leading players in 2015. In the same year, a 17.3% share was secured
by Boiron Group, which is considered to be significant enough to
influence the direction of the market. The company has been able to
hold a commanding position in the industry due to its telling
presence in key regions such as the Middle East and Africa (MEA),
Asia Pacific, North America, and Europe.
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Domain experts at TMR prognosticate the global homeopathy product
market to make a drastic progress during the forecast tenure
2016-2024 at an 18.2% CAGR. As the final forecast year sees
completion, the market could post a revenue collection of US$17.4 bn
progressing from a US$3.8 bn collected in 2015. Dilutions are
foreseen to be a lucrative product to focus on since they could bag a
king’s share of the market while expanding at a CAGR of 17.8%.
Although the MEA could rank higher on the basis of CAGR, Europe is
anticipated to outclass every other region with its dominating share
of a 36.4% by 2024.
Homeopathy product manufacturers could cash in on the increasing
concerns of allopathic medicines on the part of their high usage. The
prolonged usage of allopathic medicines could have serious side
effects, about which consumers and non-consumers are becoming
increasingly aware. Seasoned analysts expect this to be a crucial
factor escalating the demand in the world homeopathy product market
since consumers are desperately looking for alternative treatments.
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A TMR analyst has stated that the market is predicted to be on the
brink of being a mainstay in most important regions. An independent
survey conducted in the recent past had revealed a lush amount of
spending on homeopathy products in North America alone. Manufacturers
of homeopathy products are envisioned to keep a close eye on the rise
of various diseases around the globe, which has been swelling the
requirement of different drugs and medicines.
Suppliers of homeopathy products are envisaged to suffer when
operating in the global market because of a substantial shortfall in
quality control. It could be challenging to implement quality
assurance standards with a consolidated effort because a considerable
part of the total market revenue is collected by SMEs dispersed
across key regions. Manufacturers are prophesied to face the brunt of
reduced demand and negative customer experience on account of the
lack of adherence to sound manufacturing practices, thus compromising
product quality to a significant degree.
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However, players have been taking to the adoption of powerful
business strategies such as geographical expansion into the MEA and
Asia Pacific and strong promotional and marketing activities to
cement their position in the international homeopathy product market.
Moreover, there has been an intelligent usage of the extremely
influential ecommerce marketplace, which could be an evidence of
competent opportunities prevailing in the industry.
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