Mumbai, July 03
The homoeopathy product market is expected to touch USD 17.4 Billion by 2024.
In order to tap the potential, Hahnemann Scientific Laboratory India is carving a niche for themselves, garnering orders from outside the country, mainly SAARC countries.
Haslab as they are known in the homoeopathy market, they provide various forms of homoeopathic products like eye drops, homoeopathic complex tablets, tinctures, dilutions, ointments, gels and Biochemic combinations from 1- 48.
If we look at the latest trends, the burgeoning popularity of alternate medical systems, especially homoeopathy is accentuating the demand for HSL products outside of India too. A team member from HSL revealed that recently they have procured a good amount of orders from the SAARC countries.
"Homoeopathy products have gained immense popularity in recent years owing to growing acceptance of such highly individualized remedy to address specific symptoms in patient populations, the world over. We are extremely glad that other countries are now also experiencing the benefits of our products. Hahnemann Scientific Laboratory provide many different types of products, however, if we look at the world homoeopathy market, dilutions tend to be the most lucrative segment of all", said Amit Rastogi from Haslab.
A recent study by 3EA, a management consulting firm that manages Haslab's marketing presence, revealed that the dilutions market is expected to reach a worth of USD 6, 253.9 million by 2024. We had a look at some more numbers, speaking about the global market, if we speak geographically, Europe is the front-runner. However, the Asian market is fast catching up the pace. The demand for homoeopathic products in the Asian market is expected to surge at a potentially attractive CAGR in the coming years.
So, what makes the market so beneficial for the homoeopathy product providers? The huge rise in disposable income has turned out to be a major force in this growth. Recently, a majority of the population has shown an inclination toward alternate medical systems for the treatment of chronic ailments.
Homoeopathy and especially Haslab has been at the crux of this development. This has turned out to be a crucial trend accentuating the demand for homoeopathic products. The burgeoning demand is supported largely by the surge in people not considering homoeopathy as a placebo anymore.
Multiple developments in the field of medical science have also resulted in the efficacy of homoeopathy products and the growing disposable incomes, especially in emerging economies, which brings us to the SAARC countries. People in countries like Bangladesh, Bhutan, Maldives and Sri Lanka are now open to place more faith in homeopathy as compared to the past few years. The comparison scale between allopathic and homoeopathic product satisfaction is now narrowing down more than ever.
Well, the infeasibility of various small - and medium - scale manufacturers in the market spread across key regions to conform to good manufacturing practices might be making a minor dent, however big market players like Haslab are leaving no stone unturned to keep the quality of products high and deliver effectively to the patients.
"The market is expected to witness huge gains from robust promotional and marketing activities in the coming years, especially in Asia. It is a positive sign for us that we are lapping up orders from the SAARC countries in addition to our extensive presence in India", added Rastogi, explaining about the future plans on tapping huge potential and the inclination of SAARC population towards using HSL products.
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