A recent report provided a sales prognosis of the future development of the worldwide market of homeopathic products.
… Homeopathic remedies are derived from substances that come from Plant Homeopathics, minerals, or animals, such as red onion, arnica (mountain herb), crushed whole bees, white arsenic, poison ivy, belladonna (deadly nightshade), and stinging nettle. Homeopathic remedies are often formulated as sugar pellets to be placed under the tongue; they may also be in other forms, such as ointments, gels, drops, creams, and tablets. Treatments are “individualized” or tailored to each person—it is not uncommon for different people with the same condition to receive different treatments.
Due to the COVID-19 pandemic, the global Homeopathic Products market size is estimated to be worth US$ 854.4 million in 2021 and is forecast to a readjusted size of US$ 1388.8 million by 2028 with a CAGR of 7.1% during the forecast period 2022-2028…
Currently, the companies in the world that produce homeopathic products mainly concentrate in Europe, USA and India. The main market players are DHU, Nelson & Co Ltd, Hyland’s, Homeopathic, SBL and Apotheca etc, with about 14% market shares.
Europe homeopathic products is the world’s most flourishing area, homeopathic treatment sales in Europe accounted for 24%, North America area is about 16% of market share…
I feel that the agencies that publish such reports could do with a bit of proper research. This might result in fewer errors and less egg on their faces. Here are a few points that I think might need corrections:
- Homeopathics can also be produced from a complete absence of material, for instance, X-rays or vacuum.
- Some can also be injected.
- I fear that the sales predictions are far too optimistic; they fail to account for the almost worldwide realization that homeopathy is an obsolete placebo therapy.
- The market share of South American nations seems to have been forgotten.
- The worldwide main player is Boiron.
Of course, none of this is important; after all, it’s only one of those meaningless market predictions that seem to be made by looking at tea leaves rather than facts.
Am I too harsh?
I don’t think so, – not least because it is easy to find predictions that differ substantially, e.g.:
- The homeopathy market is expected to grow at a CAGR of 14.3% from 2020 to 2028
- The global homeopathy market is expected to grow at a CAGR of 6.5% during the forecast period, from 2021 to 2030.
- Goldstein Research analyst forecast the Homeopathy Product Market to grow at a CAGR of 16.8% during the forecast period 2016-2024 and attain the revenue of USD 16.2 billion by 2024.
Unimportant? Yes, except that homeopaths and their advocates (like Prince Charles, for instance) are bound to use such documents for claiming that, if millions continue to use homeopathy, it must be effective and science must be wrong. Readers of this blog got used to and can by now see through homeopaths’ fallacies – but far too many consumers still fall for them.