Homoeopathy is growing annually at around 25% and by 2017 the this will be equivalent to the alternative healthcare market which is Rs 52,000 crore currently
Homoeopathy market in India is valued at Rs 630 crore and registering a growth of around 25 per cent annually, according to a AC Nielsen Study on the growth prospects of the homoeopathy market in India.
The research was conducted by AC Nielsen to gauge the potential of the industry through market study and a patient behaviors analysis. Observing the potential in the industry, this initiative was taken to conduct the first-of-its-kind patient perspective study of the homoeopathy sector in India.
The objectives of the research were to understand the patient psychographics regarding chronic ailments, to determine the psychographics of conventional treatments versus homoeopathy. It also highlighted the contribution of Dr Batra's Positive Health Clinics towards homoeopathy. For the research, AC Nielsen conducted 650 interviews across seven cities among a mix of people with certain specific characteristics. 222 interviewees were regular allopathy users, 215 non-Dr Batra's homoeopathy users and 213 Dr Batra's homoeopathy users between November, 2006 and April, 2007.
The study revealed that Homoeopathy was an effective means of treating chronic ailments. These ailments included hair-skin problems, respiratory problems, arthritis and other miscellaneous treatments like thyroid, bed-wetting, diabetes, and obesity. Age groups of 18-26 years are more willing to shift to Homeopathy.
According to the research, 51 per cent of the people suffering from chronic ailments try home remedies and 30 per cent prefer to leave it unattended. Age groups of 18-26 years are more willing to shift to Homoeopathy recurrent use of self-medication and ignorance of proper treatment could lead to severe consequences. The 26 per cent of the people resorted to medical intervention, of which 47 per cent people visited their family doctor or a GP (general practitioner), 18 per cent resorted to conventional treatments and 34 per cent visited a homoeopath if their ailment was chronic.
The 81 per cent of people suffering from chronic ailments either self medicate or do nothing at all which was a disturbing trend throughout the country. Homoeopathy is often approached as a last resort when all other treatments have failed. Due to this, the duration of the treatment increases since the ailment reaches an advanced stage. However, 73 per cent of homeopathy as well as conventional medicine users believe that we provide the best solution in homoeopathy," stated Dr Mukesh Batra, chairman and managing director, Dr Batra's Positive Health Clinics Pvt. Ltd.
A C Nielsen conducted the independent survey at Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore and Chandigarh. These cities were chosen based on Patient psychographics, Factors influenced in taking homoeopathic treatment, trust level amongst people undertaking homeopathy treatment, users of Homoeopathy, users of Dr Batra's and Non users of Dr Batra's (Local homoeopaths and Conventional Treatment).
The report, quoting the World Health Organization, says that homoeopathy is referred to as the second largest system of the medicine. France is the largest market in the world with Rs 1,680 crore is growing at 20 percent annually. The world sale of homoeopathic drugs accounts to Rs 8, 400 crore. By 2017 the Homoeopathy market will be equivalent to the alternative healthcare market which is currently Rs 52,000 crore.