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Homeopathy braces to be Rs26bn industry: Assocham

Homeopathy braces to be Rs26bn industry: Assocham
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First Published: Sun, Dec 09 2007. 12 43 PM IST
Updated: Sun, Dec 09 2007. 12 43 PM IST
New Delhi: By 2010, domestic homeopathy market is expected to be more than double and touch the Rs26 billion size as it would continue to grow @ between 25-30% against 13-15% of pharmaceuticals industry since users of homeopathy are multiplying not only within the country but through out the world.
According to a report brought out by Assocham, the current homeopathy market in India is estimated to be around Rs12.5 billion and its size in the global market has gone up to Rs135 billion. France, contributes the largest to the world Homeopathy market at an estimated Rs45 billion.
Nearly 5000 patients were randomly surveyed in metros like Delhi, Mumbai, Kolkata, Chennai, Bangalore and other satellite towns like Chandigarh, Hyderabag, Lucknow.
The study found a huge gap between homeopathy and healthcare industry. This gap they felt would continue to persist due to lack of hospitals and institutions. There are very few institutions for hospitalization and distribution of products in homeopathy continues to be very poor. A major reason is that these are not easily available as compared to allopathic medicines.
Key Findings
* Over 55% said they had faith in homeopathy; they also admitted that it took longer to identify aliments through homeopathy, but the treatment was relatively safe and physiologically more satisfactory, with no side effects
* Being easily available and effective for treating chronic aliments it is accessible online to over one crore patients across the country
* Online homeopathy connectivity worldwide is spread over 95 countries and interestingly majority of them are economies of scale in which allopathy until recently has been more prevalent
* In 2006-07, patients diagnosing aliments with homeopathy in India numbered approximately 4-5 crore; this is likely to exceed about 10 crore in next 2-3 years
* 80% of them felt that homeopathy is increasingly becoming an alternate to allopathic medicines because of their fake content and patients including doctors losing confidence
* There are over four lakh registered homeopaths in the country currently, with approximately 13,000 more being added every year
* Another reason for homeopathy’s popularity has been the growing disillusionment with conventional allopathic medicine, which has, for many years, been the first line of treatment for most patients. Many feel its more personalized treatment, with greater one-on-one interaction between the patient and the physician
* In India, there are 2860 hospitals, with a total of 45,720 beds, providing traditional Indian systems of medicine and homeopathy and 22,100 dispensaries of traditional medicine. The number of registered traditional medicine practitioners and homeopaths comprise 587,536, that are both institutionally and non-institutionally qualified
* Homeopathy is found to be effective in treating chronic ailments (hair & skin problems, respiratory problems, arthritis and other miscellaneous treatments like thyroid, bed-wetting, diabetes, and obesity)
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First Published: Sun, Dec 09 2007. 12 43 PM IST