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Homeopathic Veterinary Medicines Market: Introduction
According to the report, the global homeopathic veterinary medicinal product market was valued at over $ 100 million in 2020. It is forecast to grow at a CAGR of ~ 5% from 2021 to 2031 the world assumes. Most veterinarians choose homeopathy because several animal diseases are chronic and recurring. The goal of homeopathy is to strengthen an animal’s immunity and to cure the disease at its source. Rising awareness, technological developments and increasing demand for complementary and alternative medicine (CAM) are the main factors expected to drive the global homeopathic veterinary medicinal products market over the forecast period.
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Europe held a large share of the global veterinary homeopathic medicine market in 2020. Home to several key players in the market, Europe is a significant market for homeopathic veterinary medicines. The high level of acceptance and use of high quality homeopathic veterinary drugs, feed additives and vaccines are important factors driving the growth of the homeopathic veterinary drug market in the region.
In addition, high investments by farmers in farm animal health management, particularly feed additives and vaccines, have spurred the homeopathic veterinary medicinal product market in Europe. The Asia-Pacific Homeopathic Veterinary Medicines market is forecast to grow at a high annual growth rate of 6.1% from 2021 to 2031. It is estimated that the rapid increase in per capita income and high spending on animal products will fuel the homeopathic veterinary medicine market in Asia Pacific.
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Increasing demand for complementary and alternative medicine (CAM) worldwide to fuel the market
According to research studies, the use of complementary and alternative medicine (CAM) has increased over the past decade. Homeopathy is an alternative or complementary medicine (CAM). This implies that homeopathy is very different from the therapies used in mainstream western medicine. In 1810, the German doctor Samuel Hahnemann invented homeopathy, and the treatment of diseases with around 3,000 homeopathic medicines was based on the golden principle of “like heals like” (similia similibus curentur). This technique encourages the body to recover by strengthening the immune system.
Remedies are made from a variety of plants, animal components and minerals and are tailored to the specific needs of each animal. In recent years, people have begun taking their dogs to holistic vets for help with a variety of diseases and disorders, including chronic problems such as indigestion, skin irritation, arthritis, and respiratory disease.
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Homeopathic medicines can also be used to treat acute illnesses such as diarrhea, bites, and stings. Therefore, an increasing preference for homeopathic medicines for veterinary treatment over conventional medicine can be observed, which in turn is spurring the global market for homeopathic veterinary medicines.
There is strong demand for herbal veterinary medicinal products
In terms of the source of origin, the global market for homeopathic veterinary medicinal products can be divided into herbal, animal and mineral products. The plant-derived segment dominated the global homeopathic veterinary medicinal products market in 2020 and the trend is expected to continue during the forecast period. Nux vomica is the common name for a homeopathic medicine from the Strychnos nux-vomica tree. This natural remedy uses the seeds of the tree as its main ingredient. A 2015 study found that the extract from Nux vomica leaves is used for digestive problems, loss of appetite, liver disease, lower back pain, and helps eliminate the side effects of medicines used in veterinary homeopathy.
Pets lead the market for homeopathic veterinary medicines
In terms of Animal Species, the global Homeopathic Veterinary Medicines Market has been segmented into Pets and Pets. The pets segment had a large market share in 2020. The segment is expected to have a significantly high market attractiveness index by 2031.
Veterinary clinics become important sales partners
Based on the sales channel, the global homeopathic veterinary medicinal products market has been divided into retail pharmacies, veterinary clinics and online pharmacies. The rise in pet ownership has increased the number of visits by pets to veterinary clinics. This is intended to drive the segment forward in the forecast period.
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Europe will dominate the world market; Asia Pacific offers significant incremental opportunities
In terms of region, the global Homeopathic Veterinary Medicines Market has been segmented into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. Europe is expected to have a leading share of the global homeopathic veterinary drug market during the forecast period. The increase in public spending on the welfare of their pets and pets is driving the homeopathic veterinary pharmaceutical market in Europe. According to the European Pet Food Industry Federation, over 75 million households in Europe each have a pet. The number is expected to grow exponentially over the next few years, which should fuel demand for homeopathic veterinary medicines. The Asia-Pacific homeopathic veterinary drug market is expected to grow rapidly over the next several years. India, China and Japan are set to be lucrative markets in the near future as pet ownership and per capita income of people in the Asia-Pacific region increase.
Growth strategies of the main actors
The main players in the global homeopathic veterinary medicinal product market are animalEO, Dorwest Herbs Ltd., Freemans Homeopathy Pharmacy, Goel Vet Pharma, Guna SPA, Helios Homeopathy Ltd., Hivet, Omida AG, CURE WELL HOMOEO PHARMACY, Dr. Reckeweg & Co. GmbH and Biologische Heilmittel Heel GmbH. These companies conduct research and development activities to develop novel products to expand product offerings and customer bases.
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