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Homeopathy Market is Expected to Grow Rs. 58 Bn by Next Decade
"Currently the homeopathy market in India is worth Rs.6.3 billion and will be worth Rs.58.73 billion by 2017. It's growing by nearly 25 percent per year," Mukesh Batra, managing director of Dr. Batra's Positive Health Clinics Ltd, said here Thursday.
Quoting a fresh survey by AC Neilson on homeopathy in India, Batra said that this form of medicine is a favourite among people for the treatment of mainly skin, hair, respiratory and arthritis problems.
The survey, which was conducted in seven cities - Delhi, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore and Chandigarh - found that 62 percent of current homeopathy users have never tried allopathic treatment.
Besides, about 82 percent of homeopathy users said they would not switch over to allopathic treatment.
"Patients' loyalty, safe practice and fewer side effects are the main reasons for the growth of this sector. It has a huge potential in India but mostly untapped so far," Batra said.
He said nearly one million people practise homeopathy in India. But France is the biggest market for this form of medicine.
Currently the world market for homeopathy is worth Rs.84 billion and France contributes the biggest pie with a market worth Rs.16.8 billion, Batra added.
"By 2017, the homeopathy market will be equivalent to the alternative healthcare market which is Rs.520 billion," he clarified.
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