South & Central America Homeopathy Market Forecast to 2030 - Regional Analysis - by Source, Type, Application, and Distribution Channel

The South & Central America homeopathy market was valued at US$ 322.47 million in 2022 and is expected to reach US$ 983.00 million by 2030; it is estimated to grow at a CAGR of 15.0% from 2022 to 2030.

Favorable Regulations in Brazil and Argentina fuel the South & Central America Homeopathy Market

In Brazil, there is widespread use of homeopathy as an alternative medicine. Homeopathy was introduced to Brazil in 1840 by the French homeopathic physician. There are approximately 15,000 homeopathic physicians, specialized pharmacists, veterinarians, and dental surgeons practicing the profession in Brazil. This generally states a brief overview on when homeopathy was introduced in Brazil and the state of art. In 2020, over 50 million Brazilians had treated themselves with homeopathic medications at least once. In Brazil, homeopathy is regulated by Anvisa, which creates rules for the production and prescription by pharmacies, industrialization, and sale of these medications, in an attempt to guarantee their quality. Industrialized homeopathic medications can be found in pharmacies and drugstores and must clearly state the initials MS and a sequence of 8 to 13 numbers which always start with number. In addition, there are a significant number of homeopathic laboratories and pharmacies producing and selling industrialized homeopathic medicines. Boiron, which is the biggest worldwide laboratory of homeopathic medications started selling its products owing to high demand in the country. Thus, abovementioned factors are driving the homeopathy market during the forecast period.

In Argentina, homoeopathic remedies are duly accepted by the Ministry of Public Health, owing to which pharmacies and laboratories prepare and sell their medicines under the same controls as those on general remedies. At present there are more than 500 physicians practicing Unified Homoeopathy. Rise in geriatric population, increase in the prevalence of chronic disorders, and rise in the demand for homeopathy medicines are some factors that will aid the growth of homeopathic medicine in Argentina. As per the IDF Diabetes Atlas 2021 reports, 10.5% of the adult population (20-79 years) has diabetes, with almost half unaware of the condition. According to the LIGA MEDICORUM HOMOEOPATHICA INTERNATIONALIS, homeopathy in Argentina is recognized for its well-known tradition and its high academic standards. Homeopathic training in Argentina is guaranteed in high-level courses for medical doctors, dentists, veterinarians and pharmacists by institutions that follow the educational standards suggested by the Liga Medicorum Homoeopathica Internationalis (LMHI). Teachers from Argentinean institutions are frequently requested in different countries of the world because of their level of excellence. This shows that Argentinean homeopathy is still valid since the times of Dr. Tomás Pablo Paschero, who was a well-known President of the LMHI. The Federación de Asociaciones Médicas Homeopáticas Argentinas (FAMHA, or Federation of Argentinean Homeopathic Medical Associations) unites prestigious educational institutions that keep the legacy alive. The FAMHA continues fighting for homeopathy's legal recognition. In that regard, homeopaths are allowed to prescribe homeopathic remedies, but the practice of this therapeutic method has not yet been considered a medical act. Despite being criticized and attacked by conservative groups among the health system, homeopathy in Argentina is appreciated in other health environments and by all the patients who have benefited from this healing methodology.

South & Central America Homeopathy Market Overview

The South & Central America homeopathy market is segmented into Brazil, Argentina, and the Rest of South & Central America. The market is likely to propel during the forecast period owing to the increasing availability and accessibility of homeopathic products and service, the increasing regulatory support by the health authorities ensuring the sale of homeopathic products.

South & Central America Homeopathy Market Revenue and Forecast to 2030 (US$ Million)

South & Central America Homeopathy Market Segmentation

The South & Central America homeopathy market is segmented based on source, type, application, distribution channel, and country. Based on sources, the South & Central America homeopathy market is segmented into plants, animals, and minerals. The plants segment held the largest market share in 2022.

Based on type, the South & Central America homeopathy market is segmented into dilutions, tinctures, biochemics, ointments, tablets, and others. The dilutions segment held the largest market share in 2022.

Based on application, the South & Central America homeopathy market is segmented into analgesic and antipyretic, respiratory, neurology, immunology, gastroenterology, dermatology, and others. The immunology segment held the largest market share in 2022.

Based on distribution channel, the South & Central America homeopathy market is segmented into homeopathic clinics, retail pharmacies, e-retailers, and others. The homeopathic clinics segment held the largest market share in 2022.

Based on country, the South & Central America homeopathy market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America homeopathy market share in 2022.

Fourrts, Boiron, Biologische Heilmittel Heel GmbH, DHU-Arzneimittel GmbH & Co. KG, and Dr Reckeweg & Co GmbH are some of the leading players operating in the South & Central America homeopathy market.