Homeopaths in the US Industry Market Research Report Now Available from IBISWorld
The aging population and struggling
US economy have fostered mounting interest in homeopathic healing
methods. This trend has spurred growth in the Homeopaths industry, with
double-digit sales growth in recent years. Although significant concerns
continue to exist about the legitimacy and efficacy of homeopathy 200
years after its development, a slowly growing percentage of the
population is turning to industry providers for healthcare. During the
five years to 2012, IBISWorld estimates that the percentage of the US
adult population that uses homeopathy has increased. In the five years
to 2017, the industry will continue to grow thanks to these trends,
coupled with rising per capita disposable income. For these reasons,
industry research firm IBISWorld has added a report on the Homeopaths
industry to its growing industry report collection.
Los Angeles, CA (PRWEB) July 18, 2012
Over the five years to 2012, the
Homeopaths industry
has grown at a rapid pace, bolstered by increasing consumer acceptance
of alternative therapies such as homeopathy. Defined as the practice of
alternative medicine that aims to stimulate the body's innate healing
processes, an estimated 4.8 million people used homeopathy in 2006,
according to a 2007 survey (most recent data available) by the Centers
for Disease Control and Prevention (CDC). IBISWorld research indicates
that these numbers have only grown, with revenue generated by homeopaths
projected to increase at an annualized rate of 7.6% to $339.9 million
over the past five years, including anticipated growth of 7.2% in 2012
alone, according to IBISWorld industry analyst Anna Son.
Organizations such as the Council of Homeopathic Certification (CHC) have worked hard to create
Homeopaths industry
standards and licensing professionals for the practice. This helped
spur demand and create an avenue for more homeopathic professionals in
the United States, Son says. Over the five years to 2012, the number of
industry establishments, which represents those establishments whose
primary business activity is homeopathic care, has grown at an
annualized rate of 3.8% to an estimated 3,914. Although significant
concerns continue to exist about the legitimacy and efficacy of
homeopathy 200 years after its development, a slowly growing percentage
of the population is turning to industry providers for healthcare.
During the five years to 2012, IBISWorld estimates that the percentage
of the US adult population that uses homeopathy has increased to about
2.7%, up from 1.9% in 2007, based on data from the American Medical
Association and the CDC.
Industry growth is expected to continue over the five years to 2017,
albeit at a slightly slower pace than over the past five years. The
industry will continue to benefit from increasingly favorable attitudes
toward homeopathy. The mounting incidence of disability, the aging
population and rising disposable income will significantly contribute to
revenue growth. During the next five years, IBISWorld projects that
revenue will increase. Growth is forecast to decelerate in 2014, though,
when health insurance exchanges are set to be established in line with
the healthcare reform legislation of 2010. The rising number of insured
people will dampen demand as more people gain access to conventional
healthcare. The Homeopaths industry is highly fragmented, much more
fragmented than conventional healthcare, with no firm generating a
significant share of revenue. Most establishments are sole
practitioners. For more information, visit IBISWorld’s
Homeopaths in the US industry report page.
The industry will benefit from increasingly favorable attitudes toward homeopathy