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.

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IBISWorld Market Research

IBISWorld Market Research

The industry will benefit from increasingly favorable attitudes toward homeopathy

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.

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IBISWorld industry Report Key Topics

This industry includes independent practitioners who practice alternative medicine that aims to stimulate the body's innate healing processes by administrating dilutions of specific remedies. The principle of similars, a central homeopathic principle, states that a disease can be cured by a substance that produces similar symptoms in healthy people. This industry includes solely practitioners who self-identify as homeopaths or whose primary business activity is homeopathy.
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About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.


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