Indian homoeopathy market may grow by 30 per cent and touch Rs 4,600 crore by 2012, due to its effective treatment of chronic diseases like respiratory disorders and arthritis, an Assocham study has said.
In 2010 calendar year, the domestic homoeopathy market size was estimated at about Rs 2,758 crore.
"The main reason for growing homoeopathy market is its effective and cheaper treatment for chronic ailments compared to allopathic and ayurvedic medicines," the study said.
Besides, it said, the treatment is considered to be safe and has no side-effects.
"In 2009-10, the treatment helped around 10-12 crore people in diagnosing their ailments. This number is likely to exceed 16 crore in the next two to three years," the study said.
At present, there are more than five lakh registered homoeopaths in the country, it said.
The international homoeopathy market is also growing at a rate of 25 per cent annually and is estimated at Rs 26,300 crore, it added.