A study by a leading industry chamber has articulated that Indian homeopathy market is expected to top Rs.26 billion ($650 million) by 2010 and outpace the growth of pharmaceutical industry in the country.

According to the study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), since takers of homeopathy’s are multiplying not only within the country but through out the world since it roots out aliments for good, the current homeopathy market in India as estimated around Rs.12.5 billion, by 2010, is expected to be more than double and touch Rs 26 billion size as it would continue to grow @ between 25-30% against 13-15% of pharmaceuticals industry.

ASSOCHAM study says, "Users of homeopathy are multiplying not only within the country, but throughout the world as it roots out aliments for good."

The study articulates that in the year 2006-07, about 50 million people opted for homeopathy. This number would exceed 100 million by the end of 2010, according to the study.

“It is not only effective in treating chronic aliments like respiratory diseases, arthritis, diabetes and thyroid problems to name a few, but without any side effects," said Assocham President Venugopal N. Dhoot, citing reasons for the growth of country's homeopathy market.

He added, "Also patients derive utmost satisfaction due to better consultation with the physician at a highly affordable cost."

Not only in the country, but also across the globe the homeopathy market has expanded and crossed a whopping Rs.135 billion, growing at the rate of no less than 25 percent. Out of this, the French homeopathy market has a lion's share of about Rs.45 billion, the study says.

Dhoot said, "One of the biggest reasons for its escalation in market size both in the country and globally is that homeopathic treatment is easily accessible online to over 10 million patients across the country and in 95 countries globally."

Currently India has over 400,000 registered homeopaths giving their services in 2,860 hospitals, with a total of 45,720 beds, providing traditional Indian systems of medicine and homeopathy besides 22,100 dispensaries of other traditional medicine.

The country churns out no less than 13,000 homeopaths every year. The number of registered traditional medicine practitioners and homeopaths stands at 587,536, which include both institutionally and non-institutionally qualified.

Even though homeopathic drugs cost only a fraction of allopathic or even ayurvedic medicines, there is a huge gap between homeopathy and healthcare industry, due to the lack of hospitals and institutions.

"There are very few institutions for hospitalisation and that is where a lot of money comes from."

Dhoot concluded, "Moreover, the distribution of products in homeopathy is very poor. Homeopathy medicines are hardly available in 10-15 outlets in a city, compared to the reach of allopathic medicines."