The global halal pharmaceuticals market is estimated to grow at a CAGR of 5.7% from 2018 to 2026.
A significant growth for Halal Pharmaceuticals Market is anticipated over the forecast period, largely owing to the rapidly increasing Muslim population across the globe. Moreover, there are few factors such as the increasing rate of people turning absolute vegans throughout the world that are impacting the demand for market products. Halal Pharmaceuticals are considered much safer, effective, and uncontaminated as they are prepared, packaged, and distributed as per Islamic teachings and are expected to maintain high standards of quality. The recovering economic conditions in Islamic countries are offering opportunities for growth of market’s products. In addition, the growing awareness pertaining to environmental and health hazards are also responsible for creating a significant impact on the pharmaceutical industry.
Regulations and standardization in the industry pose a great challenge as regulatory bodies and pharmaceutical associations present across the globe have difference in opinions. For instance, recently, American pharmaceuticals companies expressed their concerns over the guidelines by Malaysia’s Ministry of Health (MOH). These guidelines were focused towards defining the permissible items in pharmaceuticals in accordance with Islam. The concern was highlighted in the annual submission to the United States Trade Representative by the Pharmaceutical Researchers and Manufacturers of America (PhRMA).
The global halal pharmaceuticals market is segregated in terms of drug class, type, and regions, On the basis of drug class, the Halal Pharmaceuticals Market can be segregated into five types namely allergies, endocrine drugs, pain medications, respiratory drugs, and others. While on the basis of type, the industry is divided into capsule, syrup, and tablet. Among them, capsules and tablets increasingly utilize edible plastics, and non-halal ingredients. As a consequence, they see high demand in halal pharmaceuticals.
Among these, healthcare and drugs are expected to foresee considerable application as their demand is significantly higher than any other. Moreover, they increasingly utilize non-halal components in their market products; as a consequence, they find high application and relevancy to market products.
The Middle East and Asia Pacific Halal Pharmaceuticals Market regions are experiencing considerable demand for halal pharmaceuticals, and are expected to witness similar demand trend in the coming eight years. Such a high demand is largely attributed to the presence of a large Muslim population in these regions. A huge percentage of the Muslim population of the world lives in these regions, and also comprise emerging nations such as India, Indonesia, Malaysia, Bangladesh, Maldives, and Pakistan that have a high population that follows Islamic beliefs.
The list of key companies that are operating in the Halal Pharmaceuticals Market Chemical Company of Malaysia Berhad, Rosemont Pharmaceuticals, Bosch Pharmaceuticals, Noor Vitamins, EMBIL Pharmaceutical Co., Ltd, Nutramedica Incorporated, Pharmaniaga Bhd, and Simpor Pharma Sdn Bhd, among others. These players are actively participating in strategic activities that are aimed at maintaining strong market position, and increasing market share.
Global halal pharmaceuticals market is characterized by the presence of a large supplier base, comprising numerous well established as well as regional, and local players. However, the market is mainly dominated by large international players that are continuously striving to introduce innovation in their products. They are investing heavily on research & development, in order to come up with more technologically advanced products. Through these initiatives, these players are trying to maintain and improve their existing market positions.