Global halal pharmaceuticals market is anticipated to reach US $34.82 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on type, Drug Class and region.
Halal pharmaceuticals market is growing significantly on account to rapidly increasing Muslim population worldwide, along with a surge in their disposable income. Rise in purchasing power and growing belief in Shariah law is supporting industry growth.
Shariah law is basically a collection of habits, practices, words, and silent approvals, which is based on the Quran. As per the law, products containing human or animal discharge, or direct or indirect contact with non-halal items are prohibited. Moreover, consumables containing traces of elements that are unfit for human consumption like poison, and toxic substances are forbidden.
Notably, halal pharmaceuticals should be prepared under a controlled environment to avoid any cross-contamination with non-halal items, materials, or ingredients. Furthermore, added care is taken to avoid potential contamination in the process of making such pharmaceuticals. As per the report, growing demand for halal pharmaceuticals has encouraged market players to actively indulge in initiatives that are aimed at developing new halal products.
There is also an increasing demand for halal pharmaceuticals and cosmetics from the growing Muslim population. This demand can be attributed to increasing consumer awareness about the deepening Islamic beliefs and growing knowledge about pharmaceuticals containing alcohol, porcine-by products, and its derivatives, and other non-halal ingredients and contents.
However, halal pharmaceuticals market is having a tough time defining proper regulation and standards for pharmaceutical firms worldwide. For instance, American pharmaceutical companies recently expressed their concerns over the guidelines proposed by Malaysia's Ministry of Health (MOH), focused towards defining items that are permissible in pharmaceuticals in accordance with Islam. The concerns were highlighted in the annual submission to the U.S. Trade Representative by the Pharmaceutical Researchers and Manufacturers of America (PhRMA).
Based on drug class, the halal pharmaceutical market is segmented into allergies, respiratory drugs, endocrine drugs, pain medications, and others. In terms of type, the industry is divided into capsule, tablet, and syrup. With high demand from end-use applications like cosmetics, drugs, healthcare, and others, the halal pharmaceutical market will witness immense growth over the forecast period, cites the report.
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As per regional contribution, The Middle East and Asia Pacific markets are expected to secure significant growth over the coming years, credited to the large Muslim population residing in emerging economies like Indonesia, Malaysia, India, Bangladesh, Maldives.
Renowned firms operating in halal pharmaceuticals market include Bosch Pharmaceuticals, Chemical Company of Malaysia Berhad (CCM), EMBIL Pharmaceutical Co., Ltd, Noor Vitamins, Rosemont Pharmaceuticals, Pharmaniaga Berhad, Simpor Pharma Sdn Bhd, and Nutramedica Incorporated among others. The company profiles of leading firms are mentioned in the report alongside their business overview, product benchmarking, financials, and recent developments.
The report also provides an extensive quantitative and qualitative analysis of potential trends and growth prospects in halal pharmaceutical market between 2018-2026.