Halal Pharmaceuticals Market Incredible Possibilities & Growth Analysis and Forecast To 2024
Halal Pharmaceuticals prohibit the use of any non-halal ingredient that comprises traces or substances derived from animals such as dog, and pigs, among others. In addition, Sharian law forbids usage and intake of collagen, glycerin, and allantoin, among others. Moreover, these pharmaceuticals cannot to be tested on innocent animals such as rabbits, monkey or any other animals.
The Middle East and the Asia Pacific regions Halal Pharmaceuticals Market are expected to witness significant growth in the next eight years due to the presence of a large population of Muslims. Majority of the Muslim population of the world lives in these regions, and they also comprise of emerging nations such as India, Indonesia, Malaysia, Bangladesh, Maldives, and Pakistan that have a high population that follows Islamic beliefs.
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Halal Pharmaceuticals Market is expected to grow from USD 21.22 billion in 2017 to USD 34.82 billion by 2026, at a CAGR of 5.7% during the forecast period according to a study published by Polaris Market Research.
Primary factor driving the Halal Pharmaceuticals Market growth is the growing demand for non-halal item by rapidly increasing Muslim population across the globe. Furthermore, the increasing awareness and strict adherence to purity standards is making the end products quiet attractive to both Muslim and non-Muslim customers. market is experiencing significant increase in the population of vegans, along with Islam followers which is consequently affecting the adoption of halal pharmaceuticals. This can be primarily attributed to the fact that they do not contain any traces of alcohol, animal or non-halal ingredients.
The list of key companies that are operating in Halal Pharmaceuticals Market includes: -
- Chemical Company of Malaysia Berhad
- Rosemont Pharmaceuticals
- Bosch Pharmaceuticals
- Noor Vitamins
- EMBIL Pharmaceutical Co. Ltd
- Nutramedica Incorporated
- PharmaniagaBhd
- SimporPharmaSdnBhd
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).
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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.
Halal Pharmaceuticals Market Key Segments: -
Drug Class:
- Allergies
- Endocrine Drugs
- Pain Medications
- Respiratory Drugs
- Others
Product Type:
- Capsule
- Syrup
- Tablet
Application:
- Healthcare
- Drug
- Cosmetics
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Halal Pharmaceuticals Market. market report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada. Europe is divided into Germany, UK, Italy, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
Table of Content of Halal Pharmaceuticals Market:
Chapter 1. Overview and Scope
Chapter 2. Market Summary
Chapter 3. Halal Pharmaceuticals Market Size and Forecast
Chapter 4. Dynamics and Segmentation
Chapter 5. Detailed Insight on Key Company
Chapter 6. Research Methodology and Reference
Chapter 7. Competitive Landscape
TOC Continued…...!!!!
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on Friday November 16 2018, 9:07 AM EST.
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