New York City, 06 February 2019: The
global Halal Pharmaceuticals Market is anticipated to reach USD 34.82 billion by 2026 according
to a new study published by Polaris Market Research.
The
significant growth in the Halal Pharmaceuticals Market is primarily due to the
rapid increase in the Muslim population, along with their improving disposable
income. Increasing purchasing power and deepening belief in Shariah law
together is responsible for creating a surge in demand for halal
pharmaceuticals. Shariah law is derived from the Quran and is basically a
collection of practices, words, habits, and silent approvals. As per the law,
products containing the discharge of human beings or animals, and in direct or
indirect contact with non-halal items. Moreover, it must not contain traces of
things that are unfit for human consumption such as poison, and toxic elements.
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Halal pharmaceuticals are expected to be prepared under a controlled environment to avoid any cross-contamination with non-halal utilities, materials, and ingredient. Extra care is taken in the manufacturing of these pharmaceuticals as no contamination will be tolerated. Rapid growth in demand has encouraged the Halal Pharmaceuticals Market players to actively indulge in activities that are aimed at or new product development.
Growing
Muslim population is showcasing a high interest in halal pharmaceuticals and
cosmetics. This can be attributed to the increasing consumer awareness about
the deepening beliefs and growing knowledge that pharmaceuticals contain
alcohol, porcine-by products, and their derivatives, among other non-halal
contents or ingredients that are against Islamic beliefs.
The Halal
Pharmaceuticals Market experience tough challenge in defining proper regulation
and standards. 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 Halal
Pharmaceuticals Market has been segregated based on drug class, type, end-use,
and region. By drug class, the market has been divided into allergies,
endocrine drugs, pain medications, respiratory drugs, and others. By type, the
market has been bifurcated into capsule, syrup, and tablet. The industry
experience high demand for end-use applications such as drugs, cosmetics, healthcare,
and others.
Competitive Landscape and Key Vendors:
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.
The list of
key companies that are operating in the Halal Pharmaceuticals Market includes
Chemical Company of Malaysia Berhad, Rosemont Pharmaceuticals, Bosch
Pharmaceuticals, Noor Vitamins, EMBIL Pharmaceutical Co., Ltd, Nutramedica
Incorporated, PharmaniagaBhd, and SimporPharmaSdnBhd, among others.
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