Press release
Halal Pharmaceuticals Market Forecast 2018 to 2026: Top Players Are Phenom- Bosch Pharmaceuticals, CCM Pharmaceuticals Sdn, Hovid, Nutramedica Incorporated
The global 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.
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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.
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.
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The halal pharmaceuticals 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.
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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.
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).
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.
Competitive Landscape and Key Vendors
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.
1. Halal Pharmaceuticals Market Size and Forecast by Product type
1. Key Findings
2. Capsule
1. Global Market Estimates and Forecasts, 2017-2026
3. Syrup
1. Global Market Estimates and Forecasts, 2017-2026
4. Tablets
1. Global Market Estimates and Forecasts, 2017-2026
2. Halal Pharmaceuticals Market Size and Forecast by Regions
1. Key findings
2. North America
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceuticals market by product type, 2017 - 2026
3. US.
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
4. Canada
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
5. Europe
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceuticals market by product type, 2017 - 2026
6. Germany
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
7. UK
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
8. France
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
9. Asia Pacific
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceuticals market by product type, 2017 - 2026
10. China
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
11. India
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
12. Pakistan
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
13. Latin America
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceuticals market by product type, 2017 - 2026
14. Brazil
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
15. Mexico
1. Halal pharmaceuticals market by drug class, 2017 - 2026
2. Halal pharmaceutical market by product type, 2017 - 2026
About us Polaris Market Research
Polaris Market Research is a global market research and consulting company. We provide unmatched quality of offerings to our clients present globally. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities.
Contact us-
Mr. Neel
Corporate Sales, USA
Polaris Market Research
Phone: 1-646-568-9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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