Halal Pharmaceuticals Market Size, Scope, Growth Opportunities 2022-2028

The research report "Halal Pharmaceuticals Market: By Dosage Form (Syrups, Capsules, Tablets, Powders, Others), By Drug Class (Analgesics, Pain management drugs, Anti-inflammatory drugs, Respiratory drugs, Cardiovascular drugs, Vaccines, Others), By Distribution Channel (Pharmacies, Online pharmacies, Hospital Pharmacies) - Global/Region/Country Forecast to 2028. The global halal pharmaceuticals market size was valued at USD 123.03 billion in 2021, growing at a CAGR of 9.4% during the forecast period 2022-2028.

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Increasing investments on R&D activities boost the Halal Pharmaceuticals Market:
Halal pharmaceuticals are thought to be considerably more efficient, less polluted and safer as they are made, packaged and distributed according to the Islamic beliefs and are held to high-quality standards. One of the factors offering prospects for the expansion of market product is the improving economic conditions in Islamic countries. Moreover, increasing public knowledge about health risks and environment has an enormous impact on the pharmaceutical business. Uniformity and regulations in the segment are tough to accomplish as pharmaceutical associations and regulatory agencies all across the world hold differing viewpoints. For instance, American pharmaceutical corporations have at present shown their dissatisfaction with Ministry of Health's rules (MOH) of Malaysia.

There are a few factors that fuel the halal pharmaceuticals market growth such as the growing care and awareness about the selection of ingredients with which the drugs are prepared and increasing safety and quality assurance of the halal products around the world. In addition, increasing investments on R&D activities, inclination towards the eco-friendly and organic healthcare products and healthy drugs and increasing use of halal pharmaceuticals by Muslim population all across the world are the significant factors impel the halal pharmaceuticals market growth. On the other hand, low adoption rate, strict regulatory framework and lack of consciousness are hindering the halal pharmaceuticals market growth.

Asia Pacific accounted for major share in the Halal Pharmaceuticals Market:
On the basis of regional analysis, global halal pharmaceuticals market is classified into major regions including Europe, North America, Latin America, Asia Pacific, Middle East and Africa. Among these regions Asia Pacific is leading the global halal pharmaceuticals market due to the presence of huge Muslim population. The leading halal pharmaceutical markets in terms of consumer spending are Algeria, Turkey, Saudi Arabia, Indonesia, Algeria, United States and Malaysia. UAE is the biggest halal pharmaceuticals market due to the favorable governance and pricing index. Both the Latin American and European countries are also anticipated to witness considerable growth rate in Halal pharmaceuticals because of the growing consciousness the users of halal pharmaceuticals and increasing Muslim population.

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Competitive Analysis:
Major players working in the global halal pharmaceuticals market are Pharmaniaga, Chemical Company of Malaysia Bhd, Rosemont Pharmaceuticals, Simpor Pharma Sendirian Berhad, Bosch Pharmaceuticals and NOOR VITAMINS. These players in the market aim at following major strategies to increase the product portfolio.

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This release was published on openPR.