The global halal pharmaceuticals market is projected to grow at a steady rate during the forecast period. Halal pharmaceutical products adhere to Shariah law that prohibits the use of animal parts or any other raw materials that violates the ‘haram’ under this law.
The halal pharmaceuticals market is driven by increasing Islamic population and growing awareness related to food purity standards. Furthermore, a general skepticism towards Western medication is helping the growth of the halal vaccination industry. Also, the industry is attracting more investments attributed to the advent of virtual reality (VR), artificial intelligence (AI), and the internet of things (IoT).
A collaboration between the Indian Ministry of Finance’s (TDA) Technology Depository Agency and Hilleman Laboratories in 2017 marked a worldwide attempt to manufacture vaccines for diphtheria and meningitis. The arrival of the anti-vaccination trend Muslim communities are promising steady pharmaceutical and drug industry growth. Pharmaceutical companies like AJ Pharma and Pharmaniaga are fronting some of the key innovations by investing substantial amounts into R&D at their Halal pharmaceutical center.
Malaysia plans to build the world’s first halal vaccine center to produce pharmaceutical products in accordance with halal standards and will be commercialized within 5 years. The global Islamic economy report stated that even though Malaysia topped the worldwide Islamic Economy Indicator, but UAE marked their spearhead in Halal pharmaceutical, food, media, and recreation sectors.
The halal pharmaceutical market is characterized by the presence of a large number of global, and local players and are striving to maintain their existing market positions through product innovations. They are diversifying their portfolios to keep up with the growing competition, which in turn is expanding opportunities for new entrants. Some of the major players operating in the halal pharmaceuticals market include PharmaniagaBhd, Chemical Company of Malaysia Berhad, Bosch Pharmaceuticals, Rosemont Pharmaceuticals, Noor Vitamins, Nutramedica Incorporated, EMBIL Pharmaceutical Co., Ltd, and SimporPharmaSdnBhd, among others. Attributed to a high concentration of Muslim population in Asia Pacific and the Middle East, these regions hold the largest market share and are estimated to emerge as the fastest growing region in the upcoming years.
Leading players of Halal Pharmaceuticals including:
• CCM Pharmaceuticals
• Rosemont Pharmaceuticals
• Simpor Pharma
• Bosch Pharmaceuticals
• NOOR VITAMINS
Market split by Type, can be divided into:
Market split by Application, can be divided into:
• Health Care Products
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA