Halal Pharmaceuticals Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Healthcare
Report Code - OMR-H-203
Format: PDF, PPT, and Excel
Halal Pharmaceuticals Market to Grow with a CAGR of 9.6% During 2023-2030; Market to Grow Due to Contributing Factors Such as Growing Muslim & Vegan Population
Halal drugs contain halal ingredients and are made according to Islamic guidelines. Any ingredient recognized as halal must be traceable. A product may not contain components derived from pigs, alcohol, blood, predatory animals, human body parts, or insects. Animal-derived compounds must be generated from permissible animals slaughtered according to Islamic law. In addition, the compounds used must be safe for human consumption and non-toxic, and they must not be processed using najis-contaminated equipment (impurity).
During the COVID-19 epidemic, there was a growing demand for halal-certified vaccinations. Businesses on the market made efforts to obtain permission from various organizations. The British Islamic Medical Association (BIMA) and other Islamic experts deemed the Pfizer-BioNTech vaccine kosher "based on the available information" in the United Kingdom, where it is now being administered to the public.
Key Takeaways of Halal Pharmaceuticals Market
By Dosage Type
The tablet market is predicted to expand at the highest rate throughout the forecast period. This is due to the wide availability of tablets in several hues, shapes, sizes, and types, including film- and enteric-coated, effervescent, and orally disintegrating pills. The emergence of personalized 3D-printed tablets also helps the expansion of the market.
By Drug Class
Over the projected period, the largest market share is anticipated to be held by pain management pharmaceuticals. After operations or accidents, these medications are administered to patients. Patients with specific comorbidities are significantly more likely to experience adverse effects, so they must be constantly monitored.
By Region
The Middle East, Africa, and Asia-Pacific regions are anticipated to dominate substantially. Owing to the sizeable Muslim populations in these locations, they are also the largest markets in the world for Halal pharmaceuticals. The countries with the biggest spending on Halal medications include Turkey, Saudi Arabia, the United States, Malaysia, Indonesia, and Algeria. The United Arab Emirates (UAE) has the greatest ranking for governance and pricing, making it the largest market for halal medications.
Increasing Halal-Certified Companies and Increased Investments to Drive Market Expansion
Several firms have seen the market's potential. Every company, not just CCM, offers halal food alternatives. The necessity for high-quality, halal-certified multivitamins in the United States led to the establishment of Noor Vitamins. Nutrition Enhancement manufactures Halal-certified multivitamins in addition to the Halal-certified prenatal multivitamins manufactured by a separate US firm.
Increasing Muslim Population to Drive Market Expansion
The increasing global Muslim population is the primary factor driving the market's rapid expansion. Studies indicate that around one-fourth of the world's population, or approximately 1.8 billion individuals, are Muslims. Yet, the supply of Shariah-compliant products is insufficient to match their demand. Increasing Muslim purchasing power also contributes to the global demand for Halal medications.
Global Halal Pharmaceuticals Market Prominent Players
• Noor Pharmaceuticals (U.S.)
• Bosch Pharmaceuticals (Pvt) Ltd. (Pakistan)
• Simpor Pharma Sendirian Berhad (Brunei)
• Chemical Company of Malaysia Bhd (Selangor)
• Viva Pharmaceutical (Canada)
• Duopharma Biotech Berhad (Malaysia)
• Zaytun Vitamins (U.S.)
• Pharmaniaga LifeScience Sdn Bhd (PLS) (Malaysia)
• SaudiVax (Saudi Arabia)
Report Scope for Halal Pharmaceuticals Market
Dosage Form
• Capsules
• Tablets
• Syrups
• Powders
• Others
Drug Class
• Pain Management Drugs
• Anti-inflammatory Drugs
• Cardiovascular Drugs
• Respiratory Drugs
• Vaccines
• Others
Distribution Channel
• Retail Pharmacy
• Hospital Pharmacy
• Online
Halal Pharmaceuticals Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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