Halal Pharmaceuticals Market Profile | Future Demand & Growth Trends| Forecast To 2028

CITY, Country, 2020-Jun-18 — /EPR Network/ —

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).

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.

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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.

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Key Questions Answered in This Report
• Analysis of the market including revenues, future growth, market outlook
• Historical data and forecast
• Regional analysis including growth estimates
• Analyzes the end user markets including growth estimates.
• Profiles including products, sales/revenues, and market position
• Market structure, market drivers and restraints.