Market Dynamics: Global Halal Pharmaceuticals Market
Halal means permissible to consume and the products are prepared as per to the Shariah Principles used shariah-compliant ingredients and methods. Halal is one of the tenets of Islam morality and refers to lawful. Halal pharmaceuticals are the products which are manufactured, packed and distributed without using pork, dog or alcoholic ingredients which are prohibited by Islam. Increase in safety and quality assurance of the halal products across the world, growing care and consciousness regarding selection of ingredients with which the drugs are prepared majorly drives the market for halal pharmaceuticals. Furthermore, Inclination towards the organic and ecofriendly, healthy drugs and healthcare products, increase in investments on R&D activities, increase in usage of halal pharmaceuticals by Muslim population all over the world propels the market growth for halal pharmaceuticals. However, lack of awareness, low adoption rate, strict regulatory framework are hampering the growth of halal pharmaceuticals market.
Market Scope: Global Halal Pharmaceuticals Market
Global Halal Pharmaceuticals Market is segmented on the basis of Dosage Form, Drug Class, Distribution channel and Geographical regions
Based on the Dosage Form, the market is segmented into the following:
- Syrups
- Capsules
- Tablets
- Powders
- Others
Based on the Drug Class, the market is segmented into the following:
- Analgesics
- Pain management drugs
- Anti-inflammatory drugs
- Respiratory drugs
- Cardiovascular drugs
- Vaccines
- Others
Based on the Distribution Channel, the market is segmented into the following:
- Pharmacies
- Online pharmacies
- Hospital Pharmacies
Regional Analysis: Global Halal Pharmaceuticals Market
Geographically, Global Halal Pharmaceuticals Market is segmented into North America, Europe, Asia Pacific, Latin America, and theMiddle East and Africa regions. The Middle East and Africa and Asia Pacific are the largest markets for the Halal pharmaceuticals globally owing to the presence of huge Muslim population. The top Halal pharmaceutical markets in terms of consumer spending are Turkey, Saudi Arabia, the United States, Malaysia, Indonesia and Algeria. UAE is the largest market for halal pharmaceuticals owing to the favorable governance and pricing index. European countries and Latin American Countries are also expected to show significant growth rate in halal pharmaceuticals due to the growing Muslim population, increase in awareness in usage of halal pharmaceuticals.
Competition Assessment:
- Pharmaniaga (Malaysia)
- Chemical Company of Malaysia Bhd (Malyasia)
- Rosemont Pharmaceuticals (UK)
- Simpor Pharma Sendirian Berhad (Brunei Darussalam)
- Bosch Pharmaceuticals (Pakistan)
- NOOR VITAMINS (U.S.)
Notable Market Developments:
- Simpor Pharma Sendirian Berhad launched its initial range of halal health supplements at Third ASEAN Consumer Fair.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2013-2017) and forecast (2018-2024)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
