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.:Â 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 thought to be significantly safer, more effective, and less polluted because they are prepared, packaged, and distributed according to Islamic beliefs and are held to high-quality standards. The improving economic conditions in Islamic countries are providing prospects for market product expansion. Furthermore, rising public knowledge of environmental and health risks has had a huge impact on the pharmaceutical business. Regulations and uniformity in the sector are difficult to achieve because regulatory agencies and pharmaceutical associations all over the world hold differing viewpoints. For example, American pharmaceutical corporations have recently expressed their dissatisfaction with Malaysia's Ministry of Health's rules (MOH). These standards were created with the goal of specifying the ingredients that are permitted in medications according to Islamic law. The Pharmaceutical Researchers and Manufacturers of America expressed their concern in their yearly report to the United States Trade Representative (PhRMA). The global halal pharmaceuticals market is segmented by drug type, region, and drug class. The Halal Pharmaceuticals Market can be divided into five categories based on medicine class: allergies, endocrine pharmaceuticals, pain meds, respiratory drugs, and others. The industry is separated into three types: capsules, syrups, and tablets. Capsules and pills, for example, are increasingly using edible polymers and non-halal components. As a result, they are seeing a surge in demand for halal medications.
Fastest Growing Market
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.
2021 is the base year and 2028 is the forecast year.
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
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