In contraction to the population belief, the Islamic world is not at all in the dark side era. The increasing scientific advancements led by Muslims cannot be seen in the past ages. With the increasing demand, there is also an increase in innovative ideas in the Halal trade .According to 2016-2017 report, Thomson Reuter’s states that the spending of Muslim on medicines and pharmaceuticals is $78 billion in 2015 which estimates 7 percent of the total global expenditure. The growth rate is 4.2 percent from the previous year and it slightly lower to the global rate of 5.3 percent. Muslim spending on medicines and pharmaceuticals is expected to reach $132 billion by the year 2021 with an annual compound rate of 9 percent compared to the year 2015.

A large number of Muslim consumers exist for Nutraceutical products which are for nutritionally enhancing the body. It is thus leading to successful marketing of products with a wave of higher purchasing power and health awareness without the use of Haram substances. There are many emerging players all around the globe which are mainly focusing on Halal nutraceuticals such as Noor Vitamins in U.S., the UK’s Natures Well; the Netherlands- based Halal Vital and Madina Vitamins.

With the wide spread of Halal industries there also emerging numbers of players. To your notice there are 300 ingredients manufacturers around the world but looking to the needs of Muslim, the manufacturers of ingredients for Halal Pharmaceuticals and Cosmetics industries are identified to be 322 across the whole globe. This means that all the leading Pharmaceuticals manufacturers have been certified as Halal for the Muslims and OIC demanding for Halal products like Dow Chemicals and Teva Pharmaceuticals. The BASF’s Care Chemicals division has announced that they will produce 145 Halal- certified ingredients for making Halal Pharmaceuticals and Halal Cosmetics for personal can products. This chemical giant will keep expanding so as to meet the increasing demands of Muslims.

Thomson Reuter Report 2016-2017 also states that the Halal Pharmaceuticals has also expanded its business to Halal medical tourism, which is also considered as a fast-growing sector with an estimated growth rate of 25 percent annually and worth over 4439 billion all over the world. The top four medical tourist destinations which have targeted Muslim medical tourists worldwide includes India, Thailand, Malaysia and Singapore. These places provide dedicated Halal Health facilities like the Malaysia Healthcare Travel Council.

Especially after the sections lifted from Iran, the landscape of the Halal economy itself is changing. This change leads to a major player in this global Halal Market with a major number of 79 million people. Iran stands second largest market in Halal cosmetics in Middle East with the estimated value of $4 billion where as its current Pharmaceutical market can be estimated to be a worth of 42.35 billion.  A promising look towards Islamic economy can be seen with the fast and developing innovations of nutraceuticals in the pharmaceutical sector and it is estimated to reach $ 132 billion worldwide.