Morphine Market Research Report- Forecast till 2030
The global morphine
market is expected to cross USD 23.08 Billion by 2030
at a CAGR of ~6.50%.
The global morphine
market has been steadily rising and is projected to continue doing so in the
foreseeable future. This is attributed to an increase in the use of morphine
for pain relief, improved morphine regulations, established healthcare
infrastructure, and the availability of better medical facilities, as well as
an increase in the number of patients with cancer, orthopedic disorders, and
other chronic diseases. Because morphine is one of the most potent pain
medications, an increase in its use for pain treatment is a crucial driver
driving market development. Furthermore, governments in several emerging
nations are likely to legalize strong opioids for medicinal use at an
increasing rate, creating considerable potential for existing players to expand
their businesses and making it easier for new players to enter the global
morphine market. Increased R&D initiatives for the creation of novel
products is another factor that is predicted to provide profitable prospects
for market participants. The increased prevalence of orthopedic diseases such arthritis,
elbow pain, fibromyalgia, and osteoporosis are driving the morphine market
growth. The global morphine market is predicted to grow in response to an
increase in cancer incidence.
However, due to the
rapid development of tolerance to morphine, it can be extremely addictive.
Furthermore, greater doses of morphine were required to feel its effects. When
users develop a tolerance to morphine, they will feel withdrawal symptoms if
they stop using it, making it difficult to quit. In addition, psychological
reliance on morphine frequently develops soon after physical dependence.
Major Key
Players:
The morphine market players are
Mallinckrodt Pharmaceuticals (Ireland), Alcaliber (Spain), Purdue Pharma (US),
Sanofi Winthrop Industrie (France), Macfarlan Smith (UK), Sun Pharmaceutical
Industries (India), Qinghai Pharmaceutical (China), Northeast Pharmaceutical
Group (China), Pfizer Inc. (US), Verve Health Care Ltd. (India), Johnson
Matthey Fine Chemicals (UK), MANUS AKTTEVA BIOPHARMA LLP (India), Mayne Pharma
Group Limited (Australia), Daiichi Sankyo Inc. (Japan), Taj Pharmaceuticals
Limited (India).
Segment Analysis
The global morphine
market has been divided into dosage form, application, end user, and mode of
distribution. The market has been divided into injectable, oral pills, and
various dosage forms based on dosage form. Because of the increasing
prescription and capability of morphine as strong pain medications around the
world, the oral tablets market is predicted to increase rapidly in 2020.
The global morphine
market has been divided into four categories based on application: pain
management, diarrhea suppressor, cold and cough suppressant, and others. Pain
management accounted for the largest segment share in 2020, owing to the rising
prevalence of diseases associated with pain, an increase in the number of
surgical procedures, an increase in healthcare expenditure, and the growing
burden of the aging population around the world, all of which are expected to
fuel the segment's growth.
The morphine market is
divided into three categories based on the end user: hospitals and clinics,
ambulatory surgical centers, and others. Because of the high number of
orthopedic procedures and cancer treatments performed in hospitals, the
availability of competent doctors, the high efficacy rate, and improved
treatment infrastructure, hospitals and clinics held the biggest market share
in 2020.
The global morphine
market has been divided into hospital pharmacies, retail pharmacies, online
pharmacies, and others based on distribution channels. Due to the necessity for
a prescription for chemotherapy-related pain and other types of chronic pain,
hospital pharmacies held a significant market share in 2020, owing to the fact
that the majority of hospitals have in-house pharmacies.
Regional Analysis
In 2020, North America had the biggest morphine market share. The
presence of important players, the rising frequency of arthritis and other
inflammatory conditions in the region, and developed healthcare infrastructure
are all contributing to the market's growth. Additionally, favorable government
initiatives, an increase in the number of research partnerships, and increased
painkiller prescriptions are likely to support market expansion in this region.
Germany, France, the United Kingdom, Italy, Spain, and the rest of Europe
make up the European morphine market. The frequency of diseases such as cancer,
myocardial infarction, arthritis, and other inflammatory conditions is
predicted to drive the morphine industry in Europe. Furthermore, the morphine
industry is benefiting from the expanding elderly and sick population.
The morphine market in Asia-Pacific is expected to develop at the fastest
rate. The primary drivers for market expansion include the increased frequency
of chronic diseases such as cardiovascular problems, the growing patient
population, and novel treatment approaches. Furthermore, increased healthcare
spending in the Asia Pacific area is propelling the morphine market forward.
The rest of the world's market has been divided into three sections: the
Middle East, Africa, and Latin America. Due to the development of the healthcare
business and the increasing availability of specialty care centers, the United
Arab Emirates is the largest market in the Middle East. Latin American
developing countries such as Brazil, Argentina, and Colombia, among others, are
also important contributors to the market's expansion.
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