World Morphine Market Overview, Analysis, Industry Demand, Scope, Future Growth and Business Prospect by Forecast to 2030
Morphine Market
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.
Morphine Market Overview and Analysis By Dosage Form, By Application, By End User By Distribution Channel and Region (North America, Europe, Asia-Pacific, Rest of the World)—Forecast to 2030.
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 research report 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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