Increasing prevalence of orthopedic illnesses and rising application of morphine for pain management are projected to boost market growth at a CAGR of 6.50%

Pune, India,  August 2022/MRFR Press Release/- Market Research Future has published its half-cooked research report on the global morphine market.

Market Highlights

According to MRFR analysis, the global morphine market is expected to register a CAGR of 6.50% from 2023 to 2032 and hold a value of USD 26.8 billion by 2032.

The rising cases oforthopedic illnesses and cancer are expected to drive the growth of the morphine market. Moreover, the growing geriatric population and the use of morphine for pain management are further driving the market growth.According to WHO, by 2050, 130 million people will suffer from osteoarthritis worldwide; furthermore, the disease will severely disable 40 million.Similarly, according to GLOBOCAN 2020 estimation of cancer incidence reportedby the International Agency for Research on Cancer states worldwide that there were19.3 million new cancer cases in 2020.

The industry players focus on expanding their distribution network and supply chain to dominate the global morphine market. In addition, the key players are involved in new product launches, strategic agreements, and joint ventures to augment their market positions. Moreover, in May 2021, AmphastarPharmaceuticals (US) received FDA approval for morphine sulfate injection. The injection is indicated for the control of pain severe enough to require the use of an opioid analgesic by patient-controlled analgesia and for which alternative treatments are inadequate.

Regional Analysis

The market has been divided, by region, into North America, Europe, Asia-Pacific, and the Rest of the World.

North America is anticipated to hold the largest market share in 2021, owing to theincreasing prevalence of arthritis and other inflammatory disorders, the presence of key players, and established healthcare infrastructure in the region. In addition,beneficial government initiatives, an increase in the number of research partnerships, and the prescription of painkillers are the drivers expected to increase the morphine market growth.Furthermore,according to ClinCalc database 2018, morphine has the 132nd rank out of top 300 drugs which are most commonly prescribed medication in the US, with more than 5 million prescriptions.

The European morphine market has been categorized into Germany, France, the UK, Italy, Spain, and the rest of Europe. An increasing prevalence of diseases like cancer, myocardial infarction, arthritis, and other inflammatory disordersin the European countries is expected to propel the growth of the morphine market in the region. Furthermore, the growing geriatric and patient population isalso supporting the growth of the morphine market.

Asia-Pacific is anticipated to be the fastest-growing regional market over the forecast period due to increasing investment in healthcare infrastructure, risingprevalence of chronic diseases, and increasing population. In addition,rising healthcare expenditure in the region is driving the growth of the morphine market in Asia-Pacific.

The market in therest of the world has been categorized into the Middle East, Africa, and Latin America. In the Middle East, the United Arab Emiratesis the largest market due to the healthcare industry's development and the rising availability of specialty care centers. Developing countries such as Brazil, Argentina, and Colombia, among others in Latin America, are also key contributors to the growth of the market.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Morphine Market Research Report

Segmentation

The global morphinemarket has been segmented intodosage form, application, end user, and distribution channel. By dosage form, the market has been segregated intoinjection, oral tablets, and other dosage forms.The oral tablets segment is expected to witness high growth in 2020, Owing to the increasing prescription and capability of morphine as strong pain relievers across the globe.

Based on application, the global morphinemarket has been classified into pain management, diarrhea suppressant, cold &cough suppressant, and others.The pain management segment is further sub-segmented into cancer pain, neuropathic pain, osteoarthritis pain, & other pain management. Pain management held the largest segment share in 2020, owing to the increasing prevalence of the disease with pain, rise in the number of surgical procedures, rise in healthcare expenditure, and the growing burden of the aging population globally is expected to drive the growth of the pain management segment. According to the GLOBOCAN 2020 report, 19,292,789 new cancer cases and 9,958,133 deaths due to cancer were recordedglobally. Thus, the high incidence of cancers worldwide may increase the demand for cancer therapies, which, in turn, is likely to increase the demand for morphine.

Based on end user,the morphinemarket is classified into hospitals& clinics,ambulatory surgical centers, and others.Hospitals& clinicsheld the largest market share in 2020due to the high orthopedic procedures & cancer treatment carried out in a hospital, availability of skilled doctors, high efficacy rate, and better treatment infrastructure.

Based on distribution channel, the global morphine market has been classified into hospital pharmacies, retail pharmacies, online pharmacies, and others. The hospital pharmacies segment held a major market share in 2020due to the need for a prescription for chemotherapy-related pain and other types of chronic pain, driving the market for hospital pharmacies as the majority of the hospitals have in-house pharmacies.

Key Players

Some of the key players in the global morphinemarket areMallinckrodt 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), and Taj Pharmaceuticals Limited (India) among others.