Medical Morphine Market is projected to be worth 34.89 billion, registering a CAGR of 8.00% during the forecast period
Medical Morphine Market Overview
The medical morphine market is anticipated to grow substantially in the years to come. The Medical Morphine Market is expected to reach USD 21,433.27 Million by 2030 at 7.20% CAGR during the forecast period 2022-2030. The market growth is primarily attributed to the rising prescription of painkillers for various illnesses like cardiovascular disorders, arthritis, or cancer. The growing geriatric population also leads to an increase in the patient population and increased market penetration by the market players.
Morphine is often regarded as one of the most efficient pain relievers. Also, its use in the treatment of severe or chronic pain associated with advanced medical conditions is widely accepted in most countries of the world. Morphine's increasing use in pain treatment is driving the morphine market growth, as the patient population expands. Likewise, cardiovascular diseases claimed over 801,000 lives in the United States in the year 2014. Also, the rising usage of painkillers to ease pain in surgeries is expected to fuel the global medical morphine market growth.
With the rise of the Covid-19 impact, many large-scale businesses and industries suffered, except healthcare and life support products. The lockdown and physical distancing protocols have affected millions of small and big business institutions alike. The sudden breakout of the Covid-19 pandemic has prompted concerns about the strict restrictions on using opiates such as morphine.
The pandemic is recognized for its effect on the respiratory system, and it may aggravate the pain by making the condition worse. Morphine is recognized for its capacity to ease suffering. Even so, the government of the United Kingdom does not permit its usage. In nations such as Afghanistan, it has arisen as the sole answer due to a serious scarcity of medical instruments and other critical equipment in the country's healthcare system.
The rise in the use of morphine for pain treatment is a key factor contributing to the market's growth. Morphine is often regarded as one of the most efficient pain relievers. Also, its use in the therapy of severe and chronic pain associated with an advanced medical condition is widely accepted in most areas across the globe. Moreover, the increased prevalence of orthopedic ailments like elbow pain, arthritis, fibromyalgia, and osteoporosis is the key reason driving the medical morphine market value expansion.
The government's growth initiatives, as well as its significant funding for research and development in advanced and sophisticated treatment alternatives, are expected to provide opportunities for the key market players over the forecast period. Morphine's increasing use in pain treatment is also driving market growth as the patient pool expands.
The market's expansion is anticipated to be inhibited by morphine addiction, which leads to drug misuse. The market is likely to face challenges as a result of the restricted regulatory scenario. Risks linked with morphine consumption are additional issues limiting market expansion over the medical morphine market forecast.
The market is anticipated to face challenges as a result of the restrictive norms. Moreover, there is a lack of healthcare infrastructure in many places. The population may also not be aware of the need for morphine. Hence, these factors challenge the key players of the global market.
The medical morphine market is anticipated to grow substantially in the years to come. The morphine drugs market value is expected to grow at a CAGR of about 7.20%. The market growth is primarily attributed to the rising prescription of painkillers for various illnesses like cardiovascular disorders, arthritis, or cancer. The growing geriatric population also leads to an increase in the patient population and increased market penetration by the market players.
Morphine is a pain reliever that is used to treat moderate to severe pain. Morphine extensive tablets or capsules should only be used to treat severe pain that is uncontrollable with other pain drugs. As per a 2017 research e, it is predicted that 15% to 20% of physician visits in the United States contain an opioid prescription. Opioids are critical in providing appropriate analgesia in acute post-operative conditions.
As per a 2018 National Health Service estimate, more than 10 million individuals in the UK suffer from arthritis or other joint-related illnesses. Also, according to the International Osteoporosis Foundation, osteoporosis is among the most important public health issues among women, impacting more than 30 percent of the population in the US and Europe each year and contributing to many fractures.
The global medical morphine market is classified into many segments such as route of administration, distribution channel, application, and end-user. Listed below are the morphine drugs market segments:
By route of administration
By distribution channel
The medical morphine market analysis division comprises North America, Europe, Asia Pacific, and the rest of the world. In 2017, the Americas had the biggest market share. The increased frequency of arthritis or other inflammatory conditions, and a rising geriatric population, are expected to boost the market growth in the American area. Moreover, factors like increased efforts by the government and investments for the research and development in innovative medical treatment alternatives are expected to boost the growth of the medical morphine market in the region.
The increase in cardiovascular problems and arthritis is projected to have a direct impact on medicinal morphine demand, which is used to reduce joint pain and post-surgical discomfort. Europe is expected to be the second-largest medical morphine market and may occupy a sizable proportion of the global market over the forecast years. The European market is likely to expand at a steady pace through the forecast years, because of the profitable expansion of the healthcare industry and the rising incidences of arthritis. Moreover, the rising inflammatory illnesses, and a geriatric population that leads to an increase in patient pool, are fueling market expansion.
Over the forecast years, the Asia Pacific region is predicted to be the quickest growing morphine market. The rising incidence of chronic illnesses like cardiovascular problems is one of the primary factors of market growth. China is predicted to be the fastest-growing country, because of an expanding population, ultimately rising patient pool and the accessibility of innovative treatment options. Also, increased health expenditure in the area is supporting the growth of the Asia Pacific medical morphine market.
Owing to significant reasons such as lack of awareness and restricted access and availability of treatment programs, the Middle East and Africa are predicted to exhibit the least market growth. The United Arab Emirates is the biggest market in the Middle East, due to the expansion of the healthcare sector and the growing availability of specialist care facilities.
The medical morphine industry is dominated by a few companies that play a vital role in the market growth. These morphine provider companies are called key companies of the market. They contribute to the largest share of the market profit.
The companies account for the market profits by adopting medical morphine market trends such as joint ventures, product launches, company expansions, and procurements.
Below are the key companies that offer medical morphine in the global market:
This report delivers all the information about the global medical morphine market size in the forecast period. It also contains different sections of the market analysis to help obtain detailed information such as opportunities, challenges, drivers, Covid-19 analysis, regional analysis, competitive landscape, and others. Moreover, all the information is collected from verified primary and secondary sources to provide the expected medical morphine market outlook.
|Market Size||21,433.27 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Route Of Administration, Application, Distribution Channel, End-User, And Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Mallinckrodt Pharmaceuticals, Alcaliber S.A, Purdue Pharma L.P., Pfizer Inc., Johnson Matthey Fine Chemicals, Sun Pharmaceutical Industries Ltd., Verve Health Care Ltd., Taj Pharmaceuticals Limited, NORTHEAST PHARM, MANUS AKTTEVA BIOPHARMA LLP|
|Key Market Opportunities||
|Key Market Drivers||Large geriatric populace and prevalence of cardiovascular diseases|
The global medical morphine market can expand at 7.20% CAGR from 2022 to 2030.
The large geriatric populace and prevalence of cardiovascular diseases and others are major drivers of the global medical morphine market.
The global medical morphine market growth is hampered by cases of painkiller medication.
The Americas can dominate the global medical morphine market till 2030 due to prevalence of arthritis and cardiovascular disorders.
MANUS AKTTEVA BIOPHARMA LLP, Purdue Pharma L.P., Johnson Matthey Fine Chemicals, NORTHEAST PHARM, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Verve Health Care Ltd., Alcaliber S.A, Mallinckrodt Pharmaceuticals, and Taj Pharmaceuticals Limited are major players of the global medical morphine market.