New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Morphine Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Morphine Market Information by Application, End User, Distribution Channel and Region - Forecast till 2027” the market is expected to cross USD 33,650 Million by 2027 at a CAGR of 7.8%.
Market Scope:
Morphine is a narcotic and analgesic compound generated from opioids that is used to treat severe pain. It belongs to the narcotic analgesics class of medications. Morphine is a narcotic that improves pain tolerance. 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.
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Competitive Landscape:
Some of the key players in the global morphine market 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)
Market Drives:
The increasing rate at which governments in various emerging nations have legalized strong opioids for medicinal use is projected to generate considerable opportunities for existing players to expand their businesses and make 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.
Market Restraints:
Morphine is used to treat post-surgery pain, cancer-related pain, and shortness of breath. 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.
COVID-19 Analysis
Due to changes in the healthcare delivery system as a result of safety concerns and social alienation, chronic pain management during the COVID-19 pandemic is difficult. The COVID-19 problem, on the other hand, has hampered opium production in various ways, including reduced worker availability, restricted trade due to rigorous border controls, and laboratories encountering chemical shortages due to lockdown measures. As a result, restricting cross-border imports and exports may disrupt supply chains, leading in considerable losses for morphine suppliers.
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Market Segmentation
The global morphine market has been segmented into dosage form, application, end user, and distribution channel.
By dosage form, the market has been segregated into injection, oral tablets, and other dosage forms.
Based on application, the global market has been classified into pain management, diarrhea suppressant, cold &cough suppressant, and others.
Based on end user, the market is classified into hospitals& clinics, ambulatory surgical centers, and others.
Based on distribution channel, the global morphine market has been classified into hospital pharmacies, retail pharmacies, online pharmacies, and others.
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Regional Insights:
In 2020, North America had the biggest 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. Furthermore, favorable government initiatives, an increase in the number of research partnerships, and the prescription of painkillers are likely to propel the morphine market forward.
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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