PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437515
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1437515
Morphine Drugs Market size was valued at USD 22,870 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
When other medications are ineffective or intolerable for the patient, morphine is used to treat moderate to severe pain. An opioid drug called morphine is used to treat pain, either chronic or acute, and it typically works quite well. As an opiate (narcotic) analgesic, morphine is a member of this class of drugs. Through its binding to the mu-opioid receptors in the central nervous system (CNS) and peripheral nervous system (PNS), morphine alters the way the brain and nervous system react to pain.
Morphine Drugs Market- Market Dynamics
Rising geriatric population along with chronic illness drives the market growth
Over the projection period, the demand for different opioid medications like morphine is predicted to rise due to the growing elderly population and the rising prevalence of chronic illnesses. Chronic pain and osteoarthritis diseases are more common in the elderly population. In May 2021, the MDPI published a report indicating that chronic pain was a significant problem impacting over 50% of the elderly population. In addition, it is predicted that the rising prevalence of arthritis would increase demand for painkillers. The Arthritis Society Canada estimates that 50% of those over 65 suffer from arthritis. Thus, during the course of the forecast period, the growing number of people experiencing chronic pain worldwide is anticipated to propel the morphine market.
Morphine Drugs Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on dosage form segmentation, injection was predicted to show maximum market share in the year 2023
Based on application segmentation, pain management was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Morphine Drugs Market is segmented based on Dosage Form, Application, Distribution Channel, End Use, and Region.
The market is divided into three categories based on dosage form: Oral, Injection and Others. Injection sector dominates the market. The purpose of these injections is to relieve moderate to severe pain. It can also be used with an anesthetic before to or during surgery. Among the companies in this market are Duramorph, Infumorph, and Astramorph PF.
The market is divided into two categories based on application: Diarrhea Suppressant, Pain Management, Cold & Cough Suppressant and Others. The pain management sector dominates the market and is likely to maintain its dominance during the forecast period due to the widespread usage of morphine as a pain reliever. It can be used to treat or reduce pain from a variety of illnesses, including significant trauma from accidents, labor pain, cancer pain, and surgical pain.
Morphine Drugs Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period. The market is expected to expand more robustly in the presence of established players. Over the projection period, the growing prevalence of musculoskeletal disorders and the strong demand in the pharmaceutical industry are also anticipated to support the regional expansion. As to the April 2020 factsheet released by the Department of Justice and Drug Enforcement Administration, morphine derived from opium is utilized directly in medicinal goods within the United States. Consequently, the region's market demand may be driven over the projection period by the usage of morphine in the pharmaceutical industry.
The market players operating in the Morphine Drugs market are Pfizer Inc., Mallinckrodt Pharmaceuticals, AbbVie Inc., Delpharm (Sandoz Canada Inc.), Dr. Reddy's Laboratories Ltd (Mayne Pharma Group Limited), Daiichi Sankyo Company Limited, Verve Health Care Ltd, Hikma Pharmaceuticals USA Inc., Sun Pharmaceutical Industries Ltd, Viatris Inc., Alcaliber S.A and Sanofi among others. These players adopted various strategies to hold a maximum market share such as product launches, acquisitions, expansion and others.
In July 2022, one lot of thirty milligram and one lot of sixty milligram extended-release morphine sulfate tablets (10 bottles each) were voluntarily recalled by Bryant Ranch Prepack Inc. from consumer distribution.
GLOBAL MORPHINE DRUGS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Pfizer Inc.
Mallinckrodt Pharmaceuticals
AbbVie Inc.
Delpharm (Sandoz Canada Inc.)
Dr. Reddy's Laboratories Ltd (Mayne Pharma Group Limited)
Daiichi Sankyo Company Limited
Verve Health Care Ltd
Hikma Pharmaceuticals USA Inc.
Sun Pharmaceutical Industries Ltd
Viatris Inc.
Alcaliber S.A
Sanofi