Global Medical Morphine Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- July 16, 2022
- HEALTHCARE, NEWS
- Medical Morphine Market, Medical Morphine Market Forecast, Medical Morphine Market Growth, Medical Morphine Market Report, Medical Morphine Market Share, Medical Morphine Market size, Medical Morphine Market Trend
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The Global Medical Morphine Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 8% during the forecast period (2021-2027F). Morphine is in a class of medications called opiate (narcotic) analgesics. It works by changing the way the brain and nervous system respond to pain.
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The rising prevalence of chronic diseases along with the surging geriatric population increases the demand for better pain relief medication resulting in the higher demand for morphine. Furthermore, the rising number of surgical procedures significantly contributes to the increasing demand for morphine. According to ISAPS, in 2020, 10,129,528 surgical procedures were performed. These rising surgeries also increase the demand for anesthetic drugs which positively affects the market for medical morphine.
Based on the route of administration, the market is segmented into oral, injectables, and others. The injectable segment is expected to witness significant growth due to its rapid relief of pain and long-term effect. Furthermore, the rising incidences of neurological disorders and long-term pain associated with them rises the demand for instant pain relief drugs resulting in an increasing demand for the injectable segment in the market. For example, as per Medline, about 12% of Americans get migraines.
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Based on the application, the market is categorized into arthritis, cancer, neurological disorders, and others. The cancer category is anticipated to witness significant growth during the forecast period. This is mainly due to the rising incidences of cancer that result in the occurrence of chronic pain. For instance, as per the WHO, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.
Based on the distribution channel, the market is categorized into retail pharmacies, hospital pharmacies, and online pharmacies. The online pharmacy segment grabbed major market share in the antiepileptic drug market in 2020. This is mainly due to the adoption of the rapidly IoTs in the healthcare sector and increasing internet penetration enables the significant segmental growth of the segment during the forecast period. Around 66% of the world’s population is using the internet which accounted for 5.25 billion which is expected to grow in the future.
Additionally, the report provides detailed report also provides insights into the global medical morphine market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a significant market for the medical morphine industry. The presence of sophisticated healthcare infrastructure and the large geriatric population is responsible for the significant market share of the region in the medical morphine market. According to the Canadian Institute for Health Information, Over the next 20 years, Canada’s senior population aged 65 and older is expected to grow by 68%. Over the last 40 years, it has more than tripled in size.
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Alcaliber S.A, Pfizer Inc., Sun Pharmaceutical Industries Ltd., Taj Pharmaceuticals Limited, MANUS AKTTEVA BIOPHARMA LLP, Mallinckrodt Pharmaceuticals, Purdue Pharma L.P., Johnson Matthey Fine Chemicals, Verve Health Care Ltd., and Northeast Pharmaceutical Group Co., Ltd., are some of the key players operating in the global medical morphine market. Several M&As along with partnerships have been undertaken by these players to develop various types of medical morphine.
Global Medical morphine Market Segmentation
Market Insight, by Route of Administration
Market Insight, by Application
- Neurological disorders
Market Insight, by Distribution Channel
- Retail pharmacies
- Hospital pharmacies
- Online pharmacies
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Alcaliber S.A
- Pfizer Inc.
- Sun Pharmaceutical Industries Ltd.
- Taj Pharmaceuticals Limited
- MANUS AKTTEVA BIOPHARMA LLP
- Mallinckrodt Pharmaceuticals
- Purdue Pharma L.P.
- Johnson Matthey Fine Chemicals
- Verve Health Care Ltd.
- Northeast Pharmaceutical Group Co. Ltd.