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IN THE NEWSMarch, 2020: Pfizer Inc. received U.S. FDA approval for tanezumab, a potential treatment for chronic pain due to moderate to severe osteoarthritis.
July, 2019: Mylan N.V. and Upjohn, a subdivision of Pfizer Inc. collectively established a new pharmaceutical company, Vitaris Inc.
The global morphine market is estimated to grow at a CAGR of ~8% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to increasing applications of morphine in healthcare sector, as morphine acts as an effective pain killer. The growing prevalence of musculoskeletal diseases, osteoporosis, arthritis, gout, and others, is estimated to boost the market growth. According to the data by the World Health Organization (WHO), 1.71 billion individuals suffer from musculoskeletal diseases, as of 2021.
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Medical morphine is extensively used to relieve the joint and muscle pain, which is estimated to boost the market growth. Furthermore, the growing geriatric population worldwide is estimated to boost the market growth. According to the data by the World Bank, 9.318% of the global population was aged 65 years and older in 2020, up from 8.87% in 2018. Moreover, advancement in healthcare facilities, and R&D activities for development of novel drugs are anticipated to fuel the market growth.
The market is segmented by application into pain management, diarrhea suppressant, and others, out of which, the pain management segment is anticipated to hold the notable share in the global morphine market over the forecast period as morphine is very effective in easing pain. Moreover, various advantages of morphine, such as pain reduction in cancer treatment, is estimated to boost the market growth.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global morphine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing geriatric population in countries, such as, China, and India. As per the data by the World Bank, in China, 11.968% population aged above 65 years in 2020. Moreover, growing investment in the healthcare sector is expected to boost the market growth in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing patient pool of arthritis and osteoporosis. According to the statistics of the Center of Disease Control and Prevention, 4.2% men and 18.8% women over the age of 50 years suffered from osteoporosis of the femur neck or lumbar spine. Moreover, high share of geriatric population in countries, such as, United States and Canada, is estimated to boost the regional market growth.
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The global morphine market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global morphine market includes the following segments:
By Application
By Mode of Administration
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing application of medical morphine as a pain killer is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2030.
Rising cases of morphine abuse are estimated to hamper the market growth.
The market in the North America region will provide more business opportunities over the forecast period owing to the rising cases of musculoskeletal diseases.
The major players in the market are Mayne Pharma Group, Daiichi Sankyo Company Limited, Hikma Pharmaceuticals USA, AbbVie Inc., Mylan N.V., Sun Pharmaceutical Industries Ltd., Alcaliber S.A., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, mode of administration, and by region.
The pain management segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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