Report Ocean has recently published an extensive report on the Morphine market, providing valuable insights into various factors influencing market growth. The report offers essential information on market drivers, restraints, and opportunities, enabling readers to understand the market dynamics. It also includes a detailed analysis of industry developments and trends shaping the Morphine market. Additionally, the report provides a comprehensive assessment of the market at both global and regional levels, offering insights for businesses and stakeholders.
Market Overview
In 2021, the global Morphine market reached a size of $26.6 billion. The market is expected to experience significant growth, with a projected value of $54.1 billion by 2030, representing a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2022 to 2030.
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Role of Morphine
Morphine is widely used as a painkiller and is accepted in the majority of countries around the world for the treatment of severe or persistent pain associated with serious medical conditions.
Factors Influencing the Market
Several key factors are contributing to the growth of the global Morphine market:
- Pain Management: The rising use of morphine as a painkiller is a significant factor driving market growth. Morphine is among the best painkillers used to treat severe and persistent pain brought on by a serious medical condition.
- Orthopedic Disorders: Medical morphine is expected to record significant growth due to the rapidly growing prevalence of orthopedic disorders like osteoporosis, fibromyalgia, arthritis, and elbow pain.
- Healthcare Expenditure: Growing healthcare expenditure is expected to bring ample growth opportunities for the global Morphine market during the study period.
- Research and Development: Growing fundings in R&D will prompt the growth of the global Morphine market. The rising geriatric population and increasing demand for novel drugs are forecast to open doors of opportunity for the global Morphine market in the coming years.
COVID-19 Impact Analysis
The COVID-19 pandemic had a significant impact on the Morphine market. While it is known that COVID-19 affects the respiratory system, it may exacerbate discomfort by making the illness worse. However, the side effects of morphine were a primary factor in declining its demand during the COVID-19 pandemic.
Regional Analysis
- North America: North America is holding dominance in the global Morphine market and is forecast to hold the highest share during the forecast period. This is attributed to the high healthcare expenditure and rising prevalence of arthritis and other inflammatory disorders.
Key Competitors
Key players in the Morphine market include:
- 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 Pharm
- Other prominent companies
Market Segmentation
The global Morphine market is segmented based on application, routine, and region:
- Application: Pain Management (Cancer Pain, Neuropathic Pain, Osteoarthritis Pain, Other Pain Management), Diarrhea Suppressant, Cold and Cough Suppressant
- Routine: Oral, Injectables
About Report Ocean
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