Global Morphine Drugs Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Morphine drugs refer to a class of medications that contain morphine, a potent opioid analgesic (pain reliever) derived from the opium poppy plant. They are used for relieving moderate to severe pain, commonly after surgery or injury, or in treating conditions like cancer.

Sizing and Forecast

The morphine drugs market size has grown strongly in recent years. It will grow from $20.50 billion in 2023 to $21.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rise in the number of cancer cases, rise in prevalence of orthopedic diseases, rise in number of surgical procedures, rise in the aging population, and a rise in healthcare expenditure.

The morphine drugs market size is expected to see strong growth in the next few years. It will grow to $28.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to an increase in cancer cases, increasing prevalence of pain conditions, growing awareness of palliative care, rising prevalence of chronic disorders, and increased use of opioids. Major trends in the forecast period include technological advancements in drug formulation, integration of digital health solutions, integration of technology, collaborations and partnerships, and implantable medical devices.

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Segmentation & Regional Insights

The morphine drugs market covered in this report is segmented –

1) By Dosage form: Injectable, Oral, Other Dosage Forms
2) By Distribution channels: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
3) By Applications: Pain Management, Palliative Care, Diarrhea Suppressant, Anesthesia, Cold And Cough Suppressant, Other Applications
4) By End Users: Hospitals And Clinics, Ambulatory Surgical Centers, Other End Users

North America was the largest region in the morphine drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the morphine drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing prevalence of chronic pain conditions is expected to propel the growth of the morphine drugs market going forward. Chronic pain is a complex condition characterized by persistent discomfort that lasts for an extended period, which serves as a warning signal of injury or illness. Chronic pain has grown into a serious health concern globally due to several interrelated variables, such as aging populations, rising obesity rates, sedentary lifestyles, stress and mental health difficulties, and environmental factors. Morphine is necessary to control chronic pain as it is highly effective in relieving pain and may be customized to meet the specific demands of each patient. It enhances life quality and enables those who suffer from chronic pain to achieve more without experiencing excruciating pain all the time. For instance, in May 2021, according to the Government of Canada, a Canada-based federal administration, up to 8.3 million Canadians may experience chronic pain by 2025, and it is expected to reach up to 9.0 million by 2030. Therefore, the increasing prevalence of chronic pain conditions is driving the growth of the morphine drug market.

Key Industry Players

Major companies operating in the morphine drugs market are Pfizer Inc., Sanofi S.A., Rusan Pharma Ltd., Johnson & Johnson, Teva Pharmaceutical Industries Ltd., Daiichi Sankyo Company Limited, Sandoz AG, Viatris Inc., Dr. Reddy’s Laboratories Ltd., Apotex Inc., Hikma Pharmaceuticals PLC, Endo Pharmaceuticals Inc., Sun Pharmaceutical Industries Ltd., Johnson Matthey Fine Chemicals, Fresenius Kabi USA LLC, Delpharm SaS, Alvogen Inc., Mallinckrodt Pharmaceuticals, Lannett Company, Mayne Pharma Group Limited, Noramco Inc., Tasmanian Alkaloids, Napp Pharmaceuticals Limited, Alcaliber SA

The morphine drugs market report table of contents includes:

1. Executive Summary

2. Morphine Drugs Market Characteristics

3. Morphine Drugs Market Trends And Strategies

4. Morphine Drugs Market – Macro Economic Scenario

5. Global Morphine Drugs Market Size and Growth

…

32. Global Morphine Drugs Market Competitive Benchmarking

33. Global Morphine Drugs Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Morphine Drugs Market

35. Morphine Drugs Market Future Outlook and Potential Analysis

36. Appendix

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