The morphine market studied was projected to grow with a CAGR of nearly 7.5% during the forecast period. The major factor attributing to the growth of the market is the increase in the usage of morphine for pain management. Morphine is considered some of the most effective drugs for the management of pain. Moreover, their use in the management of severe pain and chronic pain, which are associated with advanced medical illness, is considered to be standard practice in most parts of the world. Furthermore, The rising occurrence of orthopedic disorders, such as arthritis, elbow pain, fibromyalgia, and osteoporosis, is the primary factor responsible for the rising growth of the morphine market. According to the World Health Organization, by 2050, 130 million people will suffer from Osteoarthritis, worldwide, of whom 40 million will be severely disabled by the disease. The increasing usage of morphine in pain management is boosting the market growth as the patient pool is increasing. However, prescription drug abuse and risk factors associate with the intake of morphine are the concerns restraining the market growth.
Key Market Trends
Pain Management Segment is Dominating the Morphine Market
Morphine is used to relieve moderate to severe pain. Morphine extended-release tablets and capsules are only used to relieve severe pain that cannot be controlled by the use of other pain medications. According to a recent study published in the Archives of Internal Medicine in 2017, it was estimated that 15% to 20% of physician visits in the United States involve an opioid prescription. Opioids play a vital role in acute post-operative settings to provide adequate analgesia. According to the National Health Service report of 2018, in the United Kingdom, more than 10 million people have arthritis or other similar conditions that affect the joints. In addition, the International Osteoporosis Foundation states that osteoporosis is considered as one of the most serious public health concerns among women, affecting more than 30% of the population each year in the United States and Europe and leading to multiple fractures. As per the statistics, the increasing prevalence of the disease with pain increases the segment growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market during the forecast period. The market growth is due to the factors, such as the presence of key players, high prevalence of chronic diseases in the region, and established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, a high number of patients, and a developed healthcare market.
The morphine market is moderately competitive and consists of several major players. Some of the companies, which are currently dominating the market are MALLINCKRODT PHARMACEUTICALS, Pfizer Inc., Sun Pharmaceutical Industries Ltd, Verve Health Care Ltd, Mayne Pharma Group Limited, Daiichi Sankyo Inc., Hikma Pharmaceuticals USA Inc., and Mylan NV.
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