Morphine Market: Overview and Dynamics
Morphine is an opioid that is naturally found in plants, animals, and humans. Primarily, morphine is used to treat acute pain and chronic pain by directly acting on the central nervous system (CNS) and decreasing the magnitude of pain. Morphine is grouped in narcotic analgesics which act on the central nervous system to relieve the pain.
Increased demand for morphine in developed countries like the United States and Europe has driven the market growth during the historical period. As per the World Health Organization's list of essential medicines morphine ranks at 155th most commonly prescribed medicine in the United States.
Morphine is used as an extended-release capsule and extended-release tablets which are used to treat pain. Attributed to its high effectiveness against pain and the aforementioned facts, the global morphine market is poised to embark on a positive growth trajectory, registering a CAGR of ~3% over the forecast period (2020-2030).
On the basis of type, morphine comes in tablets or capsules form. However, growing demand for intravenous morphine injections will experiment significant growth in forthcoming years. Increasing demand in production of other drugs which are hydromorphone, oxymorphone, and heroin is set to augment the market growth.
Currently, near three fourth of the global morphine is used to manufacture these three drugs and the scenario is projected to continue during the forecast period. Other benefits of morphine such as low side effects, reduced nausea, and control over epileptic seizures are set to bolster its demand.
As morphine is the most widely available and low-priced drug in the market, its demand has been surged in recent years and crossed over 55 tons of demand in 2019. The scenario is projected to continue owing to its huge demand in cancer treatments and being a mainstay of pain treatment across the globe.
COVID Impact Insights
The spread of the coronavirus has nearly forced all countries to impose lockdowns and strict social distancing measures which has disrupted every industry and market so the morphine market across the globe. As per UN stats global economy is estimated to suffer billion dollars of loss in 2020.
The coronavirus pandemic has generated massive disruptions in the demand-supply equation across multiple industries, causing a global economic meltdown. However, rising corona cases have declined sales of other medicines owing to increased health awareness among people.
Also, deaths by other factors like accidents and deaths caused during operation treatments has been declined worldwide ultimately hampering the morphine market. But, conventional demand for morphine has maintained its sales during pandemic. Halted import export between borders may create impediments in supply chain resulting huge loss for morphine suppliers in year 2020
Morphine Market: Regional Outlook
The report on the global morphine market covers six major regions that include North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA. Attributed to huge demand from developed countries for morphine drug as a prescribed medicine for pain treatment has made North America and Europe leading markets in the world.
Alone United States accounted for over one fourth of the global demand due to which North America has driven the consumption of morphine during the historical period. As per The American Cancer Society estimates alone in United States there will be over 10 million people with age of 85 years. In result cancer cases are projected to increase in the same period which will create significant demand for morphine during the forecast period.
Morphine Market: Key Players
Global morphine market is partially consolidated in nature in which top five prominent companies accounts for over one third share of the global production and sales. Currently, Alcaliber S.A, Johnson Matthey Fine Chemicals, Mallinckrodt Pharmaceuticals, Pfizer Inc., Purdue Pharma L.P. and Sun Pharmaceutical Industries Ltd. are the key stakeholders in global morphine market.
The research report presents a comprehensive assessment of the morphine market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The morphine market report provides analysis and information, according to market segments such as geographies, ingredient, type, application and drug type.
The Morphine Market Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
The Morphine Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand , Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Rest of MEA)
The morphine report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The morphine report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The morphine report also maps the qualitative impact of various market factors on market segments and geographies.
The Morphine Market Report Highlights:
- A detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
