Medical Morphine Market Recent Study Including Growth Factors CAGR of 7.5%: Applications, Regional Analysis, Key Players
Research Reports
Jan 19, 2022
The medical morphine market is anticipated to grow substantially in the years to come. The morphine drugs market value is expected to grow at a CAGR (Compound Annual Growth Rate) of about 7.5% by 2023.Morphine is a pain medication of the narcotic variety which is found naturally in a number of plants and animals which acts directly on the central nervous system (CNS) to decrease the feeling of pain. The global medical morphine market is majorly driven by the increasing prescription of painkillers for different illnesses such as arthritis, acute pain, chronic pain and cancer, postoperative surgeries, growing older population leading to the rising patient population. According to the American Heart Association, in 2014, it was found that, one in every three deaths in the U.S. was due to cardiovascular disorders.
Also, according World Health Organization (WHO), in 2015, cancer was the second leading cause of death which can be major driving factor for medical Morphine market. United Nations Office on Drugs and Crime (UNODC) estimates that the global number of users of opiates (i.e. morphine, opium and heroin) has been changed in recent years and that opiate use continued to affect some 0.4 per cent of the global population aged 15-64, or the equivalent of some 17 million people, in 2014. It was also mentioned that more than 70 per cent of all heroin and morphine seizures in the Americas was made in the United States over the period 2009-2014.However, addiction to morphine leading to drug abuse can hamper the growth of the market and limited regulatory scenario also act as challenge for morphine market. Also, increased awareness regarding the adverse effects of morphine on the human body such as hormonal imbalance, constipation, functional impairment, prescription misuse can negatively impact the growth of global medical morphine market.
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Market key players:
Mallinckrodt Pharmaceuticals (US), Alcaliber S.A(Spain), Purdue Pharma L.P. (US), Pfizer Inc. (US), Johnson Matthey Fine Chemicals (UK), Sun Pharmaceutical Industries Ltd. (India), Verve Health Care Ltd. (US), Taj Pharmaceuticals Limited (India), NORTHEAST PHARM(US), MANUS AKTTEVA BIOPHARMA LLP(India) are some key players in Global Medical Morphine market.
Global Medical Morphine Market –Competitive Landscape
The global Medical Morphine market is observed to be growing rapidly owing to increasing developments of key players like Alcaliber S.A, Pfizer and others. The key players in the market have adopted strategy to sustain its position in the global market by product launches and mergers and acquisitions.
Alcaliber S.A is a biotech and Pharmaceutical company established in 1973, and is based in Madrid, Spain. It manufactures Active pharmaceutical ingredients, narcotic raw materials and cannabis products. In march 2018, Canopy Growth partnered with Alcaliber to expand its capabilities in the key European market. Canopy growth. Working with Canopy Growth and Spektrum Germany, Alcaliber has licence to and cultivate at its Spanish facilities for worldwide sale.
Pfizer is a biotech and Pharmaceutical company established in 1849, and is based in New York, NY (US). In November 2013, U.S. Food and Drug Administration (FDA) has approved a Prior Approval Supplement for EMBEDA (morphine sulfate and naltrexone hydrochloride) Extended Release Capsules CII. EMBEDA is management of moderate to severe pain when a continuous, around-the-clock opioid analgesic is needed for an extended period of time. In October 2014, US FDA approved an updated label for EMBEDA (morphine sulfate and naltrexone hydrochloride) extended-release (ER) capsules, for oral use, to include abuse-deterrence studies.
Regional Analysis
The American region is expected to be the leading region in the global digestible sensors market owing to presence of advanced technology and well-developed healthcare sector. On regional basis, American region is divided into North America and South America. North America dominates the market due to presence of developed countries like the US and high disposable income. Americas held the largest share of the medical morphine market in 2017 due to the increasing prevalence of arthritis, acute pain and chronic pain, and other inflammatory disorders and rising more elderly population are likely to enhance the growth of the medical morphine market in the American region. Additionally, factors like ,increasing government initiatives, prescription of painkillers, and funding for research and development has also driven the market in American region. According to National Health Council chronic diseases affect approximately 133 million Americans, representing more than 40% of the total population of this country. It also mentioned that by 2020, it is estimated to grow 157 million, with 81 million having multiple conditions.
Europe is anticipated to be the second largest market for medical morphine due to increasing inflammatory disorders, increasing patient population are also supporting the growth of the medical morphine market. According to the World Arthritis Day Organisation in 2014, 120 million people in EU suffered from RMDs that includes osteoarthritis, osteoporosis, rheumatoid arthritis, ankylosing spondylitis and others.
Asia-Pacific is expected to be the fastest growing market for the medical morphine market during the forecast period of 2018–2023.The major driving factors rising patient population, rising healthcare expenditure in the region.
Furthermore, the Middle East and Africa region holds the lowest market share. The market in the Middle. The United Arab Emirates is the largest market owing to the development of the healthcare industry and rising availability of specialty care centers.
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