Medical Morphine Market synopsis:
Morphine is a pain medication which directly acts on the central nervous system to decrease acute and chronic pain. As per the report published by Market Research Future (MRFR), the global medical morphine market is anticipated to expand at a noteworthy CAGR of 7.5% during the forecast period of 2018-2023.
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Medical Morphine Market Drivers:
Morphine is a quintessential pain medication which is prescribed by licensed medical practitioners to the patients with acute or chronic pain. The increased use of morphine by the patients suffering from cancer, arthritis, myocardial infarction and other diseases is driving the expansion of the global medical morphine market. Increasing geriatric population and prevalence of diseases like arthritis, cancer and others are inducing demand for morphine in the market, leading to the growth of the global medical morphine market.
The application of medical morphine as a slow-release formulation for opiate substitution therapy (OST) in various countries such as Austria, Slovenia and others is fueling the growth of the global medical morphine market. The benefits of morphine in reducing the shortness of breath due to cancerous and non-cancerous causes is also impacting positively on the expansion of the global medical morphine market.
Market Restraints:
However, the increased awareness regarding the adverse effects of morphine on the human body such as constipation, hormonal imbalance, drowsiness, functional impairment and others are negatively impacting the growth of the global medical morphine market. The stringent regulatory framework imposed by the government to limit the amount of morphine to be prescribed owing to the high abuse rate of morphine is acting as a restraint on the expansion of the global medical morphine market.
Market Segmentation:
The global morphine (oral Route) market has been segmented on the basis of route of administration, application, distribution channel and end-users. Based on route of administration, the medical morphine market is segmented into oral and injectable. Based on application, the medical morphine Market is segmented into arthritis, cancer, kidney stone, myocardial infarction, diarrhea and others. Based on distribution channel, the medical morphine market is segmented into hospital pharmacy, retail pharmacy, online pharmacy and others. Based on end-users, the medical morphine market is segmented into hospitals and clinics, ambulatory surgical centers, homecare, and others.
Regional Analysis:
The global medical morphine market is geographically segmented into four major regions such as Americas, Asia Pacific, Europe, and the Middle East and Africa. The Americas account for the largest market share in the global medical morphine market owing to the increasing demand for opioid drugs as pain relievers.
The Europe region accounts for the second largest market share in the global medical morphine market owing to the increasing prevalence of diseases like cancer, myocardial infarction and others. The medical morphine market in the Asia Pacific region is projecting noteworthy growth due to the increasing geriatric population and rise in use of medical morphine as pain medication in this region.
The Middle East and Africa region is anticipated to project steady growth in the global medical morphine market due to the limited availability of medical facilities, poor healthcare infrastructure, and lack of awareness among the population in underdeveloped areas of this region.
Competitive Analysis:
The increasing number of investors in the global medical morphine market is strengthening the competition among the players of the global medical morphine market. The high research and development expenditure by the pharmaceutical industries in order to launch new products in the global market and strategic mergers and acquisition by the players in the market is leading to the expansion of their businesses in the global medical morphine market.
In July 2018, Aurobindo Pharma, an Indian pharmaceutical company has announced that it is in its final stage of negotiation to acquire Mallinckrodt’s specialty generics business in the US including its portfolio of opioid-based painkillers such as morphine. This is considered to be the largest cross-border acquisition by an Indian pharmaceutical company in the recent times.
The key players of the global medical morphine market that are highlighted in the report published by MRFR are Mallinckrodt Pharmaceuticals, Alcaliber S.A, Purdue Pharma L.P., Pfizer Inc., Johnson Matthey Fine Chemicals, Sun Pharmaceutical Industries Ltd., Verve Health Care Ltd., Taj Pharmaceuticals Limited, NORTHEAST PHARM, and MANUS AKTTEVA BIOPHARMA LLP.
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