Market Overview
As per the research made, the market of the global morphine is likely to showcase a good profit of around USD 33,650 million at a CAGR of ~7.8% by 2027
Morphine Market is a narcotic substance and an analgesic one which is made from opioids for treating some serious pain. It belongs to the section of the drugs which is called narcotic analgesics. It is designed to increase pain tolerance. The increased use of morphine to manage pain is one of the reasons that has contributed to the growth of this market. Also, it is one efficient pain reliever that you can never know. Further, the increased legalisation rate of the potent opioids for medical use in different countries that the government has set is likely to create a good scope for the expansion of the business for the existing players and let easy entrance for the new ones into the global market of morphine. Besides, the increased R and D activities for novel product development are also another factor to offer the lucrative scope for the morphine market players.
During the COVID-19 pandemic, there had been many challenges for many industries. Considering the chronic pain management due to the healthcare delivery system changes because of social distances, the process became more complex. Chronic pain is a huge problem that affects nearly 47% of the general population and has the ability to even carry a huge financial burden. Also, there are elective surgeries and consultations that got cancelled. Nearly more than 80% of the cancer care centre actually faced some major challenges to deliver the usual cancer care because of the lack of personal protective equipment and staff shortage which affected the pain and hospital clinics. If the supply chain is to be considered nearly 95% of the morphine has managed to originate in countries like Mexico and Myanmar but again, the activity slowed down due to covid 19 impact.
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Market Segmentation
The segmentation of the morphine market is done as per the dosage form, and distribution channel. Application, region, and end-user.
As per Dosage Form
The segmentation of the morphine market as per Dosage Form consists of:
As per Application
The segmentation of the morphine market as per the Application Form consists of:
As per Distribution Channel
The segmentation of the morphine market as per the Distribution Channel Form consists of:
As per End-User
The segmentation of the morphine market as per the End User Form consists of:
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Regional Classification
As per the research made, it has been found that segmentation is done into regions like Asia-Pacific, North America, and the rest of the world. Of all North America is presently at the top with a huge market share and following it comes the Asia pacific which is likely to increase its share in the morphine market.
Industry News
Amphastar Pharmaceuticals on May 2021got FDA Approval for the Injection of Morphine Sulfate.
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