Morphine Drugs Market Size, Share, Growth & Forecast 2024-2033 | Trends & Key Players

The Business Research Company recently released a comprehensive report on the Global Morphine Drugs Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The morphine drugs market size has grown strongly in recent years. It will grow from $20.50 billion in 2023 to $21.82 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rise in the number of cancer cases, rise in prevalence of orthopedic diseases, rise in number of surgical procedures, rise in the aging population, and a rise in healthcare expenditure.

The morphine drugs market size is expected to see strong growth in the next few years. It will grow to $28.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to an increase in cancer cases, increasing prevalence of pain conditions, growing awareness of palliative care, rising prevalence of chronic disorders, and increased use of opioids. Major trends in the forecast period include technological advancements in drug formulation, integration of digital health solutions, integration of technology, collaborations and partnerships, and implantable medical devices.

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Market Drivers and Trends:
The increasing prevalence of chronic pain conditions is expected to propel the growth of the morphine drugs market going forward. Chronic pain is a complex condition characterized by persistent discomfort that lasts for an extended period, which serves as a warning signal of injury or illness. Chronic pain has grown into a serious health concern globally due to several interrelated variables, such as aging populations, rising obesity rates, sedentary lifestyles, stress and mental health difficulties, and environmental factors. Morphine is necessary to control chronic pain as it is highly effective in relieving pain and may be customized to meet the specific demands of each patient. It enhances life quality and enables those who suffer from chronic pain to achieve more without experiencing excruciating pain all the time. For instance, in May 2021, according to the Government of Canada, a Canada-based federal administration, up to 8.3 million Canadians may experience chronic pain by 2025, and it is expected to reach up to 9.0 million by 2030. Therefore, the increasing prevalence of chronic pain conditions is driving the growth of the morphine drug market.

Major companies operating in morphine drug market are developing morphine sulfate injection to advance the offerings of medical treatment. Morphine sulfate injection is a powerful opioid analgesic used to manage severe pain. It is derived and works by binding to the opioid receptors in the brain and spinal cord, altering the perception and emotional response to pain. For instance, Hospira, a US-based pharmaceutical and medical device company, added Morphine Sulfate Injection, which is an opioid agonist indicated for the management of pain severe enough to require an opioid analgesic and for which alternative treatments are inadequate. The product is available in various strengths and formulations, including a preservative-free version for intravenous, epidural, or intrathecal use. The labeling information highlights the risks associated with Morphine Sulfate Injection, including addiction, abuse, and misuse, as well as serious and life-threatening risks from its use.

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Major Key Players of the Market:
Pfizer Inc., Sanofi S.A., Rusan Pharma Ltd., Johnson & Johnson, Teva Pharmaceutical Industries Ltd., Daiichi Sankyo Company Limited, Sandoz AG, Viatris Inc., Dr. Reddy's Laboratories Ltd., Apotex Inc., Hikma Pharmaceuticals PLC, Endo Pharmaceuticals Inc., Sun Pharmaceutical Industries Ltd., Johnson Matthey Fine Chemicals, Fresenius Kabi USA LLC, Delpharm SaS, Alvogen Inc., Mallinckrodt Pharmaceuticals, Lannett Company, Mayne Pharma Group Limited, Noramco Inc., Tasmanian Alkaloids, Napp Pharmaceuticals Limited, Alcaliber SA

Morphine Drugs Market 2024 Key Insights:
• The morphine drugs market size is expected to see strong growth in the next few years. It will grow to $28.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Increasing Prevalence Of Chronic Pain Driving Growth Of Morphine Drug Market
• Advancements in Morphine Sulfate Injection
• North America was the largest region in the morphine drugs market in 2023

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