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The global medical morphine market is expected to reach USD 13.32 billion by 2024

ReportBuyer
Posted on: 09 Oct 18
The global medical morphine market is expected to reach USD 13.32 billion by 2024

PR Newswire

LONDON, Oct. 8, 2018

LONDON, Oct. 8, 2018 /PRNewswire/ -- Medical Morphine Market Size and Forecast, By Route of Administration (Oral, Injectable), By Indication (Cancer, Arthritis) And Trend Analysis, 2014 - 2024

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The global medical morphine market is expected to reach USD 13.32 billion by 2024, driven by increasing morphine consumption in the U.S. The increasing prevalence of arthritis and cancer in geriatric patients is projected to impact the morphine market globally positively.

North America dominated the market by contributing more than 75.0% of the share in 2016 and continue to dominate owing to the increasing number of prescriptions for morphine in the U.S. North American market for the same is expected to grow at a CAGR of 2.9% over the forecast period. However, lack of availability of medical morphine in countries such as India is expected to hamper the growth of the market.

In terms of route of administration, the oral segment is expected to grow at the fastest CAGR over the projected period owing to its dose accuracy, high accessibility, and ease of carrying compared to injectables and other counterparts.

On the basis of indication, others segment is expected to grow at the fastest CAGR of 3.1% over the forecast period owing to increasing number of prescriptions of morphine in U.S. for nominal conditions. The cancer segment is expected to exhibit lucrative growth due to increasing prevalence of bone cancer globally.

Morphine with its use in therapeutics is also one of the most abused drug globally. Respective governments are introducing initiatives to prevent substance abuse and decrease death rates caused by morphine. Furthermore, researchers are concentrating on drug abuse treatment for opioid addicts which is expected to reduce the illicit use of morphine. For instance, in August 2017, researchers at University of California San Diego in collaboration with CARI therapeutics commenced development of a biosensor capable of detecting opioids in human bodies.

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PR Newswire
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Last updated on: 09/10/2018

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