Morphine Sulfate Market Will Hit 6.5 Billions By 2028 | CAGR 7.9% – Facts & Factors
According to Facts & Factors, the global morphine sulfate market size is expected to surpass around US$ 2.3 billion in 2021 to US$ 6.5 billion by 2028 and is expanding growth at a registered CAGR of 7.9% from 2022 to 2028.
The rising global prevalence of chronic pain-related disorders has increased demand for pain management drugs and treatments, which will have a significant impact on the Morphine sulphate market potential in the coming years. The growing emphasis on healthcare will drive the Morphine sulphate market potential in a variety of regions around the world. Morphine relieves pain by binding to opioid receptors in the patient’s central nervous system. This is used to alleviate pain in chronic diseases and make it bearable for appropriate treatment opportunities.
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The growing geriatric population, rising prevalence of chronic diseases, rising healthcare spending, increased focus on pain management, and rising Morphine sulphate consumption are major factors driving Morphine sulphate market growth over the forecast period. However, Morphine sulphate dependency and the risk of substance abuse are major factors that will impede global Morphine sulphate market growth.
The morphine sulphate market is further classified into Oral Tablets, Injections, Capsules, and Others. The oral tablets segment is expected to have a dominant outlook and to grow rapidly in the coming years through 2028. The increasing use of Morphine sulphate injections to provide faster relief will drive injection demand.Morphine sulphate consumption is expected to rise due to increased demand for pain relief, but it will be hampered by the risk of substance abuse and addiction.
Because of the presence of developed healthcare infrastructure, the North American morphine sulphate market is expected to lead the global morphine sulphate industry and account for a significant market share over the forecast period. Morphine sulphate consumption is expected to rise due to an ageing population and an increase in chronic pain in a variety of disorders and diseases. Because of the growing emphasis on pain management in the medical industry, the United States and Canada are expected to be the most important markets in this region. Morphine sulphate is expected to be in high demand in the Asia Pacific region due to the region’s increased focus on healthcare. Morphine sulphate is expected to be a lucrative market in China and India in the coming years.
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The report includes qualitative and quantitative research on the global Morphine sulphate Market, as well as detailed insights and development strategies used by the market’s leading competitors. The report also includes an in-depth analysis of the market’s main competitors, as well as competitive information. The study also identifies and analyses key business strategies employed by these key market participants, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study looks at each company’s global presence, competitors, service offerings, and standards, among other things.
Mallinckrodt Pharmaceuticals, Alcaliber, Purdue Pharma, Cepia-Sanofi, Macfarlan Smith, SUN PHARMA, Qinghai Pharmaceutical, Taj Pharmaceuticals, Northeast Pharm, and others are among the major players in the global morphine sulphate market.