Morphine Market Size

Morphine Market Analysis

The Morphine Market size is estimated at USD 30.46 billion in 2024, and is expected to reach USD 44.42 billion by 2029, growing at a CAGR of 7.85% during the forecast period (2024-2029).

The COVID-19 pandemic significantly impacted the morphine market. As per the World Health Organization (WHO), chronic pain was one of the hardest-hit areas affected by the COVID-19 pandemic, leaving many patients overburdened with their chronic pain and delays in their ongoing treatments. According to a study published in Nature Journal in January 2021, opioid drug demand during the pandemic increased by approximately 84%.

Hence, the demand for pain medications, such as opioid drugs, including morphine, greatly increased over the pandemic. Thus, COVID-19 had a significant impact on the studied market's growth. However, the market is currently recovering well owing to the resumption of manufacturing plants, and it is expected to witness a similar trend over the coming years.

The major factors contributing to the growth of the market are the rising prevalence of orthopedic diseases and chronic pain, the increase in palliative care facilities, and the rise in the usage of morphine for pain management.

Morphine is considered one of the most effective drugs for the management of pain. Moreover, their use in the management of severe pain and chronic pain, which are associated with advanced medical illnesses, is considered standard practice in most parts of the world. Furthermore, the rising occurrence of orthopedic disorders, such as arthritis, elbow pain, fibromyalgia, and osteoporosis, is the primary factor responsible for the rising growth of the morphine market.

According to WHO data updated in July 2022, musculoskeletal diseases (MSD) are the main cause of disability across the globe, having affected 1.71 billion people globally in 2021. Musculoskeletal conditions are one of the leading contributors to disability worldwide, thereby driving the need for its therapeutics, which in turn is boosting the morphine market towards growth during the study period.

Further, the elderly population is more susceptible to osteoarthritis diseases and chronic pain, and an increasingly elderly population is expected to propel the growth of the market. The United States accounts for the increasing number of individuals suffering from pain. For instance, the Journal of Pain and Palliative Therapy, 2021 accounts that approximately 20.28% of the United States population is suffering from chronic pain and 5% of this population comprises adults who are suffering from high-impact chronic pain. Therefore, with the increasing prevalence of the population suffering from chronic pain in the United States rapidly drives its market for morphine over the forecast period.

Moreover, the growing geriatric population are further expected to increase the demand for morphine globally due to high prevalence of musculoskeletal and other pain related disorders in elderly population. For instance, according to the World Population Prospectus 2022 report published by the United Nations in 2022, the share of people aged 65 years and more in the global population was projected to increase from 10% in 2022 to over 16% by 2050. Also, as per the same source, population growth at older ages is driven by lower mortality and increased survival, and a sustained drop in the fertility level causes an upward shift in the population age distribution.

Thus, due to the above-mentioned factors, the studied market is expected to be significantly driven during the study period. However, prescription drug abuse and risk factors associated with morphine are expected to hinder the growth of the studied market during the study period.