Los Blancos suffered a heartbreaking shoot-out defeat against the Bavarians in the Spanish capital but they can still finish the season on a high by claiming their domestic title
Los Blancos defeated the Bavarians 2-1 in their second-leg clash at the Santiago Bernabeu but ultimately bowed out after losing 3-1 on penalties.
Consequently, Casillas is now hoping that Madrid, who moved seven points clear of Barcelona at the summit of La Liga with their 2-1 Clasico success at Camp Nou on Saturday, will now finish the season on a high by ending the Blaugrana's three-year reign as champions of Spain.
"It's a big blow for us," the goalkeeper confessed. "It was a very exciting game, but penalties are always a lottery.
"We played well, but Bayern are a great team. We now have to concentrate on the league."
Meanwhile, midfielder Xabi Alonso also insisted that Madrid can quickly recover from their European heartbreak.
"Of course we are quite disappointed, but we are coping - it's part of football," the Spain international mused. "Today we are experiencing the other side of football but we knew that could happen.
"We wish Bayern the best of luck and congratulations to them."
Madrid return to La Liga action against Sevilla in the Spanish capital on Sunday afternoon.