Fibromyalgia is a medical condition characterized by chronic widespread pain and tenderness in the musculoskeletal tissues like muscles, ligaments and tendons. People suffering from fibromyalgia experience immense pain in the body which impacts their daily life activities and quality of life. As awareness about fibromyalgia is increasing, more people are getting diagnosed and seeking medical treatment which is driving the growth of fibromyalgia treatment market.
The fibromyalgia treatment market comprises of drugs for pain management and supplements. Drugs like pregabalin, duloxetine and milnacipran are commonly prescribed to reduce pain. Supplements containing magnesium, malic acid, SAMe, riboflavin etc. are also gaining popularity as alternative treatments.
The Global Fibromyalgia Treatment Market Demand is estimated to be valued at US$ 1781.68 Billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the Fibromyalgia Treatment are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA, Agricultural Solutions. These players are focusing on developing new drugs and treatment options to increase their market share.
The key opportunities in the fibromyalgia treatment market include increasing adoption of alternative therapies like acupuncture, development of disease modifying drugs and new drug delivery methods. Growth of online communities is helping raise more awareness about fibromyalgia and available treatment options.
The fibromyalgia treatment market is expanding globally with growth witnessed across regions. Increasing healthcare expenditure, large patient pool and supportive government policies are driving the market in regions like North America, Europe and Asia Pacific. Emerging economies will continue to present lucrative growth opportunities during the forecast period.
Market Drivers
One of the major drivers boosting the fibromyalgia treatment market is the increasing awareness and improved diagnosis rates. As more people understand the symptoms of fibromyalgia and health professionals are better able to diagnose it, the number of patients seeking fibromyalgia treatment is significantly rising. This is propelling the demand for drugs and supplements in the market.
PEST Analysis
Political: Regulations for drug development and clinical trials approval for new drugs and treatment options play an important role. Favorable regulations accelerate market growth.
Economic: Rising healthcare spending on chronic pain management and increasing awareness about fibromyalgia drive market opportunities. Patient assistance programs also influence industry revenues.
Social: Rising social awareness initiatives by patient advocacy groups and charities increase diagnosis rates. Support groups help address social stigma around chronic pain conditions.
Technological: New drug delivery technologies, digital therapeutics, remote monitoring tools facilitate treatment adherence and management. Advancements in understanding disease biology aid drug discovery.
Geographical Regions of Concentration
North America dominates the market currently in terms of value, owing to robust Research & Development efforts of key players, strong reimbursement structure and considerable patient population suffering from fibromyalgia. The U.S. is the largest market followed by Canada due to high affordability of new treatment alternatives. However, Asia Pacific region is anticipated to register highest CAGR during the forecast period with growing acceptance of novel therapies and expanding healthcare infrastructure in China and India.
Fastest Growing Region
Asia Pacific emerges as the fastest growing regional market attributed to rising disposable incomes, growing medical tourism, increasing awareness about fibromyalgia and ongoing efforts by market players to tap opportunities in emerging countries. Favorable government policies that prioritize non-communicable diseases also support regional market growth. Major Southern and Southeast Asian countries such as China, India, Thailand and Vietnam exhibit greatest potential for fibromyalgia treatment adoption due to their huge population bases.
For more insights, Read- https://www.marketwebjournal.com/global-fibromyalgia-treatment-market-demand-share-analysis/
Fibromyalgia Treatment Market Research Report: By treatment (targeted (antidepressant, anti-seizure drug), symptomatic treatment, diagnosis (laboratory evaluation, presence of central sensitization), end user (hospital ) - forecast till 2027Overview:The global fibromyalgia treatment market, as per the reports of Market Research Future (MRFR), is all set to witness substantial gain in CAGR during the forecast period (2017-2023).
As its side-effects, people start feeling increased sensitivity to pain, fatigue, muscle stiffness, lack of sleep, headache, poor digestive condition, lack of concentration and weak memory.
Fibromyalgia gets triggered by abnormalities in the brain and poor condition of the central nervous system.
MRFR in their recently published report on the fibromyalgia treatment market included segments and drivers that can provide greater insight regarding the upcoming market.Traumatic stress and road accidents can be among the major factors that can promote the fibromyalgia treatment market in the coming years.
Rheumatic diseases play a pivotal role as well.
These diseases affect joints more, and as its direct impact, muscles can show signs of fibromyalgia.
