Fibromyalgia is a long-term condition that causes musculoskeletal pain and fatigue. It affects between 2% and 8% of the worldwide population. Patients usually experience chronic widespread pain and tenderness in muscles, ligaments and tendons with accompanying fatigue, sleep, memory and mood issues. Treatments focuses on reducing symptoms and improving overall functioning through medications, exercise therapy, education and coping skills. Medications used include antidepressants, anti-seizure drugs, muscle relaxants and pain relievers.

The global fibromyalgia treatment market is estimated to be valued at US$ 1546.59 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing prevalence globally is one of the major drivers responsible for high growth of fibromyalgia treatment market. Fibromyalgia affects around 5 million adult Americans and 10-15 million people worldwide. Prevalence in developed countries ranges from 2-4% of the total population with rates among women being significantly higher than among men. Growing awareness programs related to symptoms and management of fibromyalgia are increasing diagnosis rates especially in developing countries which is also fueling the market growth. Another driver is the recent drug approvals for fibromyalgia treatment. In past few years, FDA has approved few new medications such as Tramadol, Pregabalin, Duloxetine and Milnacipran for fibromyalgia management which has provided fresh impetus to overall treatment market growth. These newly approved drugs are well tolerated and have better efficacy than older generation medications.

SWOT Analysis

Strength: Fibromyalgia treatment market has immense growth potential due to the rising prevalence of fibromyalgia globally. The increasing awareness about fibromyalgia and availability of treatment options are helping more patients seek treatment. The robust pipeline of novel drugs offers hope to patients suffering from this disorder.

Weakness: High cost of treatment poses a barrier for many patients to avail proper medication. Lack of approved drugs and treatment options make management of fibromyalgia symptoms challenging. Some medications are also associated with side effects like nausea, diarrhea etc. which affects treatment adherence.

Opportunity: Growing geriatric population prone to fibromyalgia presents an opportunity for market players. Focus on development of affordable generics and biosimilars can help expand the patient access. Telehealth and digital solutions can help improve care delivery and management of fibromyalgia symptoms remotely.

Threats: Presence of alternative treatment options like acupuncture, yoga etc. poses competition to drug therapies. Lack of definitive diagnostic methods makes early diagnosis of fibromyalgia difficult. Delay in drug approval process can stall revenue growth opportunities for companies. Patent expiries of blockbuster drugs will increase competition.

Key Takeaways

The global fibromyalgia treatment market share is estimated to be valued at US$ 1546.59 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

The regions of North America dominates the global market holding over 40% share due to growing awareness, developed healthcare infrastructure and supportive reimbursement policies. Europe is the second largest market for fibromyalgia drugs driven by increasing geriatric population vulnerable to develop fibromyalgia conditions. However, Asia Pacific region is anticipated to showcase fastest growth during the forecast period with a CAGR of over 12.5% owing to growing medical needs of large patient pool, rising healthcare spending, and increasing focus of market players in this region.

Key players operating in the fibromyalgia treatment market are Autodesk Inc., IES (Integrated Environmental Solutions), Bentley Systems, EnergyPlus, CYPE Software, DesignBuilder Software, IESVE (IES Virtual Environment), Carrier, eQuest, Trane Technologies, IES TaP, IES SCAN, Trimble, and EnergySoft. Major players are focused on expanding their product portfolios through acquisitions and collaborations with smaller players. They are also developing cost-effective generics of blockbuster fibromyalgia drugs to cater to broader patient segments.

Get more insights on this topic: https://weblogmarketinsights.blogspot.com/2023/12/the-global-fibromyalgia-treatment.html