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 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fibromyalgia is a disorder characterized by chronic widespread pain and tenderness in the muscles, ligaments and tendons. Patients with fibromyalgia may also have symptoms like fatigue, depression, sleep disturbance and memory/concentration issues. Drugs available helps in reducing pain and other associated symptoms of fibromyalgia.
Market key trends:
One of the key trends in the fibromyalgia treatment market is the influx of novel drug molecules in clinical trials. Many companies are investing in R&D to discover novel mechanisms to effectively treat the underlying pathological conditions associated with fibromyalgia such as astellas’ receptor activity modifying AMPA receptor positive allosteric modulator in Phase 2 trial. Additionally, xBiotech’strue human antibody Actemra that inhibits interleukin-6 is under Phase III trial. These novel pipeline drugs are expected to offer improved efficacy and safety over existing treatment options.
SWOT Analysis
Strength: The growing prevalence of fibromyalgia around the world and rising awareness about the disease are driving the market growth. Further, growing research and development activities toward developing effective treatments present opportunities for market expansion.
Weakness: High cost of treatment and lack of approved drug therapies for long-term treatment of fibromyalgia are the major challenges in this market. Further, limited understanding of the pathophysiology of fibromyalgia also poses difficulties in developing safe and effective treatment alternatives.
Opportunity: Growing healthcare expenditure in emerging nations and increasing focus on developing novel drug therapies present key opportunities for players in this market. Further, collaboration between players and research institutions for clinical trials also presents growth prospects.
Threats: Presence of alternative treatment options like psychotherapy, exercise therapy, acupuncture, etc. poses competition to pharmaceutical treatments. Further, lengthy and expensive drug development process also threatens timely market entry of new treatment candidates.
Key Takeaways
The Global Fibromyalgia Treatment Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing prevalence of fibromyalgia worldwide. As per estimates, fibromyalgia affects around 2-8% of the population globally. Further, growing geriatric population which is at a higher risk also drives the market.
North America currently dominates the global market due to high healthcare spending and developed healthcare infrastructure in the region. According to estimates, the North America fibromyalgia treatment market was valued at US$ 958 Mn in 2023. Europe also captures a significant market share owing to increasing R&D investments by key players for developing fibromyalgia therapies.
Key players operating in the Fibromyalgia Treatment market are Eli Lilly and Company, Pfizer, Inc., Novartis AG, Allergan plc, Sun Pharmaceutical Industries Ltd., Aptinyx, Inc., Prismic Pharmaceuticals, Inc., Innovative Med Concepts, Inc., Intec Pharma Ltd., and Astellas Pharma Inc. Major players are focusing on conducting clinical trials to develop novel treatment alternatives and gain early regulatory approvals to stay ahead of competition.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it