Fibromyalgia is a chronic condition characterized by widespread musculoskeletal pain and fatigue. It commonly involves tender points in areas like the neck, shoulders, back, hips, arms, and legs. Conventional fibromyalgia treatment aims to manage symptoms through prescription medications, physical therapy, mindfulness exercises and stress reduction techniques. Pharmaceutical treatments including pregabalin, duloxetine, and milnaciprant targeting pain, improve sleep, and alleviate depression and anxiety are commonly prescribed. However, these drugs are often ineffective for many and come with risk of side effects. As such, alternative therapies including chiropractic care, massage therapy, acupuncture and dietary supplements are gaining popularity.
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 key trends:
Growing awareness regarding fibromyalgia and availability of various treatment options is driving the Fibromyalgia Treatment Market Growth. According to recent studies, an estimated 2-5% of the global population suffers from fibromyalgia. However, for long it remained misunderstood or misdiagnosed. This is changing with increasing education efforts by patient advocacy groups, chronic pain associations, and medical professionals. For example, initiatives like Fibromyalgia Awareness month in May aimed at enhancing understanding about symptoms and available treatment approaches among general public as well as doctors are boosting management and diagnosis rates. Consequently, demand for fibromyalgia drugs and therapies is increasing globally.
SWOT Analysis
Strength: The Fibromyalgia Treatment Market offers a variety of treatment options. Drugs like duloxetine, milnacipran, pregabalin, and gabapentin are used to relieve pain and improve sleep.
Weakness: The exact cause of fibromyalgia is unknown and there is no cure available currently. Treatment efficacy varies greatly across individuals.
Opportunity: Rising awareness about Fibromyalgia Treatment Market Analysis and availability of new treatment drugs provides scope for market growth. Investments in R&D for novel treatments represent an opportunity area.
Threats: High treatment costs and risk of side effects associated with drugs can hamper overall demand. Lack of universally approved diagnosis criteria poses challenges.
Key Takeaways
The global fibromyalgia treatment market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Regionally, North America dominates currently due to high fibromyalgia prevalence and availability of advanced treatment options. The market in Asia Pacific is projected to grow at a rapid pace during the same period.
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. These companies are involved in developing and marketing drugs as well as non-drug therapies for fibromyalgia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile