by Fibromyalgia is a chronic condition characterized by widespread muscle pain and fatigue. The key treatments for fibromyalgia include medications such as antidepressants, anti-seizure drugs and muscle relaxants that help manage pain and improve sleep. Physical therapy techniques like massage, heat therapy, water therapy and exercises like yoga and pilates are also beneficial in reducing fibromyalgia symptoms.
The Global Fibromyalgia Treatment Market is estimated to be valued at US$ 1781.68 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Global Fibromyalgia Treatment Market Demand are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA, Agricultural Solutions. As per estimates, around 2-4% of the world’s population currently suffers from fibromyalgia. The rising incidence and prevalence of fibromyalgia worldwide is expected to drive the demand for fibromyalgia treatment drugs and therapies over the coming years. Pharmaceutical companies are increasingly investing in research and development to develop novel treatment options for fibromyalgia with better efficacy and tolerability.
Market trends
Non-pharmacological treatment options like Cognitive Behavioral Therapy and physical therapy techniques are gaining more prominence for fibromyalgia treatment.Patients are showing high adoption of integrative treatment approaches combining pharmacological treatments with alternative therapies like acupuncture, massage and supplements.
Market Opportunities
Development of novel drug targets and mechanisms of actions hold promising growth opportunities. Research into medical cannabis and cannabidiol formulations indicate potential in fibromyalgia pain management and represents a lucrative untapped opportunity. Focus on developing non-opioid analgesics will be a key focus areastechnological advancements in digital health and remote patient monitoring tools can help drive adherence to treatment regimes.
Impact of COVID-19 on Fibromyalgia Treatment Market Growth
The COVID-19 pandemic has severely impacted the growth of the fibromyalgia treatment market. During the initial lockdown periods imposed by various governments globally, major fibromyalgia treatment facilities and pain management clinics were temporarily shut down. This disrupted the access to ongoing prescription and non-prescription treatment regimens for many patients suffering from fibromyalgia. The pandemic also negatively impacted the clinical research and drug trial activities for new fibromyalgia drugs in the development pipeline. With restrictions on non-essential medical procedures imposed globally, there was reduced focus on fibromyalgia diagnosis and management by healthcare systems trying to cope with rising COVID-19 cases. This adversely impacted market demand and sales revenue for fibromyalgia treatment drugs during 2020 and 2021.
However, with countries slowly easing lockdowns and restrictions from late 2021, the fibromyalgia treatment market has started recovering. The availability of telemedicine and digital health solutions have enabled continuity of care to some extent during the pandemic. Going forward, focus on vaccination programs and resumption of normal economic and business activities are likely to aid the post-COVID revival of this market. Pharmaceutical companies are also accelerating their product development programs to cater to the huge unmet medical needs. The growing awareness about fibromyalgia as a chronic pain condition is further expected to drive the market growth in the forecast period.
Fibromyalgia Treatment Market across Geographic Regions
In terms of revenue generation, North America presently accounts for the largest share of the global fibromyalgia treatment market, followed by markets in Europe. This is attributed to the growing fibromyalgia patient pool, availability of advanced healthcare facilities, and presence of major market players in these regions. Within North America, the United States holds the leading position due to larger healthcare expenditure and more streamlined regulatory approval processes.
Asia Pacific region is poised to witness the fastest market growth during the forecast period on account of increasing fibromyalgia diagnosis, growing healthcare infrastructure, and rising medical expenditure in developing countries like India and China. Rapid economic development and expansion of private healthcare sectors are boosting the overall opportunity for fibromyalgia drugs in Asia Pacific. Mass awareness programs and introduction of affordable generic drugs will further aid the market proliferation.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
