Fibromyalgia Treatment Market Is Estimated To Witness High Growth Owing To Increasing Disease Prevalence
The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Fibromyalgia is a medical disorder characterized by chronic widespread musculoskeletal pain accompanied by fatigue, sleep, memory and mood issues. The mainstay treatment options include drugs such as pregabalin, duloxetine and milnacipran that provide relief from fibromyalgia symptoms. Pharmaceutical companies are also focusing on developing novel treatment approaches for effective fibromyalgia management.
Market Dynamics:
The growth of the Global Fibromyalgia Treatment Market Size is mainly driven by rising incidence and prevalence of fibromyalgia worldwide. As per the estimates of National Institutes of Health, fibromyalgia affects approximately 5 million Americans and 1-3% of the total global population. Increasing awareness about fibromyalgia coupled with availability of various treatment alternatives is also boosting the market growth. Moreover, rising healthcare spending in developing nations is further expected to offer lucrative business opportunities.
However, lack of definitive diagnostic methods remains a major challenge. Also, multiple drug failures and intolerances encountered by fibromyalgia patients pose a negative impact on market growth.
SWOT Analysis
Strength: Fibromyalgia treatment market has strong growth potential due to large patient pool suffering from fibromyalgia globally. The market is witnessing numerous product approval and launches which is increasing treatment availability. Furthermore, increasing awareness about fibromyalgia and its treatment options are helping patients seek medical help.
Weakness: High costs associated with fibromyalgia drugs is a major limitation for this market. Many drugs are expensive and place significant economic burden on patients. Additionally, lack of approved drugs for pediatric fibromyalgia patients restrict the market growth.
Opportunity: Emergence of pipeline drugs with novel mechanisms of action provides lucrative opportunities for market players. Furthermore, focus on developing drugs to treat root cause of fibromyalgia rather than symptoms alone will drive the future adoption.
Threats: Presence of alternative treatment options like acupuncture and physical therapy poses significant threat to drug sales. Additionally, delay in drug approval or failure during clinical trials can negatively impact revenues of manufacturers.
Key Takeaways
The global fibromyalgia treatment market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing incidence of fibromyalgia disorders globally. Lack of approved treatment options and high unmet needs present lucrative opportunities for new drug launches.
Regional analysis
The North America region currently dominates the global fibromyalgia treatment market and is expected to continue its dominance over the forecast period. This is attributed to growing awareness about fibromyalgia, established healthcare facilities, and favorable reimbursement policies. However, the Asia Pacific region is anticipated to grow at the fastest pace owing to rising geriatric population, growing per capita healthcare expenditure, and increasing investments by market players.
Key players
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. These companies are focusing on developing novel drug candidates and medical devices with improved efficacy and safety profile to strengthen their market position.
For More Insights, Read- https://www.trendingwebwire.com/fibromyalgia-treatment-market-analysis-growth-forecast-outlook-2023-2030/
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