USD 1.3 billion
Report ID:
SQMIG35A2821 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
64 |
Figures:
67
Global Fibromyalgia Treatment Market size was valued at USD 1.3 billion in 2022 and is poised to grow from USD 1.39 billion in 2023 to USD 2.39 billion by 2031, growing at a CAGR of 7.00% in the forecast period (2024-2031).
Fibromyalgia is a chronic pain disorder characterized by widespread pain, fatigue, and other symptoms including sleep disturbance, mood issues, and mood swings. The condition is estimated to affect about 2% of the worldwide adult population, with a higher prevalence in women compared to men. Despite a lot of research, there is currently no cure for fibromyalgia.
However, treatments are available to help manage symptoms and improve the overall quality of life of individuals affected by this condition. Treatment strategies often involve medications, lifestyle changes, and non-treatment of combination chemotherapy. The goal is to relieve pain, improve sleep, manage psychological challenges, and improve overall well-being. The multidisciplinary nature of fibromyalgia treatment highlights the complexity of managing its symptoms, and an individualized approach is often adopted to prepare dependent interventions on individual needs and responses.
Global Market Size
USD 1.3 billion
Largest Segment
Antiepileptic
Fastest Growth
Antiepileptic
Growth Rate
7.00% CAGR
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On the basis of drug class, the market is categorized into antidepressants, antiepileptic, muscle relaxants, and others (incl. pipeline products). Based on the segmentation of distribution channels, the fibromyalgia treatment market includes hospital pharmacies, retail pharmacies, and online pharmacies. On the basis of region, the market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East & Africa.
Analysis by Distribution Channels
Availability of fibromyalgia drugs through hospital pharmacies is expected to be a major driver for the growth of this segment during the forecast period. The convenience and wide availability in retail hospitals also contributes to its convenience that patients can buy their prescriptions according to fibromyalgia treatment, often without the need for hospitalization and imposes a large market share on retail pharmacies. Patients often want the convenience of being able to source their medicines from retail outlets, which increases the potential of this segment.
The online pharmacy segment plays an important role in the fibromyalgia treatment market by providing a convenient and easy way for patients to access their prescriptions. This segment has gained importance as part of the evolving healthcare sector, which provides a digital platform for individuals dealing with fibromyalgia to buy their vital treatments from the comfort of their home and support the market by facilitating fibromyalgia medicines, dispensing and ensuring prescriptions will be provided in due course.
Analysis by Drug Class
The anti-epileptic segment, driven by Pfizer Lyrica's massive fundraising, established itself as a major force in the treatment of fibromyalgia and emerged as the market leader. Classified as an anti-epileptic drug, Lyrica gained widespread adoption in the treatment of fibromyalgia in populations.
The relaxation component had the second highest share. Though anticipated to show a slower growth rate, the positioning in this segment is influenced by the potential product entry in the market. Despite the anticipated decline, nerve agents dryness is gaining increasing acceptance in developing regions such as Latin America, the Middle East and Africa. This geographical coverage highlights global muscle relaxant drugs used in the treatment of fibromyalgia, highlights market dynamics, and the importance of local priorities in fibromyalgia the formation of all states of the chemicals.
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North America in the fibromyalgia treatment market posted the highest revenue, at USD 1,253.5 million, and is expected to maintain significant market growth throughout the forecast period. This growth is driven by the high volumes seen in the region which may also lead to widespread and more advanced approved products that can be used to manage the disease.
Asia-Pacific is expected to show consistent growth throughout the forecast period, with several factors contributing to the evolving fibromyalgia treatment scenario in the region and increasing patients with fibromyalgia, healthcare expenditure simultaneous increases and improved health care facilities will provide a better environment.
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Drivers
Rise in the Fibromyalgia
Restraints
Use of Non-Pharmaceutical Drugs and Superior Pharmaceuticals
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The competitive environment of the global Fibromyalgia Treatment market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. Pharmaceutical companies are strengthening their commitment to research and development efforts aimed at developing new treatments for fibromyalgia. This strategic emphasis on enhancing therapeutic modalities is expected to boost the fibromyalgia treatment market in the near future. Increasing investment in research means if fibromyalgia treatment needs are received has not yet addressed its challenges in the pharmaceutical industry have been recognized as aimed at solving, ultimately improving patient outcomes
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.3 billion |
Market size value in 2031 | USD 2.39 billion |
Growth Rate | 7.00% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Fibromyalgia Treatment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fibromyalgia Treatment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fibromyalgia Treatment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Fibromyalgia Treatment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Product ID: SQMIG35A2821