by Fibromyalgia is a chronic condition characterized by widespread musculoskeletal pain, accompanied by fatigue, sleep, memory and mood issues. Drugs for fibromyalgia aims to manage pain and associated symptoms. Oral medications like duloxetine, pregabalin, and milnacipran act by increasing levels of certain brain chemicals that may help relieve pain.
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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends propelling the growth of the fibromyalgia treatment market is the rising awareness regarding fibromyalgia treatment options. Traditionally, fibromyalgia was considered a psychiatric condition by many healthcare providers and patients found it difficult to get diagnosed and access treatment. However, in recent years various advocacy and awareness programs organized by patient support organizations as well as research conducted by academic institutes have helped increase understanding about the pathophysiology and management of fibromyalgia. This has encouraged more patients to seek timely medical help and adopt lifestyle modifications along with pharmacological interventions to manage their condition. The increasing awareness is expected to boost demand for fibromyalgia drugs over the forecast period.
SWOT Analysis
Strength: The fibromyalgia treatment market has a large patient pool suffering from fibromyalgia disorder. There is significant research and development ongoing for new drug formulations and non-drug therapies.
Weakness: High costs of drugs and other therapies limit the adoption rate in developing economies. Dependence on a few major patented drugs exposes the market to supply chain disruptions.
Opportunity: Rising awareness through patient support groups and charities can drive early diagnosis and treatment seeking behavior. Development of affordable generic drugs provides an opportunity once patents expire.
Threats: Intense competition among existing players limits the scope for premium pricing of new drugs. Stricter regulations for drug approvals can delay market entry of new formulations.
Key Takeaways
Global Fibromyalgia Treatment Market Size is expected to witness high growth.
Regional analysis: North American region currently dominates with the highest number of fibromyalgia patients and availability of advanced healthcare facilities. The European region is expected to grow at a significant rate during the forecast period.
Key players operating in the fibromyalgia treatment market are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA, Agricultural Solutions. The market is highly consolidated with a few major players holding a sizable market share. BASF leads with its patented formulations and global distribution network. The market witnesses new product launches and line extensions as players focus on expanding indications of existing brands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
