Aug 28, 2023
For the physiotherapy treatment of Fibromyalgia, end your search here. Contact dynafisio for Fibromyalgia treatment in gurgaon.
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For the physiotherapy treatment of Fibromyalgia, end your search here. Contact dynafisio for Fibromyalgia treatment in gurgaon.
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Fibromyalgia Treatment Market In Trends By Growing Demand For Non-Opioid Pain Management Options
The fibromyalgia treatment market comprises of drugs that provide relief from chronic pain associated with fibromyalgia. Conditions like widespread muscle aches, pain in joints, fatigue and sleep issues are commonly reported in fibromyalgia patients. Drugs like serotonin and norepinephrine reuptake inhibitors (SNRIs), pregabalin, duloxetine and milnacipran that enhance pain threshold and improve sleep quality are prescribed. Non-pharmacological therapies including exercise, cognitive behavioral therapy and stress management also aid in managing fibromyalgia.
The fibromyalgia treatment market is estimated to be valued at USD 3.07 Bn in 2024 and is expected to reach USD 3.86 Bn by 2031, exhibiting a compound annual growth rate CAGR of 3.3% from 2024 to 2031.
Key Takeaways
Key players operating in the fibromyalgia treatment are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA, Agricultural Solutions.
The rising prevalence of Fibromyalgia Treatment Market Demand coupled with lack of effective therapies available presently is driving the demand for non-opioid management options in the market. According to the National Fibromyalgia & Chronic Pain Association, an estimated 6-10 million Americans suffer from fibromyalgia annually.
Pharmaceutical companies are exploring novel therapeutic targets and delivery mechanisms for fibromyalgia treatment. Growing awareness about the chronic condition is also encouraging more patients to seek medical help and comply with prescribed treatment regimens. This in turn is favoring the expansion of fibromyalgia treatment market across international markets.
Market Key Trends
One key trend gaining traction in the Fibromyalgia Treatment Market Analysis is the focus on developing medicines targeting ion channels. Nav1.7 and Nav1.8 sodium channels are involved in maintaining fibromyalgic pain. Drugs modulating functions of these ion channels have potential to provide relief from chronic widespread pain with improved tolerability versus traditional options. Multiple pharmaceutical giants are exploring pre-clinical candidates for selective sodium channel modulation.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as this is a complex disease area and requires a considerable R&D investment and expertise.
Bargaining power of buyers: The bargaining power of buyers is high as fibrodrugs are prescribed generically and buyers can negotiate prices.
Bargaining power of suppliers: Suppliers have moderate bargaining power as developing new drugs requires significant R&D costs and time along with regulatory approvals.
Threat of new substitutes: Threat of new substitutes is high as there are multiple treatment options available for fibromyalgia.
Competitive rivalry: Competitive rivalry is high among existing players to gain higher market share.
Geographical Regions
Currently, North America dominates the global fibromyalgia treatment market and accounts for the largest market share in terms of value. This high market share is attributed to factors such as the increasing prevalence of fibromyalgia, availability of reimbursement, and presence of well-established healthcare infrastructure.
The Asia Pacific region is expected to witness the highest growth over the forecast period owing to increasing awareness levels regarding fibromyalgia, rising healthcare investments, and growing focus of key players to tap opportunities in emerging Asian countries.
Get more insights on Fibromyalgia Treatment Market
About Author:
Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Fibromyalgia, a chronic condition affecting the musculoskeletal system, causes widespread pain throughout the body.
Fibromyalgia is a persistent, long-standing illness. It gives rise to all-over muscle pain, joint pain, and lethargy. Learn all about fibromyalgia here!