Fibromyalgia (FM) conditions arise due to the accidental impact, lasting excruciated muscle pain and fatigue. Although there is no cure for FM, treating its symptoms can make the condition manageable. It is treated by prescribing antidepressants to reduce pain and improve sleep. Simultaneously, other treatments such as counseling, CBT (cognitive behavior therapy) exercises and relaxation techniques are suggested to benefit in reducing pain and muscles tension.
Cases of road accidents have been rising at an alarming rate, leading to increasing the prevalence of fibromyalgia and hence the demand for effective treatments of FM. Simultaneously, prevailing psychiatric disorders and post-traumatic stress disorders also act as risk factors, increasing the fibromyalgia cases. Therefore, the Fibromyalgia Treatments market is growing pervasively on the global platform.
The technological advancements transpired in the field of medical science are offering extraordinary relief and benefitting results, proving to be a boon to the patients, improving their quality of life. Thus, provide impetus to the market growth of Fibromyalgia Treatments. Other factors fostering the market growth include increasing cases of rheumatic diseases and growing awareness among the patients towards the availability of effective treatments for FM. Rising geriatric population, coupled with the unmet medical needs are fostering the market growth of fibromyalgia treatments.
On the other hand, unmet medical needs due to the lack of infrastructure and technical competencies ending in complicating diagnosis processes are some of the key factor impeding the market growth especially in the middle- and low-income countries. Nevertheless, developing technologies are likely to present new techniques to treat the condition, which will further increase the market growth during the assessment period.
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The competitive market for Fibromyalgia Treatments is fragmented with many large and small players operating in the market. Market players incorporate acquisition, collaboration, expansion, technology launch and strategic partnership. These players substantially invest in R&D and clinical trials to develop effective drugs.
To help accelerate pharmaceutical innovations and to gain a better understanding of the conditions, these pharma companies collaborate with academia and the biotech industry partners who can contribute cutting-edge technologies and specialized knowledge. These collaborations are one of the innovation strategies of market players. Companies can leverage the latest scientific knowledge and translate it into innovative medicines through partnering. These partnerships can kindle the innovative impulses that advance medicine and benefit patients as well as partners.
Industry/Innovation/ Related News
April 18, 2018 – Quell/NeuroMetrix Inc., (US), a company involved in patented diagnostic technology and innovative wearable therapy solutions to ease the chronic pain and sleep disorders announced that its wearable device is proving to be a practical approach to help reduce chronic pain effectively, easing chronic pain in patients suffering from fibromyalgia by interfering with activity and mood.
MRFR has segmented the report into three key dynamics for an easy grasp and enhanced understanding: –
By Treatments: Comprises – Targeted (Anti-depressant & Anti-Seizure Drug), and Symptomatic Treatment among others.
By Diagnosis: Laboratory Evaluation and Presence of Central Sensitization among others.
By End Users: Hospitals & Clinics, Research Centers, and Laboratories among others.
By Regions: North America, Europe, APAC and Rest of the World.
The Anti-Seizure Drugs segment holds the largest share in the FM market.
Globally North America leads the Fibromyalgia Treatments market with the significant market share. The Market is expected to grow phenomenally during 2017 to 2023. Attributing to the favorable reimbursement scenario and greater expenditure on healthcare the market is expected to perceive a healthy growth. Another important driver for the regional market growth is the rapid uptake of new technologies in the US. Furthermore, rising cases of chronic rheumatic diseases coupled with the rising awareness among people foster the market growth in the region.
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Europe emerging as a lucrative Fibromyalgia Treatments market will grow at a phenomenal CAGR. The resurging economy in the region is expected to foster the regional market growth, increasing per capita healthcare expenditures. The financial support provided by private and governments bodies for R&D activities and new improved reimbursement policies in healthcare will fuel the Fibromyalgia Treatment market in Europe.
Asia Pacific market for the Fibromyalgia Treatments is expected to perceive the fastest growth by 2023 at a modest CAGR during 2017 to 2023. India and China backed by the huge population and the availability of low-cost drugs for the treatment will lead the market growth.
Moreover, the rapidly growing healthcare sector coupled with the large unmet needs over the forecast period will provide impetus to the market growth. Vietnam, Thailand, and Malaysia among other South East Asian countries are projected to contribute significantly to the regional market growth. Besides the growing penetration of healthcare insurance is expected to drive the Fibromyalgia Treatments market in the in the Asia Pacific region.