The healthcare industry is witnessing unprecedented bonding across organizations, governments, and academia and undoubtedly demonstrating the value of being in sync with innovations and enhanced outcomes. In other words, the Fibromyalgia Treatment Market will witness the assimilation of datasets and interventions for saving on costs and improving users’ experience.
A strong product pipeline and increasing occurrence of fibromyalgia are the major factors that are projected to boost demand for fibromyalgia treatment over the coming years. Fibromyalgia is characterized by musculoskeletal pain along with anxiety, depression, headaches, irritable bowel syndrome, memory and mood issues, sleep disorders, and fatigue. It is accepted that fibromyalgia modifies the pain sensation mechanism controlled by the brain.
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As indicated by the National Institute of Health (NIH), around 1.5 billion individuals experienced chronic pain in 2016. Unhealthy lifestyles, sub-optimal diets, and undesirable lack of physical exercise are broadly increasing the danger of chronic pain. Different factors such as rising instances of rheumatic diseases, unmet medical needs, growing awareness among the population, rising geriatric population, and increasing popularity of Chinese therapy options are driving the development of the market.
Key players are concentrating on research & development activities to present new products in the market and provide more treatment options. Launch and approval of new fibromyalgia treatment drugs are anticipated to aid market expansion in the future.
The global fibromyalgia treatment market is estimated to be valued at US$ 1.2 Bn in 2021 and is expected to exhibit a CAGR of around 7% over the forecast period (2021 – 2031).
Key Take aways from Market Study
- Under products, anticonvulsants hold the highest value in the market, as they help provide relief from pain and treat the same for a long term.
- By distribution channel, hospital pharmacies hold a notable revenue share of around 46%.
- North America accounted for a share of over 40% in 2020 to become the most lucrative among all regions, and is expected to show significant growth over the next ten years.
- Europe is the next dominating region with a market share of 20% in 2020, due to well-developed medical infrastructure largely supported by governments in the region.
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“Increasing burden of chronic pain, risingincidence of traumatic stress and road accidents, growing awareness among the population, and increasing research & development activities are all expected to drive market growth,” says a Persistence Market Research analyst.
Collaborations and Acquisitions – Imperative Strategy for Market Players
Major companies are actively engaging in acquisitions and expansion in order to enhance their product portfolios and outreach to a large number of customers. Globally, leading companies, in order to maintain their market position, follow the trend of acquiring companies who are facing a large number of product recalls.
In May 2020, AbbVie acquired Allergan plc, which helped the company broaden its existing portfolio and strengthen its presence in the global biopharmaceutical sector.
In October 2020, FDS BioSciences, Inc. acquired a U.S.-based company, Prismic Pharmaceuticals, which is engaged in developing novel therapies for fibromyalgia treatment.
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What else is in the report?
Persistence Market Research offers a unique perspective and actionable insights on the fibromyalgia treatment market in its latest study, presenting historical demand assessment of 2016-2020 and projections for 2021-2031, based on the product (anti-depressants, anticonvulsants, muscle relaxants, and analgesics) and distribution channel (hospital pharmacies, retail pharmacies, drug stores, and online sales), across seven key regions of the world.
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