Fibromyalgia Treatment Market Analysis- Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Global Fibromyalgia Treatment Market Size, Forecast, and Trend Highlights Over 2023 – 2033

The global fibromyalgia treatment market is estimated to garner a significant revenue of ~USD 536 million by the end of 2033 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 190 million in the year 2022. The growth of the market is primarily ascribed to the worldwide escalating load of chronic pain. Fibromyalgia, according to researchers, increases painful sensations by altering how the brain and spinal cord receive painful and non-painful impulses. As per the World Health Organization (WHO), nearly 1.71 billion people around the world have been suffering from musculoskeletal disorders.

Fibromyalgia-Treatment-Market-overview. Get more information on this report:Download Sample PDF

Fibromyalgia, commonly known as fibromyalgia syndrome, is a severe neurologic condition that results in immense pain throughout the body. This condition affects people physically, intellectually, and socially and causes exhaustion, musculoskeletal pain, and localized discomfort. Furthermore, there are only a few drugs, such as milnacipran, and pregabalin which are prescribed for fibromyalgia treatment. Globally rising occurrence of musculoskeletal disorder is leading to increased chances of fibromyalgia. According to the National Fibromyalgia Association, fibromyalgia affects an estimated 10 million people in the United States.

Get more information on this report: Request Sample PDF

Global Fibromyalgia Treatment Market: Key Insights

Base Year	2022
Forecast Year	2023-2033
CAGR	~9%
Base Year Market Size (2022)	~ USD 190 Million
Forecast Year Market Size (2033)	~ USD 536 Million
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Fibromyalgia Treatment Market: Growth Drivers and Challenges

Growth Drivers

Growing Prevalence of Fibromyalgia Treatment- There are numerous factors that is expected to drive the global fibromyalgia treatment market’s growth. However, the primary factor that is anticipated to grow the market is the rise in fibromyalgia globally. According to the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), 5 million Americans who are 18 years of age or older have fibromyalgia, and females make up between 80 and 90 percent of fibromyalgia patients. Additionally, there were nearly 1.75 million adults in England and Wales with fibromyalgia as of 2019.
Increasing Government Initiatives - It is predicted that the market will increase as a result of the growing government initiatives that provide manufacturers and medical practitioners with guidance regarding fibromyalgia. For instance, the European League Against Rheumatism (EULAR) advised against using non-steroidal anti-inflammatory medicines (NSAID) to treat fibromyalgia in their 2016 recommendations. According to estimates, these policies will assist the affected population to manage their fibromyalgia and raise awareness of the condition.
Worldwide Growing Incidences of Road Accidents - Road accidents are the most dreadful thing that happens to a road user, even though they occur quite frequently. The majority of fatal accidents are caused by excessive speeding, the use of alcohol, or any psychoactive substance or drug. These factors raise the risk of road accidents resulting in death or serious injury. Many times, the surviving person phases long-term disability or severe pain which turns into fibromyalgia disorder over time. Thus, increasing road accidents lead to the growing prevalence of fibromyalgia disorder. According to the World Health Organization statistics, road accidents claim the lives of around 1.3 million people every year across the globe. There are an additional 20 to 50 million people who sustain non-fatal injuries, many of whom proceed to suffer disabilities.
Surge in Novel Drug Development – Chronic illness fibromyalgia substantially limits patients' ability to engage in typical social and professional activities and makes it difficult to maintain relationships with friends, family, and co-workers. The full spectrum of pain, tiredness, sleep disturbances, and depression symptoms is not completely addressed by any of the medicines currently available. However, the pharmaceutical industry's expanding endeavors have led to the launch of new experimental treatments by deploying novel drug delivery systems, a novel combination of already-approved drugs, as well as inquiries into the potential for using drugs already being prescribed for other ailments. For instance, in 2021, following a pre-NDA meeting with the US Food and Drug Administration, Axsome Therapeutics, Inc., which develops novel therapies for the treatment of central nervous system (CNS) disorders, announced its decision to submit a New Drug Application (NDA) for AXS-14 for the treatment of fibromyalgia (FDA). AXS-14 (esreboxetine) is a new oral, norepinephrine reuptake inhibitor that is both potent and selective.
Worldwide Boost in the Population of People Above 60- As per the data released by the World Health Organization, the worldwide population of people aged 60 and over is projected to propagate from 1 billion in 2020 to 1.4 billion by 2030. By 2050, the world's population of people aged 60 and above is anticipated to double by 2.1 billion.

Challenges

High Adoption of Generic Drugs - Only three medications are currently specifically licensed for the treatment of fibromyalgia. As a result, off-label medications and generic antidepressants are being used more frequently to treat the disease's symptoms. Therefore, it is expected to hamper the market’s growth.
Side Effects Associated with the Use of Fibromyalgia Drugs - Suicidal ideation may be increased in some persons by certain medications. Nausea, headache, exhaustion, high blood pressure, racing heart, excessive sweating, agitation, cholesterol, triglyceride increase, and tremor are all possible side effects.
Stringent Regulations of Government

Key Questions Answered in the Report

1) What are the major factors driving the growth of the fibromyalgia treatment market?

Ans: Worldwide growing incidences of road accidents, surge in post-traumatic stress disorder (PTSD), and worldwide boost in geriatric population are some major factors driving the growth of the market.

2) What would be the CAGR of fibromyalgia treatment market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the fibromyalgia treatment market growth?

Ans: Side effects associated with the use of fibromyalgia drugs, high adoption of generic drugs, and stringent regulations of government are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of fibromyalgia treatment market in future?

Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the fibromyalgia treatment market?

Ans: The major players in the market are Pfizer Inc., AbbVie Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Aptinyx Inc., Tonix Pharmaceuticals Holding Corp., Virios Therapeutics, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the fibromyalgia treatment market?

Ans: The market is segmented by drug class, type, distribution channel, and by region.

8) Which segment captures the largest market size in drug class segment in the fibromyalgia treatment market?

Ans: The antiepileptic segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Fibromyalgia Treatment Market