by Fibromyalgia is a chronic condition characterized by widespread musculoskeletal pain accompanied by fatigue, sleep, memory and mood issues. The exact cause of fibromyalgia is still unknown but it involves abnormalities in how the brain processes pain signals. Fibromyalgia symptoms vary greatly and can range from mild to severe. It commonly causes stiffness and pain throughout the muscles and tendons, with key tender points that are most sensitive to touch. Treatment options for fibromyalgia aim to reduce symptoms through medications, lifestyle changes and alternative therapies. Drug therapies include pregabalin and duloxetine which are used to manage pain and improve overall quality of life. However, current FDA-approved medications provide only moderate relief and may cause side effects. As such, physical and psychological therapies such as exercise, stress management and cognitive behavioral therapy are also commonly prescribed.
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 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing research and development activities is one of the major market trends in the global fibromyalgia treatment market. Several novel drug formulations and alternative therapies are currently under development. For instance, VRS-323 being developed by Nevro Corp. is a high-frequency spinal cord stimulation system used for pain management in fibromyalgia patients. If approved, it could provide an additional non-drug option for fibromyalgia treatment. Similarly, companies are exploring new mechanisms of action for drug therapies. Axsome Therapeutics has completed Phase 3 trials for AXS-05 and AXS-12 which are novel medications targeting multiple pathways involved in pain signaling and central nervous system functioning. Their approval could transform fibromyalgia treatment landscape in the coming years.
Porter’s Analysis
Threat of new entrants: Low costs of production are required to enter the fibromyalgia treatment market due to established distribution channels and brand recognition of major players.
Bargaining power of buyers: Buyers have significant bargaining power as treatment options for fibromyalgia are available from multiple manufacturers.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials used in fibromyalgia treatment are commodities available from numerous suppliers.
Threat of new substitutes: Substitutes have low threat as currently no alternative exists for effective fibromyalgia treatment.
Competitive rivalry: High as major players Autodesk Inc., IES, Bentley Systems compete on the basis of innovation in treatment therapies and expansion into new markets.
Key Takeaways
The global fibromyalgia treatment market growth is expected to witness high 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 11% over the forecast period 2023 to 2030.
North America currently dominates the market and is expected to continue its dominance over the forecast period. Increasing awareness about fibromyalgia treatment and growing healthcare expenditure are driving the regional market. Asia Pacific is expected to be the fastest growing region in the fibromyalgia treatment market. Rising geriatric population prone to fibromyalgia and improving access to healthcare are contributing to market growth. China and India are expected to offer significant opportunities.
Key players operating in the fibromyalgia treatment market are Autodesk Inc., IES, Bentley Systems. Autodesk Inc. focuses on developing minimally invasive therapies. IES offers drug therapies and treatment devices. Bentley Systems provides digital twin simulation solutions to optimize treatment protocols.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
