February 24, 2024
Fibromyalgia Treatment Market

Artificial Intelligence To Boost Growth Of The Global Fibromyalgia Treatment Market

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 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The fibromyalgia treatment market includes drugs that help alleviate pain and other symptoms associated with fibromyalgia. Fibromyalgia is a chronic condition characterized by widespread musculoskeletal pain accompanied by fatigue, sleep, memory and mood issues. Currently available treatment options include drugs like Cymbalta, Lyrica, Savella that work by modifying pain perception in the central nervous system. Non-drug therapies like exercise, stress reduction techniques and cognitive behavioural therapy are also used. With rising awareness and diagnosis rates, the need for safe and effective treatment of fibromyalgia is growing globally.

Market key trends:

One of the key trends in the fibromyalgia treatment market is the development of novel therapies leveraging artificial intelligence and digital biomarkers. Several companies are developing AI-based tools that can help clinicians better diagnose and track fibromyalgia. For example, AI analysis of smartphone-collected data on sleep, step counts and mood can generate digital biomarkers to enable remote, continuous monitoring of patients. This has potential to improve treatment effectiveness through personalized care plans. Early trials also indicate AI may help identify new drug targets through analysis of large real-world datasets. Such technological advances promise more customized, data-driven fibromyalgia management in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the fibromyalgia treatment market is moderate. The requirements for R&D and clinical trials for new drugs pose high entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players providing substitutable treatment options. Buyers can easily switch between brands.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials. However, suppliers of specialized formulations have some control over prices.

Threat of new substitutes: The threat of new substitutes is moderate as alternatives like herbal supplements, exercise, and stress management provide some relief from fibromyalgia symptoms.

Competitive rivalry: The competitive rivalry in the market is high due to many national and international brands competing for larger market share.

Key Takeaways

The Global Fibromyalgia Treatment Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing awareness about the condition and availability of various treatment options.

Regionally, North America is expected to dominate the global market during the forecast period. This is attributed to the rising per capita healthcare expenditure and growing prevalence of fibromyalgia in the region. Meanwhile, Asia Pacific is anticipated to exhibit the fastest growth rate owing to rapid development of healthcare infrastructure and increasing healthcare spending.

Key players operating in the fibromyalgia treatment market are Eli Lilly and Company, Pfizer, Inc., Novartis AG, Allergan plc, Sun Pharmaceutical Industries Ltd., Aptinyx, Inc., Prismic Pharmaceuticals, Inc., Innovative Med Concepts, Inc., Intec Pharma Ltd., and Astellas Pharma Inc. Major players are focused on developing novel treatment formulations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it