Fibromyalgia Treatment Market To Witness Transformation Of Technology Growth

Posted by Merin John on June 1st, 2021

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 Takeaways 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.

“Increasing burden of chronic pain, rising incidence 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.