Fibromyalgia Treatment Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Brazil, Mexico, South Africa, Saudi Arabia), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2857
Fibromyalgia Treatment Market size is projected to experience significant growth from 2018 to 2024.
Rising burden of chronic pain due to rheumatic conditions across the globe will drive fibromyalgia treatment market growth over the forecast timeline. Reoccurrence of rheumatic arthritis leads to fibromyalgia syndrome. According to National Institute of Health (NIH), about 1.5 billion people suffered from chronic pain in 2016. Lack of physical exercise, sub-optimal diet and unhealthy lifestyle are widely augmenting risk of chronic pain. In addition, irregular sleep cycle and genetic predisposition can further aggravate the condition. This will positively influence market growth in upcoming years.
Increasing number of road accidents leading to traumatic stress is a major factor in rising prevalence of fibromyalgia. As per the Association for Safe International Road Travel (ASIRT), about 25 million people globally are injured or disabled due to road accidents annually. According to a British cohort study, 8% individuals involved in motor vehicle collision developed symptoms of fibromyalgia syndrome. Traumatic stress associated with motor vehicle injuries is expected to result in increasing number of fibromyalgia patients, thereby should augment market growth.
Growing geriatric population will lead to rising number of fibromyalgia cases in upcoming period. United Nations estimated that world geriatric population will reach to 2.1 billion by 2050 and have high chance of developing chronic pain. Moreover, hormonal imbalance associated with menopause also alters perception of pain leading to development of fibromyalgia symptoms. Aforementioned factors will substantially boost industry growth over forecast timeframe.
However, lack of appropriate diagnostic tools for fibromyalgia may restrict growth of fibromyalgia treatment market. Side effects associated with combination therapy to treat fibromyalgia such as drowsiness, weight gain edema of hands and feet can hamper market growth.
Symptomatic treatment segment will show tremendous growth during the forecast period owing to better relief offered to patients. Reduction in pain, sensitivity, muscle fatigue and stiffness associated with fibromyalgia will positively influence segmental growth. Treatment of cognitive problems and depression will lead to greater adoption of symptomatic treatment, thereby should favor segmental growth.
Anti-depressant drugs segment will grow at a momentous rate as a result of increasing prevalence of depression among fibromyalgia patients. Adoption of novel techniques for development of innovative drugs having few side effects will drive the demand for anti-depressant drugs.
Hospital segment will witness remarkable growth over the forecast period due to high number of road accidents. Increasing number of road accidents will lead to higher number in-patient surgeries. Growing healthcare expenditure and favorable insurance schemes will have positive impact on segmental growth.
U.S. fibromyalgia treatment will dominate market owing to wide prevalence of fibromyalgia syndrome across the nation. Center for Disease Control and Prevention (CDC) reported that about 4 million US adults suffered from fibromyalgia in 2017. Numerous government initiatives, favorable reimbursement policies and availability of technologically advanced diagnostic procedures will boost industry growth in U.S. during projected timeframe.
Some of the prominent players of global fibromyalgia treatment market include Abbott, AbbVie, Allergan, Astellas Pharma, AstraZeneca, Bayer AG, Boehringer Ingelheim, Cephalon, Inc., Eli Lilly, F. Hoffmann-La Roche, GlaxoSmithKline, Johnson & Johnson Services, Novartis, Pfizer and Sanofi. The competitors focus on product launch, merger and acquisitions to strengthen market position. For instance, in March 2015, Pfizer announced successful completion of phase 4 study for Lyrica capsules in treatment of fibromyalgia. This will fortify company’s market position and expand its product portfolio and geographic presence.
Fibromyalgia treatment market by treatment, 2013-2024 (USD Million)
- Symptomatic Treatment
- Targeted Treatment
Fibromyalgia treatment market by drug class, 2013-2024 (USD Million)
- Muscle Relaxants
Fibromyalgia treatment market by end-user, 2013-2024 (USD Million)
- Diagnostic Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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