PUBLISHER: The Business Research Company | PRODUCT CODE: 1415680
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415680
“Fibromyalgia Treatment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fibromyalgia treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fibromyalgia treatment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The fibromyalgia treatment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Fibromyalgia treatment encompasses the use of medications to address fibromyalgia, a multifaceted and persistent medical condition primarily characterized by widespread and often debilitating musculoskeletal pain, coupled with a range of other symptoms. The objective of fibromyalgia treatment is to mitigate the severity of the condition and effectively manage the associated symptoms and complications.
The primary categories of fibromyalgia treatment involve symptomatic treatment and targeted treatment. Symptomatic treatment, also referred to as palliative or supportive care, is geared towards addressing individual symptoms and enhancing the overall quality of life for patients. Various drug classes, including antidepressants, antiepileptics, muscle relaxants, analgesics, and others, are available and distributed through diverse channels such as hospital pharmacies, retail pharmacies, and online pharmacies.
The fibromyalgia treatment market research report is one of a series of new reports from The Business Research Company that provides fibromyalgia treatment market statistics, including fibromyalgia treatment industry global market size, regional shares, competitors with a fibromyalgia treatment market share, detailed fibromyalgia treatment market segments, market trends and opportunities and any further data you may need to thrive in the fibromyalgia treatment industry. This fibromyalgia treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The fibromyalgia treatment market size has grown steadily in recent years. It will grow from $2.66 billion in 2023 to $2.79 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to increasing prevalence of fibromyalgia, growing awareness about fibromyalgia, government initiatives, rising disposable incomes.
The fibromyalgia treatment market size is expected to see steady growth in the next few years. It will grow to $3.28 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to growing geriatric population, rising healthcare expenditure, rising occurrence of musculoskeletal disorders, increasing research and development activities to develop better treatment. Major trends in the forecast period include advancements in treatment options, strategic collaborations, advancements in integration of technology, innovative treatments.
The fibromyalgia market is poised for growth due to increasing government actions and initiatives focused on musculoskeletal health. These government actions encompass a range of policies and programs aimed at improving the well-being of individuals affected by musculoskeletal conditions. For example, in 2022, Musculoskeletal Australia, an organization based in Australia, reported that the Australian government launched the "Own Your Health" initiative. This four-year initiative is dedicated to promoting self-care and supporting individuals dealing with musculoskeletal conditions. Hence, the growing emphasis on musculoskeletal health through government initiatives is a driving force behind the expansion of the fibromyalgia market.
The growth of the fibromyalgia treatment market is significantly influenced by the expanding aging population. This demographic shift is characterized by a rising percentage of elderly individuals within society or a given population. The aging population is particularly relevant to the fibromyalgia treatment market as older individuals are more prone to developing fibromyalgia, and they often face more severe symptoms due to age-related factors. For instance, the United Nations Department of Economic and Social Affairs reported in July 2022 that the global population's proportion aged 65 and older is projected to increase from 10% in 2022 to 16% by 2050. Consequently, the growing aging population is a key driver behind the expansion of the fibromyalgia treatment market.
The growth of the fibromyalgia treatment market is impeded by the high cost of treatments during the forecast period. Patients who bear the burden of high treatment costs may exhibit reduced adherence to prescribed treatment regimens. This reduced adherence can lead to suboptimal management of fibromyalgia symptoms and ultimately result in poorer health outcomes. For example, data from Fitsit i.o in June 2023 revealed that 5% of individuals were affected by at least one musculoskeletal ailment, incurring an average cost of $1614.81 (€1,524) per person. Among these conditions, low back pain was the most costly, with an average per capita cost of $2548.3 (€2,405), followed by neck discomfort, which had a per capita cost of $2394.66 (€2,260). The total adjusted healthcare expenditure for musculoskeletal illnesses exceeded $3.18 (€3) billion annually. Consequently, the high treatment costs act as a hindrance to the growth of the fibromyalgia treatment market.
Prominent companies within the fibromyalgia treatment market are prioritizing the development of cutting-edge solutions, such as microchip technology, to maintain their competitive edge in the industry. Proprietary microchip technology is a specific category that harnesses the potential of microchips to deliver precise and targeted nerve stimulation, thereby alleviating symptoms associated with fibromyalgia. Notably, in November 2022, NeuroMetrix Inc., a US-based medical equipment manufacturer, introduced the Quell Fibromyalgia device as part of its Pathfinder Program, presenting a groundbreaking solution for managing fibromyalgia symptoms. Distinguished as the first and only medical device sanctioned by the U.S. Food and Drug Administration (FDA) for mitigating fibromyalgia symptoms, the Quell Fibromyalgia device employs transcutaneous electrical nerve stimulation (TENS). This device leverages proprietary microchip technology to administer accurate, high-intensity nerve stimulation in a compact, wearable design, optimized through position and motion sensing.
In April 2023, the U.S.-based telemedicine company XRHealth merged with Spain-based VR treatment solutions provider Amelia Virtual Care, operating under the XRHealth brand. This merger marks the unification of XRHealth and Amelia Virtual Care, creating a synergistic entity that allows the two companies to leverage their expertise, technologies, and resources. The collaboration integrates XRHealth's immersive and augmented reality technology with Amelia Virtual Care's extensive virtual reality software designed for mental health professionals.
Major players in the fibromyalgia treatment market are Pfizer Inc., Johnson and Johnson Services Inc., Roche Holding AG, AbbVie Inc., Novartis AG, Sanofi S.A., AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Eli Lilly and Company, Amgen Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Mylan N.V., Astellas Pharma Inc., Biogen Inc., Daiichi Sankyo Co. Ltd., Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., Horizon Therapeutics PLC, Endo International PLC, Amneal Pharmaceuticals Inc., Zydus Lifesciences Limited, Lupin Limited .
North America was the largest region in the fibromyalgia market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in fibromyalgia treatment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the fibromyalgia treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The fibromyalgia treatment market consists of revenues earned by providing medical diagnosis and evaluation, personalized treatment planning, medication management, pain management clinics and physical therapy. The market value includes the value of related goods sold by the service provider or included within the service offering. The fibromyalgia treatment market also includes sales of pain relievers, sleeping aids and anti-anxiety medications. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.