Fibromyalgia Treatment Market to Reach $4.6 Billion, Globally, by 2032 at 4.0% CAGR: Allied Market Research

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Jun 16, 2023, 10:10 ET

PORTLAND, Ore., June 16, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Fibromyalgia Treatment Market by Drug Class (Antidepressants, Anticonvulsants, Muscle Relaxants, and Others), by Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global fibromyalgia treatment market was valued at $3.1 billion in 2022 and is estimated to reach $4.6 billion by 2032, growing at a CAGR of 4.0% from 2023 to 2032.

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Prime Determinants of Growth-

The fibromyalgia treatment market is experiencing growth due to several key factors, such as the significant prevalence of fibromyalgia among the population, a surge in awareness regarding fibromyalgia and its treatment, and enhanced access to generic medications for fibromyalgia treatment. On the other hand, alternative treatment options are available, and underdeveloped nations have a lack of knowledge about fibromyalgia, which limits market growth. On the contrary, a robust pipeline of medicine for the treatment of fibromyalgia offers remunerative opportunities for the expansion of the fibromyalgia treatment market.

Report Coverage and Details-

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$3.1 Billion
Market Size in 2032	$4.6 Billion
CAGR	4.0 %
No. of Pages in Report	233
Segments covered	Drug Class, Distribution Channel, and Region
Drivers	Significant prevalence of fibromyalgia among the population Surge in awareness regarding fibromyalgia and its treatment Enhanced access to generic medications for fibromyalgia treatment
Opportunity	A robust pipeline of products for fibromyalgia treatment
Restraints	Availability of alternate treatment options Lack of awareness about fibromyalgia in underdeveloped countries

COVID-19 Scenario-

The COVID-19 pandemic had a significant impact on the healthcare industry and influenced various aspects of patient care, including the treatment of chronic conditions such as fibromyalgia. One of the factors that impacted the growth of the market was the shortage of medicines and the disruption in the supply of raw materials used to manufacture the medications.
Furthermore, clinical trials investigating new treatments for fibromyalgia were temporarily halted or delayed due to the COVID-19 pandemic.
Moreover, during the pandemic, fibromyalgia syndrome patients, who are already susceptible to stress-related symptom exacerbation, experienced heightened pain, fatigue, and other fibromyalgia syndrome symptoms due to increased stress and anxiety. This led to an increase in demand for medications to manage fibromyalgia, which has positively impacted the growth of the fibromyalgia treatment market.

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The anticonvulsants segment to maintain its leadership status throughout the forecast period-

Based on drug class, the anticonvulsants segment held the highest market share in 2022, accounting for around three-fifths of the global fibromyalgia treatment market revenue, and is estimated to maintain its leadership status throughout the forecast period. Healthcare providers are increasingly prescribing anticonvulsants for fibromyalgia treatment as they are known to be effective in managing neuropathic pain conditions, which acts as a key driving force in the segment. On the other hand, the antidepressants segment is projected to manifest the highest CAGR of 4.8% from 2023 to 2032. Due to their low cost, generic antidepressants are easily accessible to people all over the world.

The drug stores and retail pharmacies segment to maintain its lead position during the forecast period-

Based on distribution channel, the drug stores and retail pharmacies segment accounted for the major share in 2022, contributing to nearly three-fifths of the global fibromyalgia treatment market revenue and is projected to maintain its lead position during the forecast period. Drug stores and retail pharmacies provide a large selection of pharmaceuticals, including both branded and generic drugs from various producers. Customers will have a variety of options to choose from, which promotes market expansion. Additionally, the accessibility of medications for the treatment of fibromyalgia is made more convenient for patients by the widespread presence of retail pharmacy stores. However, the online providers segment would portray the highest CAGR of 5.6% from 2023 to 2032. Online healthcare providers make it easy to get access to medical services while relaxing in one's own home. The comfort of getting consultations, prescriptions, and treatment plans online can be helpful for people with fibromyalgia who might experience pain, fatigue, and mobility issues.

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North America to maintain its dominance by 2032-

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global fibromyalgia treatment market, and is likely to dominate the market during the forecast period. The growth is attributed to the well-developed healthcare infrastructure, consumer awareness of fibromyalgia, and surge in demand for effective medications in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 4.9% from 2023 to 2032, owing to the large population base in countries such as China and India, rising healthcare expenditure, developing healthcare infrastructure, and a rise in people's knowledge regarding fibromyalgia in this region.

Leading Market Players: -

Novartis AG
Sun Pharmaceutical Industries Limited
Teva Pharmaceutical Industries Ltd.
Eli Lilly and Company
AbbVie Inc.
Abbott Laboratories
Lupin Ltd.
Viatris Inc.
Zydus Lifesciences Limited
Amneal Pharmaceuticals LLC

The report provides a detailed analysis of these key players in the global fibromyalgia treatment market. These players have adopted different strategies such as agreements, product approval, partnerships, acquisitions, and others to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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