Fibromyalgia Treatment Market to Rise at a CAGR of 3.8% during the 2024 to 2034 forecast period: Transparency Market Research

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WILMINGTON, Del, July 15, 2024 /PRNewswire/ -- The global fibromyalgia treatment market stood at US$ 1.9 billion in 2023, and the global market is projected to reach US$ 2.9 billion in 2034. The fibromyalgia treatment market is anticipated to expand at a CAGR of 3.8% between 2024 and 2034.

The fibromyalgia treatment market is experiencing significant growth due to increasing awareness and diagnosis of this chronic pain disorder. Characterized by widespread musculoskeletal pain, fatigue, sleep disturbances, and cognitive issues, fibromyalgia affects millions worldwide, predominantly women. The exact cause of fibromyalgia remains unclear, but it is believed to involve a combination of genetic, environmental, and psychological factors that lead to abnormal pain processing in the brain and spinal cord.

Current treatments for fibromyalgia aim to alleviate symptoms and improve quality of life, as there is no known cure. The market comprises a diverse range of pharmacological and non-pharmacological therapies. Pharmacological treatments include analgesics, antidepressants, anticonvulsants, and muscle relaxants, which help manage pain, mood disturbances, and sleep problems. Notable medications like pregabalin, duloxetine, and milnacipran are widely prescribed and have shown efficacy in reducing fibromyalgia symptoms.

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Non-pharmacological treatments play a crucial role in comprehensive fibromyalgia management. Physical therapy, exercise programs, cognitive-behavioral therapy (CBT), and stress management techniques are frequently recommended to help patients cope with the condition. Lifestyle modifications, such as regular exercise, healthy diet, and adequate sleep, are also essential components of treatment plans.

The increasing prevalence of fibromyalgia, coupled with advancements in medical research, is driving innovation in this market. New therapeutic approaches, including biologics, monoclonal antibodies, and other novel drug classes, are under investigation, promising improved outcomes for patients. Moreover, the integration of digital health technologies, such as telemedicine and mobile health apps, is enhancing patient engagement and self-management, further propelling market growth.

Pharmaceutical companies are investing significantly in research and development to introduce more effective and targeted therapies. This competitive landscape is fostering collaborations and strategic partnerships aimed at accelerating the development and commercialization of innovative treatments. As awareness and understanding of fibromyalgia continue to expand, the treatment market is poised for sustained growth, offering hope for better management of this debilitating condition.Top of Form

Key Takeaways of Market Report

• Global fibromyalgia treatment market to generate absolute dollar opportunity worth US$ 2.9 billion until 2034.
• Global fibromyalgia treatment market is valued at US$ 1.9 billion in 2023.
• North America is forecasted to hold the largest share in 2023.

Fibromyalgia Treatment Market: Growth Drivers Top of Form

• According to NIAMS, nearly 5 million adults in the U.S. suffer from fibromyalgia, with over 80-90% being females. Government initiatives aim to guide healthcare professionals and manufacturers, such as the European League Against Rheumatism's 2016 recommendation against using NSAIDs for fibromyalgia treatment.
• Key players are introducing innovative medications to maintain their market presence. For instance, Eli Lilly and Company's Galcanezumab entered its pivotal clinical end-stage in December 2021 for treating fibromyalgia, having been previously approved for cluster headache and migraine. Phase 1 data showed SP-104 treated healthy volunteers with fewer adverse events compared to immediate-release naltrexone.

Fibromyalgia Treatment Market Report Scope:

Fibromyalgia Treatment Market: Regional Landscape

• North America dominated the fibromyalgia treatment market in 2023, a trend projected to continue due to a significant rise in patients in the U.S. grappling with fibromyalgia. Favorable reimbursement policies further bolster market growth, encouraging innovation and accessibility to advanced treatment options.
• In Asia Pacific, the fibromyalgia treatment market is expanding, driven by improving healthcare infrastructure in countries like India and China. The region has also seen an increase in export volumes of generic drugs from manufacturers in China and India. Additionally, collaborations between international pharmaceutical giants and local companies are facilitating the introduction of new therapies, contributing to the market's development in Asia Pacific.
• Top of Form

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Fibromyalgia Treatment Market: Key Players

• In 2023, Pfizer Inc. made strides in the fibromyalgia treatment market with the advancement of Tanezumab, a monoclonal antibody targeting nerve growth factor (NGF). Tanezumab showed promise in clinical trials for reducing pain associated with fibromyalgia, offering potential relief to patients who do not respond well to traditional therapies.
• In 2023, Eli Lilly and Company continued to innovate in the fibromyalgia treatment market by progressing with their drug, Galcanezumab. Initially approved for migraine and cluster headache, Galcanezumab entered pivotal clinical trials for fibromyalgia in late 2021. Early data suggested efficacy in managing pain and improving quality of life for fibromyalgia patients, positioning it as a promising new option in the treatment landscape.

Fibromyalgia Treatment Market: Segmentation

Treatment Type

• Medications

§  Pain Relievers

§  Anti-depressants

§  Anti-seizure Drugs

• Therapies

§  Physical Therapy

§  Occupational Therapy

§  Counselling

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research

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