Fibromyalgia is a complex condition that causes widespread musculoskeletal pain accompanied by fatigue, sleep, memory and mood issues. Traditional pharmacological approaches for fibromyalgia treatment focus on medications that address individual symptoms like pain, sleep, and depression. However, non-pharmacological therapies are gaining more popularity due to their relatively safer profiles and multi-pronged benefits. Therapies like cognitive behavioral therapy, exercise therapy, hydrotherapy, acupuncture, and mindfulness meditation help manage overall symptoms and decrease medication dependence.
The global fibromyalgia treatment market is estimated to be valued at US$ 1546.59 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing adoption of non-pharmacological therapies is expected to drive the growth of the global fibromyalgia treatment market over the forecast period. Non-drug therapies provide holistic relief from fibromyalgia symptoms with minimal side effects. For instance, regular exercise has been found to reduce pain sensitization, improve sleep, boost mood and enhance overall quality of life in fibromyalgia patients. Similarly, mindfulness meditation practices help individuals become less reactive to pain and develop increased pain tolerance. The growing preference for integrated treatment approaches combining pharmacological and non-pharmacological modalities will further augment the market expansion. Additionally, the market will also be fueled by rising fibromyalgia prevalence associated with increasing stressful lifestyles and growing health awareness. However, non-specific etiology and lack of approved drugs specifically for fibromyalgia pose challenges to market growth.
Segment Analysis
The fibromyalgia treatment market is dominated by the drug segment, which accounts for over 65% share of the overall market. This is due to the high preference of drug therapy such as antidepressants, pain relievers, and nerve pain medications to treat fibromyalgia symptoms. Within the drug segment, the anti-depressants sub-segment dominates owing to its high efficacy and wide acceptance in managing fibromyalgia pain and associated depression.
PEST Analysis
Political: Governments across countries are pushing for more funding into fibromyalgia research due to growing economic burden of the disease. Some regions have also initiated awareness programs to diagnose patients early.
Economic: High and increasing prevalence of fibromyalgia globally has substantial economic impact due to lost work productivity and increased healthcare costs. This is driving more R&D investments into developing novel and affordable treatment options.
Social: Lack of awareness about fibromyalgia symptoms and challenges in diagnosis lead to average delays of over 3 years between onset of symptoms and diagnosis. Social support groups are raising awareness to address stigmas related to the disease.
Technological: Developments in digital technologies are aiding remote monitoring of fibromyalgia patients. Advances in understanding disease pathology and pain pathways are further spurring development of new drug delivery systems and non-invasive therapies.
Key Takeaways
Global Fibromyalgia Treatment Market Size is expected to witness high growth supported by growing disease prevalence, launch of novel therapies, and initiatives to improve diagnosis rates.
Regional analysis indicates North America currently dominates owing to high awareness levels and key market players concentrated in the region. Europe is also a major contributor to market growth.
Key players operating in the fibromyalgia treatment market are BASF, Syngenta, Bayer CropScience (formerly Monsanto), DowDuPont (now Corteva), FMC Corporation, ADAMA Agricultural Solutions. BASF and Bayer CropScience dominate the biologically derived drugs segment. Syngenta and DowDuPont are focused on developing non-opioid therapy options.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it