Fibromyalgia Treatment Market Global Industry Insights 2018-2026
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Fibromyalgia Treatment Market: Market Dynamics
Increasing prevalence of Fibromyalgia is expected to augment market growth. According to National Fibromyalgia and Chronic Pain Association, 2014, an estimated 210 million people in 2015, were affected with fibromyalgia syndrome, accounting for 2-4% of the total world population. Moreover, growth of the market is driven by increasing clinical trials by the manufacturers and research organizations and launch of novel diagnostics in order to reduce the burden of the disease with early and accurate disease diagnosis. For instance, in 2013, Innovative Med Concepts, LLC initiated the clinical trial for the drug candidate IMC-1, for the treatment of patients with fibromyalgia. Also, in March 2018, IQuity, a data science company launched a new blood test called Isolate Fibromyalgia, which uses RNA gene expression analysis to detect fibromyalgia, thus aiding in efficient diagnostics, which can provide early medical intervention.
Furthermore, various organizations are supporting research and development and providing accessible, affordable, and appropriate treatment which is expected to augment the market growth over the forecast period. For instance, a non-profit organization named National Fibromyalgia and Chronic Pain Association (NFMCPA) aims to build a united patient and health care community educate and execute advocacy programs regarding access to care, research, diagnosis and treatment for people suffering with chronic pain from fibromyalgia and overlapping conditions.
However, the difficulty to diagnose fibromyalgia since most of the symptoms are associated with other diseases, reduces the rate of diagnosis of patients with fibromyalgia, thereby hindering the growth of fibromyalgia treatment market.
Fibromyalgia Treatment Market: Regional Dynamics
Regional segmentation of the global fibromyalgia treatment market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global fibromyalgia treatment market, owing to increasing incidence of fibromyalgia and to curb the economic burden associated with the disease in the U.S. According to the National Fibromyalgia Association, 2015, fibromyalgia affects an estimated 10 million people in the U.S. Moreover, according to the Community Pain Center, Fibromyalgia is responsible for a decrease in productivity by 1-2%, resulting in direct and indirect expenditures of US$ 15 billion in the U.S., thus impelling the organizations and manufacturers to launch efficient therapies, which in turn is expected to bolster the fibromyalgia treatment market in the region.
The Fibromyalgia treatment market in Europe is expected to gain significant traction, owing to the presence of support groups providing online support combined with fund raising activities to make treatments available for the patients. For instance, the Fibromyalgia Action UK improves the lives of people with fibromyalgia by increasing awareness of the condition throughout the country, thereby improving awareness and access to treatments for fibromyalgia. Also, the UK Fibromyalgia, a member of Disability Rights UK, is focused on spreading awareness regarding Fibromyalgia condition through magazines and social media accounts, as well as encourages National Health Society (NHS) and private organizations to invest in new research projects.
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Fibromyalgia Treatment Market: Competitive Landscape
The key players in Fibromyalgia treatment market are focusing on developing innovative solutions to treat generalized pain associated with fibromyalgia. For instance, in October 2017, Avacen Medical launched an Avacen 100 Class II, which provides provide non-invasive, rapid whole-body treatment, using a single point of contact. Avacen treatment method is a novel concept in the chronic pain treatment that safely and non-invasively infuses heat into the circulatory system to generate muscular relaxation, thus providing an ideal drug-free and safe alternative for pain relief.
Key players operating in the global fibromyalgia treatment market include Eli Lilly and Company, Pfizer Inc., Merck & Co., Johnson & Johnson, GlaxoSmithKline Plc., Novartis AG, Sanofi S.A., AstraZeneca, and Allergan Plc.
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