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Fibromyalgia Treatment Market 2022 Global Projection By Key Players - Pfizer, Inc., Eli Lilly and Company, AbbVie, Inc., Teva Pharmaceutical Industries Ltd- Analysis and Forecast to 2031
Fibromyalgia Treatment Market 2022
The global Fibromyalgia Treatment Market is estimated to grow at the rate of 7% in the upcoming period, reaching US$ 1.2 Bn by the year 2021. Integration with virtual reality solutions is expected to rule the roost in the forecast period. Augmented reality could be used for accessing information as well as reports while handling patients or without having to leave their existing operations, that too, in a completely hands-free mode, through voice command, or making supportive data appear automatically. This would be the healthcare vertical in future.
The global fibromyalgia treatment market is estimated to be valued at US$ 1.2 Bn in 2021, and is expected to exhibit a CAGR of around 7% over the forecast period (2022 - 2031).
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Company Profiles:
Pfizer, Inc.
Eli Lilly and Company
AbbVie, Inc.
Teva Pharmaceutical Industries Ltd
Sanofi
GlaxoSmithKline plc.
Bayer AG
TONIX Pharmaceuticals Holdings Corp
Virios Therapeutics, Inc.
Aptinyx Inc.
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Key Takeaways from Market Study
Under products, anticonvulsants hold the highest value in the market, as they help provide relief from pain and treat the same for a long term.
By distribution channel, hospital pharmacies hold a notable revenue share of around 46%.
North America accounted for a share of over 40% in 2020 to become the most lucrative among all regions, and is expected to show significant growth over the next ten years.
Europe is the next dominating region with a market share of 20% in 2020, due to well-developed medical infrastructure largely supported by governments in the region.
"Increasing burden of chronic pain, rising incidence of traumatic stress and road accidents, growing awareness among the population, and increasing research & development activities are all expected to drive market growth," says a Persistence Market Research analyst.
Collaborations and Acquisitions - Imperative Strategy for Market Players
Major companies are actively engaging in acquisitions and expansion in order to enhance their product portfolios and outreach to a large number of customers. Globally, leading companies, in order to maintain their market position, follow the trend of acquiring companies who are facing a large number of product recalls.
In May 2020, AbbVie acquired Allergan plc, which helped the company broaden its existing portfolio and strengthen its presence in the global biopharmaceutical sector.
In October 2020, FDS BioSciences, Inc. acquired a U.S.-based company, Prismic Pharmaceuticals, which is engaged in developing novel therapies for fibromyalgia treatment.
What else is in the report?
Persistence Market Research offers a unique perspective and actionable insights on the fibromyalgia treatment market in its latest study, presenting historical demand assessment of 2016-2020 and projections for 2021-2031, based on product (anti-depressants, anticonvulsants, muscle relaxants, and analgesics) and distribution channel (hospital pharmacies, retail pharmacies, drug stores, and online sales), across seven key regions of the world.
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Key Questions Answered in the Fibromyalgia Treatment Market Report
How is the Fibromyalgia Treatment Market expected to grow over the projected period?
What direction is the Fibromyalgia Treatment Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Fibromyalgia Treatment Market in future?
What are the key market drivers in the Fibromyalgia Treatment Market?
What are significant opportunities and improvement areas for Fibromyalgia Treatment Market manufacturers?
What are the key developments and trends taking over the Fibromyalgia Treatment Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Fibromyalgia Treatment Market?
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