Press release
Government Initiatives On Musculoskeletal Health Propel Growth In The Fibromyalgia Market: An Emerging Driver Transforming The Fibromyalgia Treatment Market Landscape
Fibromyalgia Treatment
What Is the Projected Growth of the Fibromyalgia Treatment Market?
The market for the treatment of fibromyalgia has been expanding consistently in past years. At a compound annual growth rate (CAGR) of 3.9%, it is expected to rise from $2.79 billion in 2024 to $2.9 billion by 2025. Factors like a growing incidence of fibromyalgia, heightened awareness about the disease, government measures, and a surge in disposable incomes contributed to the growth experienced in the historic period.
The market size for fibromyalgia treatment is projected to witness consistent expansion in the upcoming years, escalating to $3.45 billion by 2029 with a compound annual growth rate (CAGR) of 4.5%. Factors contributing to this predicted growth during the forecast period encompass an aging population, increased healthcare spending, rising incidences of musculoskeletal conditions, and the scaling up of research and development activities aimed at sublime treatment methods. Key trends that will define the forecast period involve improvements in treatment strategies, tactical partnerships, breakthroughs in technology integration, and ground-breaking treatments.
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What Are the Different Fibromyalgia Treatment Market Segments?
The fibromyalgia treatment market covered in this report is segmented -
1) By Type: Symptomatic Treatment, Targeted Treatment
2) By Drug Class: Antidepressants, Antiepileptics, Muscle Relaxants, Analgesics, Other Drugs
3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
Subsegments:
1) By Symptomatic Treatment: Pain Relievers, Antidepressants, Anti-seizure Medications, Sleep Aids, Physical Therapy
2) By Targeted Treatment: Cognitive Behavioral Therapy (CBT), Lifestyle Modifications, Complementary Therapies, Medications Targeting Specific Symptoms
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What Are the Primary Drivers Shaping the Fibromyalgia Treatment Market?
The escalation of governmental initiatives focusing on musculoskeletal disorders is predicted to augment the expansion of fibromyalgia market. Government initiatives cover designated efforts, regulations, schemes, or interventions orchestrated by a governing body to tackle complex social problems, stimulate economic progress, enhance civil services, or accomplish definite objectives beneficial for the country and its people. Prominent government bodies are enacting numerous strategies to aid patients grappling with musculoskeletal disorders. An example is the 2022 initiative 'Own Your Health' implemented by the Australian government as per information from Musculoskeletal Australia. The initiative advocates for comprehensive self-maintenance for patients dealing with musculoskeletal disorders over the next quadruple years. Consequently, these escalating government initiatives focusing on musculoskeletal conditions catalyze the fibromyalgia market. Fibromyalgia Treatment Market Driver: The Ageing Population Surge Catalyses The Expansion Of The Fibromyalgia Treatment Market
Which Companies Are Leading in the Fibromyalgia Treatment Market?
Major companies operating in the fibromyalgia treatment market are Pfizer Inc., Johnson and Johnson Services Inc., Roche Holding AG, AbbVie Inc., Novartis AG, Sanofi S.A., AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Eli Lilly and Company, Amgen Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Mylan N.V., Astellas Pharma Inc., Biogen Inc., Daiichi Sankyo Co. Ltd., Boehringer Ingelheim International GmbH, Sun Pharmaceutical Industries Ltd., Horizon Therapeutics PLC, Endo International PLC, Amneal Pharmaceuticals Inc., Zydus Lifesciences Limited, Lupin Limited.
What Are the Major Trends Shaping the Fibromyalgia Treatment Market?
Key players in the fibromyalgia treatment market are striving to preserve their market dominance by unveiling cutting-edge solutions like microchip technology. This specific technology utilizes a microchip to deliver exact nerve stimulation aimed at diminishing fibromyalgia symptoms. An example of such progression is the introduction by NeuroMetrix Inc., a medical equipment manufacturer based in the US, of a Quell Fibromyalgia device under the Pathfinder Program in November 2022. This innovative device, Quell Fibromyalgia, is unique as it is the only medical equipment approved by the U.S. Food and Drug Administration (FDA) to alleviate fibromyalgia symptoms. It employs transcutaneous electrical nerve stimulation (TENS), powered by proprietary microchip technology, delivering accurate, robust nerve stimulation in a compact, wearable format enhanced through position and motion sensing.
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What Are the Top Revenue-Generating Geographies in the Fibromyalgia Treatment Market?
North America was the largest region in the fibromyalgia market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in fibromyalgia treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Fibromyalgia Treatment Market?
2. What is the CAGR expected in the Fibromyalgia Treatment Market?
3. What Are the Key Innovations Transforming the Fibromyalgia Treatment Industry?
4. Which Region Is Leading the Fibromyalgia Treatment Market?
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