by Fibromyalgia is a disorder characterized by widespread musculoskeletal pain accompanied by fatigue, sleep, memory and mood issues. It causes stiffness and tenderness in muscles and tissues called fascia and tendons. Increased awareness about fibromyalgia and its complex nature has led to development of drug therapies and treatment options for effective pain management. Medications like Cymbalta (duloxetine), Lyrica (pregabalin), and Savella (milnacipran) are commonly prescribed as they help balance neurotransmitters in the brain and reduce pain intensity. Non-drug options involving cognitive behavioral therapy, exercise and massage also provide relief.
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 key trends:
One of the key trends in the fibromyalgia treatment market is growing popularity of nutraceuticals and dietary supplements. Many patients resort to alternative therapies due to high costs and side effects of drugs. Supplements containing magnesium, malic acid, 5-HTP (5-hydroxytryptophan), SAMe (S-adenosylmethionine), turmeric, ginger, boswellia, among others are being advocated for their anti-inflammatory and pain relieving properties. Increased adoption of nutritional therapies will support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the fibromyalgia treatment market is moderate. High capital requirements and stringent regulatory norms limit the entry of new players. However, the growing prevalence of fibromyalgia and advancements in treatment options are expected to offer relatively low risk and high return in the long run.
Bargaining power of buyers: The bargaining power of buyers in the fibromyalgia treatment market is low. Buyers have limited purchasing power and influence over pricing as fibromyalgia treatment options are specialty medicines or therapies.
Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients and contract research organizations involved in drug development have moderate bargaining power. However, established players have significant influence over suppliers due to their large market presence and economies of scale.
Threat of new substitutes: Threat from new substitutes is low as fibromyalgia treatment involves combination therapies and substitutes offer limited efficacy for symptom management. Alternative treatments only provide temporary relief from fibromyalgia symptoms.
Competitive rivalry: The fibromyalgia treatment market experiences high competitive rivalry with the presence of established players. Key companies compete based on treatment efficacies, innovation, portfolio expansion, and global presence.
Key Takeaways
Global Fibromyalgia Treatment Market Size is expected to witness high growth over the forecast period supported by the increasing prevalence of fibromyalgia and launch of new treatment therapies.
Regional analysis: North America currently dominates the global fibromyalgia treatment market and is expected to maintain its leading position throughout the forecast period. This is attributed to the advanced healthcare infrastructure, presence of major market players, higher awareness among patients and physicians regarding fibromyalgia diagnosis and management. Asia Pacific is anticipated to exhibit the fastest growth owing to rising healthcare expenditure, increasing focus of key players on emerging Asia Pacific countries, and growing prevalence of the condition.
Key players: 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 are leading players with established brands and wide product portfolios. Companies are focused on expanding their geographical presence through collaborations with regional players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
