Fibromyalgia Treatment Market is Estimated to Witness High Growth Owing to Increased Treatment Options
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| Fibromyalgia Treatment Market |
Fibromyalgia treatment involves addressing widespread musculoskeletal pain, fatigue, sleep, memory and mood issues. It includes medications such as antidepressants, anti-seizure drugs and muscle relaxants which help alleviate symptoms. Other non-drug therapies involve exercise therapies, lifestyle modifications and alternative medicines like acupuncture.
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 Opportunity:
Increased treatment options present a key market opportunity. New treatment
approaches are being explored to address the multi-factorial nature of
fibromyalgia. Pipeline drugs target specific mechanisms like targeting sodium
channels to relieve pain. Some biologics aim to regulate cytokines which may
reduce inflammation. Researchers are evaluating supplements, nutraceuticals and
medical foods which may impact central nervous system dysfunction. These novel
treatment modalities can potentially provide relief from multiple fibromyalgia
symptoms. This would help improve quality of life for patients and drive the
demand for fibromyalgia treatments during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as research and
development in the fibromyalgia treatment market requires significant
investment and time. The market also has patents held by major players
providing protection.
Bargaining power of buyers: The bargaining power of buyers is moderate as there
are few treatment options currently available. Buyers can negotiate on price
with generic availability.
Bargaining power of suppliers: The bargaining power of suppliers is moderate to
high as key active ingredients and drug delivery technologies are specialized.
Suppliers hold certain patents providing advantage in negotiations.
Threat of new substitutes: The threat of new substitutes is moderate as
research continues to find better treatment alternatives. However, switching
treatment requires medical supervision and substitutes need regulatory
approval.
Competitive rivalry: Competition is high among existing players to gain market
share through new product launches, partnerships and geographic expansion.
SWOT Analysis
Strength: The market has strong growth potential driven by rising fibromyalgia
prevalence and lack of cure. Major companies have extensive R&D and
manufacturing capabilities.
Weakness: Treatment options provide only symptomatic relief and side effects
can be a concern. Diagnosis still relies on subjective criteria and cause of
the condition remains unknown.
Opportunity: Developing novel drug classes and mechanisms of action can improve
treatment efficacy. Entering emerging markets with growing fibromyalgia rates
offers scope for expansion.
Threats: Strict regulations for drug approval can delay market entry. Patent
expiries of blockbuster drugs open up the market to generic competition
reducing prices and profits.
Key Takeaways
Global
Fibromyalgia Treatment Market Size is expected to witness high growth
over the forecast period supported by growing awareness and increasing
healthcare expenditure in key regions.
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