New York , Feb. 06, 2024 (GLOBE NEWSWIRE) -- The global fibromyalgia treatment market size is projected to grow at a CAGR of over 9% from 2023 to 2033. The market is expected to garner a revenue of USD 536 million by the end of 2033, up from a revenue of USD 190 million in the year 2022. This growth of the market is set to be influenced by the rising prevalence of accidents. According to statistics from the World Health Organization, 1.19 million people die in car accidents each year. There are an additional twenty to fifty million non-fatal injury incidents each year, many of which result in disability.
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Nerve stimulation possesses the potential to impact a person's brain and raise the chemicals that perceive and signal pain when they sustain physical injuries in an automobile accident. This increased sensitivity may be the cause of fibromyalgia. Therefore, the market for fibromyalgia treatment is estimated to rise. Additionally, other causes such as depression and anxiety are also expected to cause fibromyalgia. As per the WHO, an estimated 3.8% of people suffer from depression, including 5.7% of individuals over 60 and 5% of adults (4% of males and 6% of women). Individuals with FM are frequently observed to be depressed. Research shows that people with FM might experience worse outcomes if they suffer from depression. Moreover, depression raises the possibility that FM will be diagnosed in later life. As a result, the use of fibromyalgia treatment is growing.
Fibromyalgia Treatment Market: Key Takeaways
- Market in North America to propel the highest growth
- Antiepileptics segment to garner the highest growth
- Market in Asia Pacific region to grow at a notable rate
Growing Geriatric Population to Boost the Growth of Global Fibromyalgia Treatment
The World Health Organization projects that by 2030, one in six people will be 60 years of age or older. The number of adults over 60 will rise from 1 billion in 2020 to 1.4 billion by now. Physical changes caused by age and health issues, in particular, might make treating the disease more difficult for older individuals. Furthermore, elderly people can be more susceptible to severe fibromyalgia symptoms. Therefore, with the rise in geriatric population the market is surging.
Fibromyalgia Treatment Industry: Regional Overview
The global fibromyalgia treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Prevalence of Osteoarthritis to Boost the Market Growth in North America
The North America market for fibromyalgia treatment is projected to hold the largest market share over the forecast period. This could be on account of the rising prevalence of Osteoarthritis. Although the number of kinds of arthritis is thought to be in the hundreds, the most frequent type is osteoarthritis (OA), which affects over 31 million individuals in the United States.
Growing Population to Drive the Market Revenue in Asia Pacific
The fibromyalgia treatment market in Asia Pacific is set to generate a notable market revenue by the end of 2033. This growth is poised to be encouraged by the rising population. About 4.3 billion people, or 60% of the world's population, live in the Asia and Pacific region, which is home to China and India, the two most populous nations on Earth. Hence, owing to this the prevalence of various diseases is also growing. This is why the market is experiencing a surge.
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Fibromyalgia Treatment Segmentation by Drug Class
- Antidepressants
- Antiepileptic
- Muscle Relaxants
The antiepileptic segment is projected to generate the largest revenue over the coming years. This growth of the segment is projected to be dominated by growing chronic back pain. For instance, at any given time, approximately 539 million individuals worldwide experience back discomfort.
Fibromyalgia Treatment Segmentation by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
The retail pharmacies segment is projected to generate the largest revenue by the end of 2033. This growth is set to be influenced by growing healthcare expenditure. 2022 saw an 8.4% increase in retail prescription drug spending to USD 405.9 billion, a greater rate of increase than the 6.8% increase in 2021.
Fibromyalgia Treatment Segmentation by Type
- Symptomatic Treatment
- Targeted Treatment
A few of the well-known market leaders in the global fibromyalgia treatment market that are profiled by Research Nester are Pfizer Inc., AbbVie Inc., Eli Lilly and Company, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Aptinyx Inc., Tonix Pharmaceuticals Holding Corp., Virios Therapeutics, and others.
Recent Development in the Market
- The enrollment of 305 patients in the ongoing Phase 2b research of NYX-2925 for fibromyalgia has been completed, according to Aptinyx Inc. In 305 fibromyalgia patients, NYX-2925 is being investigated in a Phase 2 research that is double-blind, randomized, and placebo-controlled.
- Astellas Pharma Inc. has purchased lota Biosciences, Inc., a bioelectronics start-up. It is anticipated that Astellas' Rx+ programmes will pick up speed in light of this acquisition.
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