As per Market Research Industry Analysis Market Research Future Present “Fibromyalgia Treatments Market Research Report- Global Forecast To 2023” Fibromyalgia Treatments Market Grow at a CAGR of 17.5% During the Forecast Period of 2018 To 2023
‘Avacen Medical,’ of late, was rewarded for developing a dry heating instrument for a kind of pain that is widely found in Fibromyalgia Drug Market. The global consulting firm, ‘Frost and Sullivan’ felicitated ‘Avacen’ with an Innovation award for making ‘Avacen 100.’ The consultant, based in Mountain View at California, designed the award post the thorough analysis of European fibromyalgia devices.
‘Frost and Sullivan’ presented the annual award to a firm that adopts ‘high-tech’ products for developing key products. Apart from consultation, it offers business strategies. According to one of the Frost and Sullivan analysts, this disease still remains a hindrance and the key pathology quite misunderstood.
There is a demand for substitute ‘non-invasive’ therapies to reduce pain. ‘Device-based’ treatments are essential, as a ‘placebo-regulated’ clinical examination reported that patients recorded more sleep and moderately less pain & fatigue post electro-stimulation. Avacen indulges in the sales of ‘Avacen 100’ in the U.S. for muscle-relaxation and joint-pain removal.
Fibromyalgia Treatments Market - Key Players
Some of the key players in the fibromyalgia treatment market are Pfizer, GlaxoSmithKline, AstraZeneca, F. Hoffmann-La Roche AG, Astellas Pharma, Johnson & Johnson Services, Inc., SANOFI, Eli Lilly and Company, Bayer AG, ALLERGAN, Boehringer Ingelheim, AbbVie, Cephalon, Inc., Sunovion Pharms Inc, Jazz Pharmaceuticals, Vertical Pharmaceuticals, ABBOTT, NOVARTIS, and others.
Fibromyalgia Treatments Market - Segmentation
The worldwide fibromyalgia treatments market is split on account of treatments, end-users, and geographies. Treatments consist of anti-depressants, pain-relievers, therapies, anti-seizure drugs, and others. Research centers, clinics, hospitals, laboratories, etc. form the end-users. Geographically, the industry is classified on the basis of Asia Pacific, North America, Europe, and the Middle East & Africa. North America is the biggest market and followed by Europe.
Asia Pacific is projected to grow rapidly in the near future. There are lesser companies with authorized drugs, introducing prospects for several new participants. United States is the largest market, boosting North American and global sales. With North America investing in research & developments and having robust global traction, it occupies the largest shares. Regional medical expenses also contribute to its growth.
Escalating approval of novel drugs will help the fibromyalgia market grow faster across emerging & developed nations during 2016 to 2022. Few of the many eminent players in the worldwide fibromyalgia treatments market comprise Innovative Med Concepts, Eli Lilly, Forest Pharmaceuticals, Tonix Pharmaceuticals, and Theravance Biopharma. The market is hugely competitive, with multiple drugs doing the rounds on the counter. Leading firms emphasize regional expansion & drug developments to gain enhanced foothold.
Fibromyalgia Treatments Market - Global Insights
The fibromyalgia treatments market is set to expand in view of increasing fibromyalgia incidences. The launch of innovative & better drugs also propels the industry. Awareness regarding fibromyalgia and reduction in misdiagnosis are likely to bode well for the market during 2016 to 2022 (forecast period). Additionally, better diagnostic criteria, resulting from constant research & developments; and high-quality & stronger treatments should boost market revenues.
Fibromyalgia symptoms include musculoskeletal pain alongside memory & sleep disorders, depression, and headaches. These may be accompanied by anxiety and irritable bowel syndrome. This disease is said to tamper with the brain’s pain sensations. A fibromyalgia patient normally experiences migraine, headaches, and TMJ (temporomandibular joint) disorders.
Fibromyalgia can increase with time. Infections, physical trauma, surgery, and psychological issues can also lead to this illness. On the other hand, the main reason behind fibromyalgia is still a mystery. The disease is found more in women than men. With no cure for fibromyalgia, some drugs; such as antidepressants, anticonvulsants, muscle-relaxants, and narcotic analgesics are used to treat it. Also, the burgeoning aged population, being more prone to fibromyalgia, raises industry sales.
Fibromyalgia is tough to detect, as many other diseases have similar indications. That is why; patients are recommended to consult their doctors, undergo the required tests, & reach a proper diagnosis. Low detection of fibromyalgia prevents the market from expanding further. Combination treatments can be harmful to patients. Thus, patients are recommended to take advice from their doctors on whether the treatments should be followed.
Fibromyalgia Treatments Market - Regional Analysis
The Americas dominates the fibromyalgia treatment market owing to the rising awareness among people, rising cases of chronic rheumatic diseases, and increasing healthcare expenditure. As per the 2017 statistics suggested by the Centers for Disease Control and Prevention (CDC), around 54.4 million adults in the United States have arthritis, which is about 25% of the population. It is also reported that by 2040, nearly 78 million adults, aged 18 years or older, are projected to have arthritis in the United States.
Europe holds the second position in the fibromyalgia treatment market. It is expected that the financial support provided by governments and private bodies for research and development and amendments in reimbursement policies in healthcare will drive the fibromyalgia treatment market in Europe.
Asia Pacific is the fastest growing market for fibromyalgia treatments, owing to a huge patient pool and rising healthcare expenditure in some countries within this region. In 2014, the total expenditure on healthcare per capita was USD 731 in China, suggested by the World Health Organization (WHO). According to the BMC Health Services Research Journal, China’s healthcare expenditure grew at a rate of 11.6% per year. The rate is much faster than the growth of the country’s economy, i.e., 9.9% per year.
The Middle East and Africa has the lowest market for fibromyalgia treatments due to lack of technical knowledge and poor medical facilities.
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