Fibromyalgia Treatment Market size is valued at USD 3,017.9 million in 2021 and poised to grow at a significant CAGR of 3.8% within the forecast period of 2022-2028. A musculoskeletal illness called fibromyalgia is distinguished by severe pain, which is frequently accompanied by sleep problems, exhaustion, mood fluctuations, and memory loss. Only three medications have currently been explicitly licensed for the treatment of fibromyalgia. As a result, off-label products are used more frequently to control the disease. But it’s anticipated that increased research and development in pain management will support the use of approved medications adherence for the illness indication. For example, 21 clinical studies are now being done to evaluate the various therapy options for fibromyalgia, according to clinicaltrials.gov. The increased research can propel the fibromyalgia treatment market size in the forecast period. The expansion of the worldwide fibromyalgia treatment market is fueled by a number of factors. However, the primary factor projected to grow the market is the rise in fibromyalgia on a global scale. Around five million Americans who are 18 years of age or older and have fibromyalgia, according to the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), suffer from the condition. Furthermore, between 80 and 90 percent of fibromyalgia patients are women. Additionally, it is anticipated that rising government measures to educate businesses and medical professionals about fibromyalgia will boost market expansion. For instance, the European League Against Rheumatism (EULAR) advised against using non-steroidal anti-inflammatory medicines (NSAID) to treat fibromyalgia in their 2016 guidelines. These regulations are anticipated to raise awareness and assist those who suffer from fibromyalgia in managing their condition. Moreover, to maintain their market position, established firms with a monopoly on the market are actively involved in the introduction of cutting-edge fibromyalgia remedies. Thus, the fibromyalgia treatment drug market is anticipated to increase faster than expected throughout the forecast period due to upcoming releases and authorizations that concentrate on the treatment of fibromyalgia. Only three medications are currently explicitly licensed for the treatment of fibromyalgia. As a result, off-label medications and generic antidepressants are being used more frequently to treat the disease’s symptoms. Furthermore, Pfizer lost its right to patent-protect Lyrica in June 2019. The drug’s market revenue has been significantly damaged by this patent expiration. According to fibromyalgia treatment market analysis, generic competition will impede market expansion in the foreseeable future.
Critical Developments in Fibromyalgia Treatment Market:
In May 2022, FDA approves NeuroMetrix’s wearable neuromodulator as the first non-drug fibromyalgia treatment
In August 2021, Swing Therapeutics, a digital therapeutics business, has been recognized as an effective way possible by the FDA for its 12-week smartphone-assisted fibromyalgia management program.