Coherent Market Insights added Latest Research Report titled ” Fibromyalgia Treatment Market, by Drug Type (Antidepressants, Anticonvulsants, Muscle Relaxants, Analgesics and Others), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Geography – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026 ” to its Large Report database.
Fibromyalgia Treatment Market Dynamics
Increasing prevalence of Fibromyalgia is expected to augment market growth. According to National Fibromyalgia and Chronic Pain Association, 2014, an estimated 210 million people in 2015, were affected with fibromyalgia syndrome, accounting for 2-4% of the total world population. Moreover, growth of the market is driven by increasing clinical trials by the manufacturers and research organizations and launch of novel diagnostics in order to reduce the burden of the disease with early and accurate disease diagnosis.
Furthermore, various organizations are supporting research and development and providing accessible, affordable, and appropriate treatment which is expected to augment the market growth over the forecast period. For instance, a non-profit organization named National Fibromyalgia and Chronic Pain Association (NFMCPA) aims to build a united patient and health care community educate and execute advocacy programs regarding access to care, research, diagnosis and treatment for people suffering with chronic pain from fibromyalgia and overlapping conditions.
Key players operating in the global fibromyalgia treatment market include Eli Lilly and Company, Pfizer Inc., Merck & Co., Johnson & Johnson, GlaxoSmithKline Plc., Novartis AG, Sanofi S.A., AstraZeneca, and Allergan Plc.
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Fibromyalgia Treatment Market: Regional Dynamics
Regional segmentation of the global fibromyalgia treatment market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global fibromyalgia treatment market, owing to increasing incidence of fibromyalgia and to curb the economic burden associated with the disease in the U.S. According to the National Fibromyalgia Association, 2015, fibromyalgia affects an estimated 10 million people in the U.S. Moreover, according to the Community Pain Center, Fibromyalgia is responsible for a decrease in productivity by 1-2%, resulting in direct and indirect expenditures of US$ 15 billion in the U.S., thus impelling the organizations and manufacturers to launch efficient therapies, which in turn is expected to bolster the fibromyalgia treatment market in the region.
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