The Latin America, Middle East and Africa Fibromyalgia Treatment Market would witness market growth of 7.4% CAGR during the forecast period (2023-2030).
The market is expected to rise due to several factors, including rising research and development costs for searching for novel therapies for treating fibromyalgia and the approval and introduction of novel medications. In addition, fibromyalgia treatment is expected to be driven by increased generic fibromyalgia treatment pharmaceutical adoption, which will increase the medication's affordability. Major firms actively pursue growth and acquisitions to expand their product lines and reach more customers.
Prominent businesses all over the region are acquiring businesses with a high number of product recalls to maintain their market position. The market is anticipated to rise due to the expanding government programs that offer manufacturers and healthcare professionals advice regarding fibromyalgia. Such regulations are predicted to help the affected population manage their fibromyalgia and spread knowledge of the disorder.
South Africa is home to 57.3 million people, 8.3% over 60. The number and percentage of senior adults in South Africa is projected to increase by 5.7 million (9.1% of the population) by 2022, from 3.3 million (7.2% of the population) in 2002 to 4.0 million (7.7% of the population) in 2012. Consequently, compared to 31% for the population under 60, it is anticipated that the number of elderly individuals will increase by 69.9% over the period. The population over 60 is increasing by 2.7% annually, approximately twice as quickly as under 60 (1.4%). As older people are more likely to experience pain-related issues like fibromyalgia, the need for fibromyalgia treatment is anticipated to surge, boosting the market growth in the region.
The Brazil market dominated the LAMEA Fibromyalgia Treatment Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $69.4 million by 2030. The Argentina market is exhibiting a CAGR of 8% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 7.1% during (2023 - 2030).
Based on Drug Class, the market is segmented into Anticonvulsants, Antidepressants, Muscle Relaxants and Others. Based on Distribution Channel, the market is segmented into Drug stores & Retail Pharmacies, Hospital Pharmacies and Online Providers. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Fibromyalgia Treatment Market is Projected to reach USD 4 Billion by 2030, at a CAGR of 4.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AbbVie, Inc., Novartis AG, Eli Lilly And Company, Amneal Pharmaceuticals, Inc., Teva Pharmaceuticals Industries Ltd., Zydus Lifesciences Ltd., Lupin Limited, Abbott Laboratories, Viatris, Inc., and Sun Pharmaceutical Industries Ltd.
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