Albany, NY -- (SBWIRE) -- 01/27/2020 -- Global Chronic Fatigue Syndrome Therapeutics Market: Overview
Chronic fatigue syndrome, also known as Myalgic encephalomyelitis, is a chronic disease which lasts for six months and affects the central nervous system and the immune system. The disease leads to musculoskeletal disorders, impairment of long term memory, and disturbed sleep patterns. This results in substantial decline in social, occupational, educational, and personal activity among patients. There are no specific biomarkers or tests to diagnose chronic fatigue syndrome.
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Symptoms include sore throat, muscle pain, headache, and fatigue, which continues for months or years. Diagnosis is difficult; however, certain blood tests are performed to understand the conditions such as infections, and liver and thyroid abnormalities to gauge patient's condition. Children and adolescents are likely to recover at a faster pace than adults. This syndrome is likely to affect people in the 40 to 50 age group and stress is one of the major risk factors for developing this syndrome.
Global Chronic Fatigue Syndrome Therapeutics Market: Key Trends
Rise in awareness about chronic fatigue syndrome and treatment through medications and therapies to manage the syndrome is expected to drive the global chronic fatigue syndrome therapeutics market. Various organizations are collaborating to create awareness and bridge the gap to understand the symptoms and management of chronic fatigue syndrome.
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Key players are investing in the development of treatments for this condition. These factors are projected to propel the global market. However, underdiagnoses of the syndrome in both developed and developing countries acts as a major restraint of the global market. This results in improper information about the prevalence and incidence in developing countries. Moreover, improper diagnostic tools could hamper market growth. Various initiatives are being taken by governments which enable companies to discover treatments for this syndrome.
According to research published on Virtual Medical Centre, in 2018, incidence of chronic fatigue syndrome in Australia was around 0.3% or 30 per 100,000 people. However, the number fluctuates between 100 and 200 per 100,000. Chronic fatigue syndrome is most common in women and is likely to affect 2 to 4 times more women than men. Underdiagnoses of the syndrome is a major issue and prevalence of chronic fatigue syndrome is unknown in Europe.
Global Chronic Fatigue Syndrome Therapeutics Market: Segmentation
The global chronic fatigue syndrome therapeutics market can be segmented based on drug class, mode, distribution channel, and region. In terms of drug class, the market can be classified into antimicrobials & immune enhancers, sleep enhancing drugs, CNS stimulants, and others. Based on mode, the global chronic fatigue syndrome therapeutics market can be categorized into prescription drugs and OTC drugs. There is no cure for the disorder; however, medications mentioned above are recommended to patients to help manage symptoms and thus improving their quality of life. In terms of distribution channel, the market can be divided into hospital pharmacies, retails pharmacies, and online pharmacies.
Global Chronic Fatigue Syndrome Therapeutics Market: Regional Analysis
In terms of region, the global chronic fatigue syndrome therapeutics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018, and the trend is projected to continue during the forecast period. The region's dominance of the global market is due to rise in awareness about the treatment of chronic fatigue syndrome, increase in health care expenditure, and favorable reimbursement policies.
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Moreover, advanced health care facilities and recent approval of drugs by the FDA boost the growth of the chronic fatigue syndrome therapeutics market in the U.S. As the exact cause of this syndrome is unknown, the FDA is actively involved in discovering the correct diagnosis and hence an effective treatment of the disease. This is likely to boost the chronic fatigues therapeutics market in the region. According to the Institute of Medicine (IOM) report in 2015, an estimated 836,000 to 2.5 million people in the U.S. suffer from chronic fatigue syndrome.
The chronic fatigue syndrome therapeutics market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Rise in prevalence of chronic fatigue syndrome in the past few years, increase in awareness about the disease, and government initiatives to discover the source and approve the treatment are the factors fueling the growth of the market in the region. Research activities conducted by institutions to derive drugs are expected to augment the chronic fatigue syndrome therapeutics market in Asia Pacific.
Global Chronic Fatigue Syndrome Therapeutics Market: Competitive Landscape
Key players operating in the global chronic fatigue syndrome therapeutics market include Hemispherx Biopharma, GP Pharm, USV, Cadila Pharmaceuticals, Goodfellow Pharma, and Torrent Labs.