Chronic Fatigue Syndrome Market Size & Industry Share - Growth Trends & Forecasts (2024 - 2031)

Chronic Fatigue Syndrome Market Dynamics - (DRO) :

Key Drivers :

The high prevalence of chronic fatigue syndrome is fostering market growth.

The rising cases of this syndrome are one of the prominent reasons fuelling the trends of the market across the globe. The syndrome is also known as myalgic encephalomyelitis is a serious, long-term illness, characterized by profound tiredness, regardless of bed rest. The group of risk factors associated with this syndrome are alterations in the immune system, genetic factors and infections among others. Based on the analysis, the severity of this disease impairs patients' ability to conduct activities of daily living and affects their quality of life.

Additionally, the increasing prevalence of this syndrome across the globe is fueling the demand for effective treatment solutions. For instance, according to the report published by the Centers for Disease Control and Prevention in March 2023, about 836,000 to 2.5 million Americans are estimated to have chronic fatigue syndrome, and 90% of cases remain undiagnosed. Moreover, according to the data published in the Journal of Clinical Medicines in June 2021, the prevalence rate of the syndrome is higher in females than males (1.31% female vs. 0.60% male). Consequently, the growing prevalence of this syndrome across the globe is driving market trends worldwide.

The rising awareness for effective management of chronic fatigue syndrome is contributing to the phenomenal market expansion

The increasing awareness regarding this syndrome assist as the potential factor fueling the market expansion. The condition is also called as myalgic encephalomyelitis and long covid is s a disorder characterized by extreme tiredness. As per the analysis, the high prevalence of this disease necessitates an increase in awareness of the effective treatment. Awareness programmes and initiatives by governments to educate people regarding this syndrome are boosting the market trends. For instance, in August 2023, the Government of the UK announced an Interim delivery plan outlining 21 actions to improve understanding, research and care for those living with myalgic encephalomyelitis. The plan identifies how care and support for those who experience ME/CFS can be practically improved and sets out the next steps necessary to improve understanding of ME/CFS and support for those affected. As a result, the escalating awareness is driving the chronic fatigue syndrome market growth.

Key Restraints :

The lack of effective diagnostic solutions is limiting the market growth

The syndrome, also known as myalgic encephalomyelitis, is a complex multisystem disease commonly characterized by severe fatigue, cognitive dysfunction, sleep problems, autonomic dysfunction, and post-exertional malaise, which can severely impair patients' ability to conduct the activities of daily living. Early diagnosis and prompt treatment are critical to prevent high morbidity and its overwhelming effect on the quality of life. However, there is no fully approved diagnostic test or method approved for syndrome which limits the patients and healthcare providers to opt for effective treatment. The exact cause of this syndrome remains unknown making it challenging to develop appropriate diagnostics. The lack of a single, universally accepted diagnostic test or criteria makes it difficult to accurately diagnose CFS, resulting in underdiagnosis and misdiagnosis. The misdiagnosis creates stigma and misinformation which further hampers the management of disease. Thus, the lack of fully approved diagnostic methods is hindering market trends.

Future Opportunities :

Growing investments in research and development activities are expected to propel the market growth in upcoming years.

The demand for more advanced solutions for effective treatment has motivated a rise in investment in research and development activities, which is creating lucrative chronic fatigue syndrome market opportunities and trends in the coming years. Based on the analysis, an increase in funding and grants allocated to the research and development of appropriate diagnosis and advanced treatment of this syndrome is expected to contribute to the growth trajectory of the market. For instance, in April 2023, A Cornell multidisciplinary research centre focused on solutions for chronic fatigue syndrome announced that they received a five-year, USD 9.5 million grant from the National Institutes of Health's National Institute of Allergy and Infectious Disease. This grant is expected to enable experts from disparate fields to work together on the mysterious and debilitating condition.

Moreover, in December 2023, PrecisionLife, a leading computational biology company, that is driving precision medicine in complex chronic diseases, Action for M.E., and the MRC Human Genetics Unit at the Institute of Genetics and Cancer, University of Edinburgh have been awarded a USD 790086.17 grant by Innovate UK's Advancing Precision Medicine programme to improve diagnosis and treatment for the millions of people affected by ME/CFS and long Covid. Thus, consistent demand to come up with innovative treatments and therapies is expected to create opportunities and chronic fatigue syndrome market trends.

Top Key Players & Market Share Insights :

The global chronic fatigue syndrome market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the global chronic fatigue syndrome industry include-