MCP-6917: FIBROMYALGIA THERAPEUTICS – A GLOBAL STRATEGIC BUSINESS REPORT
April 20, 2017 – Rising Incidence of Fibromyalgia Syndrome and Anticipated Launch of New Drugs to Spur Growth in the Fibromyalgia Therapeutics Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Fibromyalgia Therapeutics market. The global Fibromyalgia Therapeutics market is projected to reach US$1.8 billion by 2022, with growth supported by the rise in incidence and diagnosis of fibromyalgia syndrome and the expected launch of new drugs that are currently in research stage.
Fibromyalgia syndrome is a condition that results in severe muscular pain and fatigue. The condition is known to be more widespread among women, with the occurrence of fibromyalgia found to be relatively rare among men and children. Fibromyalgia is known to affect an estimated 3-5% of the world’s population. Given the complexities associated with the diagnosis and treatment of fibromyalgia, physicians tend to adopt differential diagnostic approaches for confirming the presence of syndrome. At present, there is no known cure for fibromyalgia, though certain treatments and drugs are available to reduce symptoms associated with fibromyalgia syndrome. Fibromyalgia therapeutics market is a relatively nascent sector, with the FDA granting approval for only three drugs, namely Cymbalta (duloxetine), Lyrica (pregabalin) and Savella (milnacipran), which are used in the treatment of symptoms of fibromyalgia. In Japan, only Lyrica is approved for the treatment of fibromyalgia symptoms. In European Union countries, these drugs are use as off-label therapies. Besides the approved drugs, a number of off-label analgesics, sedatives, muscle relaxants, neuroleptics and anti-depressants are being used in fibromyalgia treatment.
In the coming years, the introduction of newer, late-stage-pipeline therapies is expected to drive market growth. Most of the therapies in the pipeline comprise reformulations of existing treatments in the market. As the new therapies are expected to be launched at premium prices relative to existing therapies in the market, value growth is poised to benefit. However, patent expiration of branded drugs approved for fibromyalgia treatment in the U.S. and Japan and lack of late-stage pipeline drugs in the EU and Japan will continue to challenge growth in the market.
As stated by the new market research report on Fibromyalgia Therapeutics, the United States represents the largest and the fastest growing market worldwide supported by incidence rates as high as 3-5% of the total population; growing awareness and overall understanding of the disease as a result of high profile awareness campaigns. The large share of the country in the global market is also due to the fact that it is the only country to have approved the three fibromyalgia drug brands, namely Cymbalta, Lyrica and Savella.
Major players covered in the report include Allergan plc, Boehringer Ingelheim GmbH, Daiichi Sankyo Company Limited, Eli Lilly and Company, Innovative Med Concepts Inc., Pfizer Inc., Pierre Fabre Médicament, SWITCHBIOTECH LLC, and Zynerba Pharmaceuticals Inc.
The research report titled “Fibromyalgia Therapeutics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe) and Rest of World.
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