The global fibromyalgia treatment market size is expected to reach USD 1,414.4 million by 2027, exhibiting a CAGR of 9.2% during the forecast period. The heavy investments in R&D for the development of innovative drugs in pain management will subsequently boost the market growth, states Fortune Business Insights in a report, titled “Fibromyalgia Treatment Market Size, Share &COVID-19 Impact Analysis, By Drug Class (Antidepressants, Antiepileptic, Muscle Relaxants, and Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy) and Regional Forecast, 2020-2027.” The market size stood at USD 1,918.1 million in 2019.
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Market Driver:
Strong Pipeline Products to Augment Growth
The prominent companies are focused on introducing innovative therapies to improve their product portfolio in the market. Potential product launches and approvals by regulatory bodies to treat fibromyalgia can greatly impact the fibromyalgia treatment industry in the forthcoming years. For instance, in January 2021, Eli Lilly and Company developed Galcanezumab, which is currently under phase 4 clinical trial. The drug has been approved for migraine and cluster headache; it is estimated to reach its pivotal clinical end-stage by December 2021 to treat fibromyalgia. Similarly, Teva Pharmaceuticals’ AJOVY is approved in the U.S for migraines and is currently under phase 2 clinical trial to manage fibromyalgia.
Lower Frequency of Patients Availing Treatment to Dampen Fibromyalgia Treatment Market Growth amid COVID-19
The COVID-19 outbreak has negatively impacted the global market across the globe. The surging cases of coronavirus have led to the high proclivity towards coronavirus vaccination in the pharmaceutical industry. Moreover, the lower frequency rate of patients availing treatment for fibromyalgia coupled with underdiagnosed indication, will restrict the market growth amid coronavirus. Besides, the increasing production of COVID-19 medicine and preventative vaccines is expected to disrupt fibromyalgia treatment drugs' supply and demand during the pandemic.
Regional Analysis:
Increasing Healthcare Expenditure to Augment Growth in Asia Pacific
Asia Pacific is expected to dominate the fibromyalgia treatment marketshareduring the forecast period. The large patient pool and increasing healthcare spending will enable speedy expansion of the market in the region. North America is expected to hold the largest share globally due to the growing prevalence of fibromyalgia. Lack of treatment options for fibromyalgia and potential product launches is expected to augment the market's growth in Europe. Also, the growing healthcare expenditure by the European Commission is expected to propel the market in Europe.
Key Development:
December 2020: Tonix Pharmaceuticals developed a product called TNX-102 SL, which is in Phase 3 clinical trial. The innovative product is expected to launch in the U.S market by 2023.
The Report Lists the Key Players in this Market:
- Pfizer, Inc. (U.S.)
- Eli Lilly and Company (U.S)
- Allergan (Ireland)
- Tonix Pharmaceuticals (U.S)
- Aptinyx (U.S)
- Teva Pharmaceutical Industries Ltd. (Israel)
- Novartis AG (Switzerland)
- Sun Pharmaceuticals (India)
- Astellas Pharma Inc (Japan)
- Other Prominent Players
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