Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Fibromyalgia Treatment Market Size, by Drug Class (Antidepressants (Milnacipran (Savella and Other Generics), Duloxetine (Cymbalta and Other Generics), and Others), Antiepileptics (Pregabalin (Lyrica and Other Generics), and Others), Muscle Relaxants, Analgesics, and Others (Including Pipeline Drugs)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,778.6 Mn in 2018 and is estimated to exhibit a CAGR of 3.3% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.
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Robust product pipeline and high prevalence of fibromyalgia are the factors that are expected drive the fibromyalgia treatment market growth over the forecast period. Moreover, approval of drugs such as Lyrica (2007 first drug for treating fibromyalgia), Cymbalta (2008), and Savella (2009) propelled growth of the market in the recent past, when medications such as muscle relaxants, analgesics, opioids, and other medications were mainly used as an off label treatment. Additionally, generic versions of Cymbalta (patent loss in 2013) and Lyrica (in the U.K. after Pfizer lost patent litigation case against Actavis & Mylan in 2015) were made available by generic manufacturers in the market. Thus increasing launches of generic versions of branded drugs by key players indicated for the treatment of fibromyalgia is expected to drive fibromyalgia treatment market growth over the forecast period.
In addition, rising penetration of generic fibromyalgia treatment drugs, across the globe, coupled with increasing number of clinical trials and launches of novel pipeline drugs by key players are expected to drive growth of the fibromyalgia treatment market over the forecast period. For instance, in 2017, Intec Pharma Ltd. initiated Phase I clinical trial of AP-CBD/THC, its Accordion Pill platform with two primary cannabinoids contained in Cannabis sativa, cannabidiol (CBD) and tetrahydrocannabinol (THC), for various indications such as low back pain and fibromyalgia,.
Browse 32 Market Data Tables and 35 Figures spread through 176 Pages and in-depth TOC on Global Fibromyalgia Treatment Market, by Drug Class (Antidepressants (Milnacipran (Savella and Other Generics), Duloxetine (Cymbalta and Other Generics), and Others), Antiepileptics (Pregabalin (Lyrica and Other Generics), and Others), Muscle Relaxants, Analgesics, and Others (Including Pipeline Drugs)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) – Global Forecast to 2026
To know the latest trends and insights prevalent in the Fibromyalgia Treatment Market Press Release, click the link below: https://bit.ly/32K0gts
Furthermore, high prevalence of fibromyalgia, globally is expected to be a major factor that is expected to augment the global fibromyalgia treatment market growth over the forecast period. For instance, according to the National Fibromyalgia and Chronic Pain Association, 2014, around 210 million people in 2015 were affected with fibromyalgia syndrome, accounting for 2-4% of the total global population. Moreover, according to the National Fibromyalgia Association, 2015 estimations, fibromyalgia affected around 10 million people in the U.S., thus driving organizations and market players to launch efficient therapies. This, is further expected to fuel the global fibromyalgia treatment market growth over the forecast period.
Key Takeaways of the Fibromyalgia Treatment Market:
- The global fibromyalgia treatment market is expected to exhibit a CAGR of 3.3% during the forecast period (2018-2026), attributed to increasing number of product launches and approvals, and robust pipeline of novel fibromyalgia treatment drugs
- Moreover, key players in the market are focusing on research and development, patent extension, and other activities. For instance, Prismic Pharmaceuticals has its micro-PEA (PP101) + pregabalin combination in phase 2 clinical trials. This drug (micro-PEA (PP101) has a ‘potentiating’ or ‘synergistic’ effect on the other drug, in combination.
- However, cost of fibromyalgia treatment is quite high and it may not be easily affordable (in the U.S., Savella 60 tablet cost around US$ 400). Thus, generic versions of fibromyalgia treatment products are introduced by manufacturers, which are affordable to the customers (generic Cymbalta costs around US$ 20 for 60 capsules). Research and development, manufacturing expenses, and other expenses are reflected in the prices of these fibromyalgia treatment products.
- Key players are focusing on tapping into markets with large population base such as India and China, wherein healthcare infrastructure is steadily getting better (especially in India). For instance, generic manufacturers such as Mylan N.V. and Teva Pharmaceutical Industries Ltd offer their generic versions of fibromyalgia treatment medications.
- Key players operating in the global fibromyalgia treatment market include Eli Lilly and Company, Pfizer, Inc., Novartis AG, Allergan plc, Sun Pharmaceutical Industries Ltd., Aptinyx, Inc., Prismic Pharmaceuticals, Inc., Innovative Med Concepts, Inc., Intec Pharma Ltd., and Astellas Pharma Inc.
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