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 global fibromyalgia treatment market size stood at USD 1,918.1 million in 2019. The global impact of COVID-19 has been unprecedented and staggering, with fibromyalgia drugs witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a huge decline of -60.5% in 2020. The market is projected to grow from USD 764.1 million in 2020 to USD 1,414.4 million in 2027 at a CAGR of 9.2% in the 2020-2027 period. The sudden rise in CAGR is attributable to this market’s demand and growth, new product launches, thereby returning to pre-pandemic levels once the pandemic is over.

Fibromyalgia is a musculoskeletal disorder categorized by prominent pain that is usually accompanied by sleep, fatigue, mood swings, and memory loss. There are currently only three drugs that are specifically approved for the treatment of fibromyalgia. Hence, there is higher adoption of off-label products for the management of the disease. However, increasing research and development in pain management is estimated to bolster the adoption of approved drugs for the disease indication. For instance, according to clinicaltrials.gov, around 21 clinical trials are currently conducted across different stages to assess treatment options for fibromyalgia.

Lower Number of Patients Availing Treatment to Impact Market amid COVID-19

The sudden outbreak of COVID-19 in several countries has significantly impacted pharmaceutical companies' revenue and operational capabilities. Since fibromyalgia is a lesser-known and underdiagnosed indication, the lower number of patients availing treatment for the disease due to the pandemic has had a negative impact on the market. Additionally, the key players' shifting focus towards the production of COVID-19 medicine and preventative vaccines has impacted the supply and demand of fibromyalgia treatment.

LATEST TRENDS

Robust Efforts by Key Players for Mergers and Acquisitions to Fuel Demand

Fibromyalgia treatment drugs exhibits enormous market growth prospective in the upcoming years attributed to rising incidence of the disease indication. Key players recognize this market potential and they are keenly engaging in the expansion of pre-marketed products in the industry. For instance, Teva Pharmaceuticals AJOVY which is already approved in the U.S for migraine is currently under phase 2 clinical trial for the management of fibromyalgia. This essential trend is expected to influence the market growth during the forecast period positively.

DRIVING FACTORS

Increasing Prevalence of Fibromyalgia to Favor Market Expansion

Numerous factors drive the global fibromyalgia treatment market growth. Though, the leading characteristic that is anticipated to augment the market is the worldwide increase of fibromyalgia. Stated by the National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), approximately five million individuals aged 18 years or over in the U.S. suffer from fibromyalgia. Additionally, over 80 to 90 percent of fibromyalgia patients are females.

Additionally, the increasing government initiatives that guide manufacturers and healthcare professionals regarding fibromyalgia are estimated to augment market growth. For instance, the European League Against Rheumatism (EULAR) issued a recommendation in their 2016 guidelines against using non-steroidal anti-inflammatory drugs (NSAID) to treat fibromyalgia. Such policies are estimated to increase awareness and help manage fibromyalgia among the affected population.

Strong Pipeline Products to Boost Market

Established players dominating the market are actively engaging in the launch of innovative fibromyalgia treatments to establish or retain their market position. Impending launches and authorizations that focus on the treatment of fibromyalgia are projected to boost the market growth over the forecast timeframe. For example, as of January 2021, Galcanezumab, developed by Eli Lilly and Company, is currently under a phase 4 clinical trial. The drug is approved for migraine and cluster headache and is estimated to reach its pivotal clinical end-stage in December 2021 for the treatment of fibromyalgia.

RESTRAINING FACTORS

Higher adoption of Off-label and Generic Drugs to Hamper Market Growth

Currently, there are only three drugs explicitly approved for the treatment of fibromyalgia. This has led to higher adoption of off-label drugs and generic antidepressants to manage the disease's indication. Additionally, Pfizer lost the patent protection rights of Lyrica in June 2019. This patent expiration has significantly impacted the revenue generated by the drug in the market. Generic competition is estimated to restrain the growth of the market in the foreseen years.

SEGMENTATION

By Drug Class Analysis

Antiepileptic Drugs Held Highest Market Share in 2019

On the basis of drug class, the market is categorized into antidepressants, antiepileptic, muscle relaxants, and others (incl. pipeline products).

The antiepileptic ruled the market in 2019. The highest revenue generated by Lyrica marketed by Pfizer has driven the segment growth to the dominating position in the market. Lyrica, which is an antiepileptic drug, is highly adopted in the management of fibromyalgia among the population.

Muscle relaxants held the second-largest share in 2019. The segment is estimated to show slower growth, mainly attributed to possible product launches of pipeline products in the market. However, the product type is considerably adopted in developing regions such as Latin America and the Middle East, and Africa.

By Distribution Channel

Growing OTC Products to Drive the Growth of the Retail Segment

Based on the segmentation of distribution channels, the fibromyalgia treatment market includes hospital pharmacies, retail pharmacies, and online pharmacies.

The ease of availability of fibromyalgia drugs in retail and hospital pharmacy is estimated to drive the segment's growth over the forecast period. Additionally, fibromyalgia treatment doesn’t require hospitalizations thus attributing higher market share for the retail pharmacies. However, increasing penetration of online pharmacies in developing countries is projected to augment the growth of others.

REGIONAL INSIGHTS

North America created a revenue of USD 1,253.5 million in 2019 and will see predominant market growth during the projected timeframe. The development is owed to the higher rate of diagnosis and prevalence of fibromyalgia combined with larger availability of advanced approved products to manage the disease.  According to the American Chronic Pain Association (2017), an estimated 2-4% of Americans have fibromyalgia. Additionally, the higher focus of key competitors to launch innovative drugs in the North American region is estimated to propel the market during the forecast duration.

Europe market growth is driven by numerous components including the rising prevalence of fibromyalgia. Additionally, the lack of treatment options for fibromyalgia and potential product launches are estimated to augment market growth in the coming years.  Furthermore, the European Commission's upturn in healthcare spending is anticipated to fuel the region's growth.

Meanwhile, the Asia-Pacific market is projected to exhibit stable growth during the forecast period. Aspects such as the rising patient population suffering from fibromyalgia, combined with increasing healthcare expenditure and advancing healthcare infrastructure are anticipated to favor market growth in Asia Pacific. The rising awareness of fibromyalgia is likely to drive the market during the forecast duration.

The Latin America and the Middle East & Africa market are continually participating in improving the availability of treatment options. Over the past years these regions have witnessed substantial expansions in the public and private healthcare sectors which is expected to positively influence the market growth in these regions.

KEY INDUSTRY PLAYERS

Highly Consolidated Market with Three Major Players Dominating the Market

The global market exhibits significant competition in the market, with key players such Pfizer, Inc., Eli Lilly and Company, and Allergan dominating the market. Focus on mergers and acquisitions, and innovative product launches are predominant strategies adopted by these key players to secure higher customer reach. A strong lineup of pipeline products by players such as Tonix Pharmaceuticals and Teva makes them key competitors in the market. Other players in the market included in the market are Aptinyx, Novartis AG, Sun Pharmaceuticals industries, Astella Pharma Inc, among others.

LIST OF KEY COMPANIES PROFILED:

• 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       

KEY INDUSTRY DEVELOPMENTS:

• December 2020: Tonix Pharmaceutical announced that the company achieved positive phase 3 study results for TNX-102 to treat fibromyalgia.


• June 2020: Teva Pharmaceutical Industries Ltd. announced that the company would present new data regarding the AJOVY injection open-label study for migraine and fibromyalgia.

REPORT COVERAGE

The fibromyalgia treatment market research report provides qualitative and quantitative insights on this market and a detailed analysis of market size and growth rate for all possible market segments. Coupled with this, the report offers an elaborative analysis of the market dynamics and competitive landscape. Several key market insights offered in the report are the prevalence of fibromyalgia by key regions, key industry developments, key industry trends, pipeline analysis, regulatory scenario, analysis of COVID-19 on the global market, among others.

Report Scope & Segmentation