Fibromyalgia is a common and complex chronic pain disorder that causes musculoskeletal pain, fatigue, and localized tenderness affecting individuals mentally, physically, and socially. Fibromyalgia is mainly caused due to genetic conditions, however actual cause is still unknown. The most common symptoms of fibromyalgia are fatigue, sleeping problems, chronic muscle pain, and tender points. An individual with fibromyalgia can also have symptoms such as headaches, poor concentration, and depression. Fibromyalgia symptoms might accumulate with time or it can be caused by some external factors. Fibromyalgia treatments include therapy, medications, regular aerobic exercise, stress reduction, and others. Furthermore, for treatment of fibromyalgia, antidepressants or pain medications are prescribed to treat depression, anxiety, pain, and fatigue.
Robust pipeline of novel drugs are under late clinical trial phase for treatment of fibromyalgia
Market players are focusing on active research and development, in order to introduce new products in the market and increase treatment options. Approval and launch of novel fibromyalgia treatment drugs is expected to significantly support fibromyalgia treatment market growth over the forecast period.
For instance, manufacturers such as Aptinyx, Inc., Prismic Pharmaceuticals, Inc., Innovative Med Concepts, Inc., Intec Pharma Ltd., Astellas Pharma, Inc., and others have drugs in the pipeline indicated for the treatment of fibromyalgia.
Many such drugs are in phase 2 and phase 3 of clinical trials with commercialization potential. For instance, Astellas Pharma, Inc. has ASP0819 in phase 2 and IMC-1 that received fast track designation from the U.S. FDA in 2016.
The global fibromyalgia treatment market size was valued at US$ 2,778.6 Mn in 2018 and is expected to witness a CAGR of 3.3% during the forecast period (2018 – 2026).
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Global Hemostats Market Regional Insights
On the basis of region, the global hemostats market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds the dominant position in the global hemostats market, owing to large number of surgeries performed in the region as well as development of technologically advanced products for achieving blood control during trauma management procedures. According to the National Health Statistics Report by the Centers of Disease Control & Prevention, around 201,748.3 million surgical and non-surgical procedures were performed in the U.S. in 2011. The data also suggests that 28.6 million visits to ambulatory surgery cases were reported in the U.S.
Furthermore, Asia Pacific is expected to gain significant traction in the global hemostats market in the near future. Marginal market share would be grasped by the local players entering into the market due to less stringent regulatory requirements for manufacturing of these instruments and growing customer pool due to rapid development of healthcare infrastructure in various economies of Asia Pacific. For instance, Tonglu BA Medical Devices Co., Ltd and Suzhou Texnet Commerce Co., Ltd are China-based hemostat manufacturing companies that offers similar surgical hemostats to that of the major international players at significantly lower costs. The increasing entry of new players into the market is thus, responsible for faster growth of Asia Pacific region in the global hemostats market.
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Market Opportunity
Currently, there are limited number of approved treatment options for fibromyalgia. Several manufacturers have potential candidates in the pipeline (some in late stages as well). Hence, new players in the market also have opportunity to develop new drug candidate for treatment of fibromyalgia.
Another opportunity is present in terms of generic drug manufacturing, as two of the drugs are expected to lose patent protection over the forecast period (Lyrica in 2019 and Savella in 2021, 2023, and 2029). Patent loss may be a restraint for the market, however, there is certainly an opportunity for generic manufacturers.
Key players operating in the 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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