The fibromyalgia treatment market is estimated to be valued at USD 3.07 billion in 2024 and with CAGR of 3.3% over the forecast period 2024 - 2031. Factors such as increasing awareness about fibromyalgia diagnosis and treatment as well as growing research and development investments by leading players for novel drug development are propelling the market growth. Furthermore, the launch of combination therapies for fibromyalgia treatment is also contributing to the market expansion.
Market Dynamics:
Fibromyalgia incidence has increased substantially over the past few decades. The increasing prevalence of this chronic pain disorder is driving more patients to seek effective treatment options, thereby fueling demand in the market. Major players in the market are investing heavily in researching and developing novel treatment drugs for fibromyalgia. Increased R&D efforts are focused on developing drugs with new mechanisms of action and combination therapies. For instance, in 2021, Pfizer, a multinational pharmaceutical and biotechnology corporation invested over USD 8 billion in R&D. Such extensive investments by manufacturers are anticipated to bring more treatment alternatives to the market.
Increasing awareness about fibromyalgia as a medical condition is driving the market growth
Awareness about fibromyalgia as a medical condition that can be diagnosed and treated has been increasing in recent years. With more awareness, more people who have long experienced generalized pain, fatigue and other symptoms are being properly diagnosed with fibromyalgia. This has led to increased demand for fibromyalgia treatment options. Non-profit organizations like the Fibromyalgia Association have played a key role in educating the public and healthcare providers about fibromyalgia. As awareness continues to grow through their efforts, more patients are likely to seek effective treatment options, driving market revenue.
Advancements in treatment drugs and therapies are expanding options for patients
Research into new fibromyalgia treatment drugs and therapies has accelerated in recent years. Several new drug classes and mechanisms of action are in clinical trials or have recently been approved that can provide relief of fibromyalgia symptoms for some patients. This includes drugs that target neurotransmitters like serotonin and norepinephrine thought to play a role in fibromyalgia. Non-drug therapies are also advancing, such as neuromodulation technologies for spinal cord stimulation or peripheral nerve stimulation shown to reduce pain. The growing number of safe and effective treatment options approved or in the pipeline is expanding what physicians can offer patients, driving the need for these new therapies and positive outlook for market growth.
High treatment costs put financial strain on patients and payers
Many current fibromyalgia treatment options come with high costs that can put financial strain on patients and the systems paying for their care, like private insurance or public programs. For example, the new FDA-approved fibromyalgia drugs can have prices of over US$ 20,000 per year. Physical and occupational therapy, while effective for some, may require multiple visits per week over months that accumulate high costs if not covered by insurance. The high costs associated with fibromyalgia care pose a restraint on wider access to and uptake of treatments for some patients and payers. Efforts to reduce costs will be important to expanding the market reach over time.
Lack of clear diagnostic biomarkers limits early diagnosis and treatment
While awareness of fibromyalgia is growing, diagnosis still largely relies on patients reporting generalized pain and other symptoms to their doctor. Objective diagnostic biomarkers that could clearly confirm or rule out fibromyalgia through a simple blood or other laboratory test have not yet been identified. The lack of clear diagnostic biomarkers means diagnosis often occurs later, after patients have experienced chronic symptoms for years in some cases. Earlier diagnosis would allow for earlier treatment intervention, which is preferable given current treatment options are generally most effective the earlier they are started. The lack of validated diagnostic biomarkers currently acts as a market restraint by delaying some cases from entering the treatment market.
Remote monitoring technologies offer opportunities for improved care
New remote patient monitoring technologies allow physicians to track patients' symptoms, medication usage, activity levels and other health data outside of traditional office or clinic visits. For fibromyalgia, where symptoms like pain and fatigue can fluctuate daily, remote monitoring gives doctors a fuller picture of patients' condition over time to guide treatment changes. It also enables remote follow-ups in between office visits to enhance treatment management. Remote monitoring technologies have potential to improve care coordination and help optimize fibromyalgia treatment regimens in a cost-effective way. This represents an opportunity to enhance treatment outcomes and expand the reachable market over time.
Telehealth expands access to specialty fibromyalgia care
Access to fibromyalgia specialists can be limited by long wait times to get an appointment in some areas or traveling long distances to major metro medical centers. Telehealth solutions allow patients to meet with specialists through remote video visits from their own home. This helps expand access to specialized fibromyalgia care, both for routine follow-ups once diagnosed as well as initial specialist evaluations for new patients. It removes barriers like travel, making specialist care more conveniently available. Telehealth represents an opportunity to more efficiently reach patients in underserved regions or those unable to easily physically access specialists, thereby expanding the treatable patient population and potential for market growth.
Link: https://www.coherentmarketinsights.com/market-insight/fibromyalgia-treatment-market-1691
Key Development
- On March 06, 2024, Tonix Pharmaceuticals Holding Corp., a prominent pharmaceutical enterprise, has disclosed its decision to enlist the expertise of EVERSANA, a renowned provider of commercialization services within the global life sciences sector, to bolster Tonmya's launch strategy and commercial planning initiatives in the U.S. Collaborating closely, EVERSANA will collaborate with Tonix to meticulously analyze the fibromyalgia landscape and craft a comprehensive go-to-market strategy for optimal effectiveness.
- On February 19, 2024, Tonix Pharmaceuticals Holding Corp. announced a partnership agreement with Rho Inc., a renowned global contract research organization (CRO), to provide support for its forthcoming New Drug Application (NDA) submission to the FDA for Tonmya (cyclobenzaprine HCl sublingual tablets) intended for the treatment of fibromyalgia patients.
- In January 2020, Axsome Therapeutics, Inc., a distinguished clinical-stage biopharmaceutical enterprise, finalized an agreement with Pfizer Inc., a multinational pharmaceutical leader, securing an exclusive U.S. license to Pfizer's clinical and nonclinical data, alongside intellectual property pertaining to reboxetine, the active pharmaceutical ingredient in AXS-12, which Axsome is currently developing for the treatment of narcolepsy. Furthermore, the agreement bestows upon Axsome exclusive rights for the development and commercialization of esreboxetine, a promising late-stage pharmaceutical candidate identified as AXS-14, within the U.S. for addressing fibromyalgia.
Key Players: 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., Astellas Pharma Inc., Johnson & Johnson, GSK, AstraZeneca plc, Bristol Myers Squibb, Viatris, Takeda Pharmaceutical Company Limited, Amgen Inc., Sanofi
