Fibromyalgia: Pipeline drugs to improve market in the coming future?

Published On: March 2018

Market Overview:

Fibromyalgia is a condition characterized by musculoskeletal pain accompanied by sleep issues, fatigue, memory, and mood issues. Fibromyalgia syndrome also co-exists with other painful conditions, such as migraine and other types of headaches, temporomandibular joint disorders, irritable bowel syndrome (IBS), and interstitial cystitis.

Increasing geriatric population, rising cases of rheumatic diseases, and growing incidences of traumatic stress and road accidents are some of the major driving factors for the China fibromyalgia market.

The China fibromyalgia market is expected to grow at a CAGR of 18.7% during the forecast period (2017-2022). In 2016, the market was led by South Central China with 25.2% share, followed by East China and North China with shares of 22.4% and 19.6%, respectively.

The China fibromyalgia market is segmented on the basis of diagnosis, treatment, end user, and region. By diagnosis, laboratory evaluation segment accounted for the largest market share of 77.2% in 2016, with a market value of USD 851.9 million, and is projected to grow at the highest CAGR of 19.1% during the forecast period. Based on the type of treatment, symptomatic treatment segment accounted for the largest market share of 68.6% in 2016, with a market value of USD 757.0 million. The targeted treatment segment is projected to grow at the highest CAGR of 19.2% from 2017-2022. On the basis of end user, the market is segmented into hospitals, clinics, diagnostic centers, and others. Hospitals accounted for the largest market share of 39.1% in 2016, with a market value of USD 431.7 million, and is projected to grow at the highest CAGR of 19.1% during the forecast period.

Where is the market heading to?

A number of industries are working in the development of fibromyalgia market. Through extensive research, it is found out that the market players have adopted the strategy of development of better and cost-effective products and acquisition.

Despite the benefits offered by upcoming potential treatment drugs for fibromyalgia, there are some side effects associated with these drugs. In China, a safe, natural option, i.e., Traditional China Medicine (TCM) is attracting a great deal of attention. TCM is a full medical system that has been practiced for over 3000 years in Asian regions, and with rising cases of fibromyalgia, the treatment is gaining importance. TCM includes several modalities such as acupuncture, tai chi, qi gong, herbal medicine, and tuina.

Further, the key players in the China fibromyalgia treatments market are involved in continuous research and development activities to bring targeted treatment for fibromyalgia. The unmet market needs to be amalgamated with lucrative growth opportunities have strived the industry participants to engage in R&D to manufacture innovative drug candidates. For instance, Astellas Pharma Inc. has its two drugs under clinical trial phase for the treatment of fibromyalgia, i.e., ASP8062 (Phase 1), and ASP0819 (Phase 2). IMC-1, an investigational drug, with Innovative Med Concepts, LLC has also cleared Phase 2 clinical trial testing for the treatment of fibromyalgia.

Many leading players are concentrated in the china fibromyalgia market owing to well-established market and high healthcare expenditures; these players have expanded their market in another region as well. The major companies operating in the market are GlaxoSmithKline, PFIZER, F. Hoffmann-La Roche Ltd, Eli Lilly and Company, Sanofi and Others which account for a market share of around 53.5% in 2016. PFIZER is one of the leading players in the market with a huge presence globally

Economic Factors

Fibromyalgia is a chronic disorder that causes widespread pain. The condition affects people physically, mentally, and socially. Across the globe, health systems are developing in response to multiple factors such as new medical technology, new health services, changes in health policies, new organizational structures, innovations in drug development, and greater access to health services.

According to the report suggested by the World Health Organization (WHO) 2015, the total expenditure on health per capita in 2014 was USD 731. The health expenditure in China grew at a rate of 11.6% per year, suggested by a study published in BMC Health Services Research journal in 2017. This rate is much faster than the growth of the country’s economy, i.e., 9.9% per year. The increasing healthcare cost and cost containment in public hospitals are the current focus of China’s new round of health system reform, and a core aspect of the government agenda.

Within China fibromyalgia market

The China fibromyalgia market on the basis of the region is segmented into; North China, Northwest China, East China, South Central China, and Southwest China. In 2016, South Central China accounted for the major share of the market owing to the rising prevalence of fibromyalgia in this region. Rising cases of chronic rheumatic diseases are also capable of fuelling the fibromyalgia market in China. Prevalence of rheumatoid arthritis is around 0.35%, with the significantly higher rate in Northern China as compared to the Southern part.

The rising healthcare expenditure is also propelling the growth of the market. In China, the total expenditure on health per capita in 2014 was USD 731, as per the World Health Organization (WHO) in 2015. The health expenditure in China grew at a rate of 11.6% per year, suggested by a study published in BMC Health Services Research journal in 2017. This rate is much faster than the growth of the country’s economy, i.e., 9.9% per year.