Increase in Diagnosis Rates and Penetration into New Markets Drives the Global Fibromyalgia Therapeutics Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on the Fibromyalgia Therapeutics markets. The global market for Fibromyalgia Therapeutics is projected to reach US$2.3 billion by 2018. Lack of approved therapies and unmet medical need in the Fibromyalgia treatment space, signifies huge market opportunity for pharmaceutical companies. Factors buoying growth in the market include rise in incidence of Fibromyalgia, increase in diagnosis rates, penetration into new markets, and anticipated launch of novel drugs that are currently in the research pipeline.

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Fibromyalgia Therapeutics: A Global Strategic Business Report

San Jose, California (PRWEB) July 13, 2012

Follow us on LinkedIn – Fibromyalgia, also referred to as fibrositis and fibromyositis, is considered a ‘syndrome’ rather than a disease. More than half of the patients undergoing treatment for the disease do not respond effectively to the available drugs. Fibromyalgia is a debilitating and chronic condition characterized by widespread stiffness and pain throughout the body, accompanied by insomnia, mood swings, and severe fatigue. The disorder mostly affects the population of a productive age, resulting in considerably increased visits to the physician’s office and loss of productivity. Further, the costs of treating fibromyalgia syndrome are exorbitant for the individual as well as for the society. Slow diagnosis due to inability of physicians in quickly recognizing the symptoms of fibromyalgia further compounds to the problems of fibromyalgia patients. While the US continues to account for significant share of the drug revenues, low diagnosis rates and lack of approved therapies in other regions including Japan and Europe continue to restrict market growth. At present, there exists only three FDA approved drugs for the indication in the US, namely Lyrica, Savella, and Cymbalta. The brand dynamics is expected to further change in future following the anticipated launch of new products in the research pipeline and generic erosion of leading drugs, Eli Lilly’s Cymbalta and Pfizer’s Lyrica.

As stated by the new market research report on Fibromyalgia Therapeutics, the US continues to remain the largest market for fibromyalgia therapy worldwide, owing to large patient population, high diagnosis rate, available therapies and high awareness levels. Moreover regulatory barriers for fibromyalgia treatment drugs in Europe continue to place the US market in the spotlight for branded drug manufacturers. The initial refusal of the regulators to approve marketing authorizations for Lyrica, Cymbalta, and Savella indicates more rigorous standards in the region. At present, there is no drug approved for commercial distribution for treatment of fibromyalgia in the European Union.

Though there is exists a huge demand for effective therapies for fibromyalgia, the current product pipeline for fibromyalgia treatment is small as compared to other central nervous system disorders. The market in recent years witnessed the termination of several drug candidates in the pipeline thereby signifying a challenging regulatory environment for product approvals. As the available off-labels and currently marketed drugs leave a major portion of the diseased population with unmet treatment needs, there exists a huge requirement for safer and more efficacious drugs with new mechanisms. The significant patient base and unmet treatment needs indicate that novel drug candidates could seize a sizable share of the market, once launched. Major players profiled in the report include Chelsea Therapeutics, Inc., Claire Ellen Products, Cypress Bioscience, Eli Lilly and Company, Forest Laboratories, Impax Laboratories, Meda AB, Pfizer, Pierre Fabre Médicament, Synthetic Biologics, among others.

The research report titled "Fibromyalgia Therapeutics: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections (US$ Million) for global and regional markets including the US, Europe, and Rest of World.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Fibromyalgia_Therapeutics_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Email: press(at)StrategyR(dot)com
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