Dublin, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The "Tofacitinib Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global tofacitinib market is expected to grow from $2.43 billion in 2022 to $2.76 billion in 2023 at a compound annual growth rate (CAGR) of 13.4%. The tofacitinib market is expected to reach $4.40 billion in 2027 at a CAGR of 12.4%.
Tofacitinib is a medication used to treat ulcerative colitis and other rheumatic diseases such as, rheumatoid arthritis and ankylosing spondylitis. Tofacitinib is used in moderate to severely active ulcerative colitis after intolerance, a poor response, or a loss of response to biological therapy or conventional treatment.
The tofacitinib market research report offers comprehensive insights into the tofacitinib market, encompassing global market size, regional shares, key competitors with their respective tofacitinib market shares, detailed market segments, emerging market trends, and potential opportunities for businesses within the tofacitinib industry.
The anticipated increase in the prevalence of rheumatoid arthritis is poised to be a driving force behind the tofacitinib market's growth in the foreseeable future. Rheumatoid arthritis is an autoimmune condition characterized by inflammation affecting various joints, internal organs, as well as extremities. Tofacitinib medications exert their effect by inhibiting Janus kinase enzymes, thereby preventing the inflammatory processes responsible for the symptoms of rheumatoid arthritis.
For example, data from the National Arthritis Data Workgroup, a consortium of experts in epidemiology based in the United States, revealed that over 52.5 million American adults, constituting more than 22% of the population, had received diagnoses of arthritis or another type of rheumatic disease by February 2022. The number of adults aged 18 and above diagnosed with arthritis is projected to reach 67 million by 2030. Consequently, the increasing prevalence of rheumatoid arthritis is serving as a catalyst for the expansion of the tofacitinib market.
One notable trend in the tofacitinib market is the emphasis on product innovation. Major companies operating in this sector are dedicated to developing cutting-edge products to maintain their competitive positions. For instance, in December 2021, Pfizer Inc., a prominent U.S.-based pharmaceutical and biotechnology corporation, announced the U.S. Food and Drug Administration (FDA) approval of a supplemental New Drug Application (sNDA) for tofacitinib-based medications, namely XELJANZ and XELJANZ XR.
XELJANZ holds the distinction of being the first and sole Janus kinase (JAK) inhibitor authorized in the United States for treating five immuno-inflammatory diseases. The FDA approval for the treatment of Ankylosing Spondylitis (AS) was based on the results of a Phase 3 multicenter, randomized, double-masked, placebo-controlled study involving 269 adult patients with active AS, which demonstrated the safety and efficacy of tofacitinib at a 5 mg twice-daily dosage.
In another strategic move, Pfizer Inc. completed the acquisition of Arena Pharmaceuticals for $6.7 billion in March 2022. This acquisition broadened Pfizer's portfolio by adding potential drugs for gastroenterology, dermatology, and cardiology, in addition to a potential successor to the inflammatory disorder drug Xeljanz (tofacitinib). Arena Pharmaceuticals is a U.S.-based biopharmaceutical company specializing in small-molecule medications under development for potential clinical use across various therapeutic domains.
North America was the largest region in the tofacitinib market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in tofacitinib report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the tofacitinib market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.76 billion |
| Forecasted Market Value (USD) by 2027 | $4.4 billion |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
Major players in the tofacitinib market are
- Beacon Pharmaceuticals Limited
- Pfizer Inc.
- Globe Pharmaceuticals Ltd.
- Drug International Limited
- Dolphin Pharmaceuticals
- Lancer Therapeutics
- Glenmark Pharmaceuticals LTD.
- Sun Pharmaceutical Industries Ltd.
- Shandong Octagon Chemicals Limited
- Zydus Lifesciences Ltd.
- Esteve Pharmaceuticals SA
- Unichem Laboratories
- Beijing Mesochem Technology Co.Ltd
- Aprazer Healthcare Pvt Ltd
- Apino pharma Co Ltd
Key Topics Covered:
1. Executive Summary
2. Tofacitinib Market Characteristics
3. Tofacitinib Market Trends And Strategies
4. Tofacitinib Market - Macro Economic Scenario
4.1. COVID-19 Impact On Tofacitinib Market
4.2. Ukraine-Russia War Impact On Tofacitinib Market
4.3. Impact Of High Inflation On Tofacitinib Market
5. Tofacitinib Market Size And Growth
5.1. Global Tofacitinib Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Tofacitinib Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Tofacitinib Market Segmentation
6.1. Global Tofacitinib Market, Segmentation By Drug Class, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Antirheumatic
- Janus Kinase Inhibitor
- Immunosuppressant
6.2. Global Tofacitinib Market, Segmentation By Strength, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 5mg
- 10mg
- 11mg
- 22mg
6.3. Global Tofacitinib Market, Segmentation By Route Of Administration, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Oral
- Other Routes Of Administration
6.4. Global Tofacitinib Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
6.5. Global Tofacitinib Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Ulcerative Colitis
- Rheumatoid Arthritis
- Psoriasis
- Other Applications
7. Tofacitinib Market Regional And Country Analysis
7.1. Global Tofacitinib Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Tofacitinib Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/x9nt42
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