Global Tofacitinib Market Size 2024, Forecast To 2033
6 Mar, 2024
The tofacitinib market has experienced rapid growth, surging from $2.76 billion in 2023 to $3.12 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 13.0%. This growth in the historic period can be attributed to factors such as clinical efficacy and trials, regulatory approvals, the rise in the incidence of targeted conditions, physician prescribing patterns, and patient acceptance. Looking ahead to 2028, the tofacitinib market is poised for rapid growth, reaching $5.02 billion at a CAGR of 12.7%. The forecast period will see growth driven by expanded indications, market access initiatives, a competitive landscape, real-world evidence, and the focus on patient-centric healthcare. Major trends anticipated in the forecast period include a focus on pediatric rheumatoid arthritis treatment, exploration of tofacitinib in dermatological conditions, strategic collaborations and partnerships, integration of real-world evidence in treatment guidelines, and a focus on personalized medicine approaches.
Global Tofacitinib Market Key Driver
The tofacitinib market is anticipated to experience growth, driven by the rising prevalence of rheumatoid arthritis, an autoimmune and inflammatory disorder affecting joints and internal organs. Tofacitinib medications target Janus kinase enzymes, inhibiting their activity to prevent inflammation responsible for the symptoms of rheumatoid arthritis. As reported in February 2022 by the National Arthritis Data Workgroup, over 52.5 million adult Americans, constituting more than 22% of the population, had been diagnosed with arthritis or another rheumatic disease. Predictions suggest that adults aged 18 and older with arthritis will reach 67 million by 2030. This surge in rheumatoid arthritis cases is a significant driver for the growth of the tofacitinib market, with market sizes projected for USD 2023, 2024, and 2028.
Get A Free Sample Of The Global Tofacitinib Market ReportGlobal Tofacitinib Market Segments
The tofacitinib market covered in this report is segmented –
1) By Drug Class: Antirheumatic, Janus Kinase Inhibitor, Immunosuppressant
2) By Strength: 5mg, 10mg, 11mg, 22mg
3) By Route Of Administration: Oral, Other Routes Of Administration
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
5) By Application: Ulcerative Colitis, Rheumatoid Arthritis, Psoriasis, Other Applications
By Geography:The regions covered in the tofacitinib market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the tofacitinib market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tofacitinib market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Tofacitinib Industry Players
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, Delta Pharma Limited, Mediconlife, Sandoz International GmbH, Mylan N.V., Hetero Drugs Limited, Torrent Pharmaceuticals Ltd., Lupin Limited, Aurobindo Pharma Limited, Cipla Inc., Dr. Reddy's Laboratories Ltd., Jubilant Life Sciences, Strides Pharma Science Limited, Alkem Laboratories Limited, Cadila Healthcare Limited, Wockhardt Limited, Alembic Pharmaceuticals Limited, Intas Pharmaceuticals Limited
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Tofacitinib Market Overview
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.
Tofacitinib Global Market Report 2023 provides data on the global tofacitinib market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The tofacitinib market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.