Overview and Scope
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.
Sizing and Forecast
The tofacitinib market size has grown rapidly in recent years. It will grow from $2.76 billion in 2023 to $3.12 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to clinical efficacy and trials, regulatory approvals, rise in incidence of targeted conditions, physician prescribing patterns, patient acceptance..
The tofacitinib market size is expected to see rapid growth in the next few years. It will grow to $5.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to expanded indications, market access initiatives, competitive landscape, real-world evidence, patient-centric healthcare.. Major trends in the forecast period include focus on pediatric rheumatoid arthritis treatment, exploration of tofacitinib in dermatological conditions, strategic collaborations and partnerships, integration of real-world evidence in treatment guidelines, focus on personalized medicine approaches..
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Segmentation & Regional Insights
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
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
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Major Driver Impacting Market Growth
The rise in the prevalence of rheumatoid arthritis is expected to propel the growth of the tofacitinib market going forward. Rheumatoid arthritis is an autoimmune, inflammatory disorder that affects the hands, feet, other joints, and internal organs. Tofacitinib medications involve the Janus kinase enzymes from contributing to the inflammation that results in the symptoms of rheumatoid arthritis by preventing their activity. For instance, in February 2022, according to the National Arthritis Data Workgroup, a US-based consortium of experts in epidemiology, over 52.5 million adult Americans, or more than 22% of the population, had been diagnosed with arthritis or another rheumatic disease. Adults aged 18 and older with arthritis are predicted to reach 67 million by 2030. Therefore, the rise in the prevalence of rheumatoid arthritis is driving the growth of the tofacitinib market.
Key Industry Players
Major companies operating in the tofacitinib market report 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., 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
The tofacitinib market report table of contents includes:
1. Executive Summary
2. Tofacitinib Market Characteristics
3. Tofacitinib Market Trends And Strategies
4. Tofacitinib Market – Macro Economic Scenario
5. Global Tofacitinib Market Size and Growth
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31. Global Tofacitinib Market Competitive Benchmarking
32. Global Tofacitinib Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Tofacitinib Market
34. Tofacitinib Market Future Outlook and Potential Analysis
35. Appendix
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