New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tofacitinib Global Market Report 2023" - https://www.reportlinker.com/p06486659/?utm_source=GNW
, 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, and Apino pharma Co Ltd.
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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The tofacitinib market is expected to reach $4.40 billion in 2027 at a CAGR of 12.4%.
The tofacitinib market consists of sales of Xeljanz and Xeljanz XR.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
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 main drug classes of tofacitinib are antirheumatic, Janus kinase inhibitor, and immunosuppressant.Antirheumatic refers to any medication used to treat rheumatism.
The strengths involved are 5mg, 10mg, 11mg, and 22mg with oral and other routes of administration. The various distribution channels involved are hospital pharmacies, retail pharmacies, and online pharmacies for ulcerative colitis, rheumatoid arthritis, psoriasis, and others.
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.
Product innovation is a key trend gaining popularity in the tofacitinib market.Major companies operating in the tofacitinib market are developing innovative products to sustain their position in the market.
For instance, in December 2021, Pfizer Inc., a US-based pharmaceutical and biotechnology corporation, announced that U.S. Food and Drug Administration (FDA) approved supplemental New Drug Application (sNDA) for tofacitinib-based medications XELJANZ and XELJANZ XR. XELJANZ is the first and only Janus kinase (JAK) inhibitor authorized in the United States for five immuno-inflammatory diseases. A Phase 3 multicenter, randomized, double-masked, placebo-controlled research comparing the safety and efficacy of tofacitinib 5 mg twice daily to a placebo in 269 adult patients with active AS formed the basis for the approval of XELJANZ for the treatment of AS.
In March 2022, Pfizer Inc., a US-based pharmaceutical and biotechnology corporation, acquired Arena Pharmaceuticals for $6.7 billion. This acquisition broadens, diversifies, and enriches Pfizer Inc.’s portfolio by adding several other possible drugs for gastroenterology, dermatology, and cardiology to its pipeline, along with a potential follow-up to the inflammatory disorder drug Xeljanz (tofacitinib). Arena Pharmaceuticals is a US-based biopharmaceutical company with small-molecule medications under development for possible clinical use in various therapeutic fields.
The countries covered in the tofacitinib market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tofacitinib market research report is one of a series of new reports that provides tofacitinib market statistics, including tofacitinib industry global market size, regional shares, competitors with tofacitinib market share, detailed tofacitinib market segments, market trends, and opportunities, and any further data you may need to thrive in the tofacitinib industry. This tofacitinib market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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