Tofacitinib Market Poised for Strong Growth: Driven by Rising Cases of Arthritis As Per The Business Research Company's Tofacitinib Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 28, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s research on the tofacitinib market, the global tofacitinib market is anticipated to experience robust growth, with the market size expected to increase from *$2.43 billion in 2022* to *$2.76 billion in 2023*, reflecting an impressive Compound Annual Growth Rate *(CAGR) of 13.4%.* The growth momentum is set to continue, projecting a tofacitinib market size of *$4.40 billion by 2027* with a *CAGR of 12.4%.* Key factors driving this expansion include the growing prevalence of arthritis and innovative product developments.*Drivers:*
The surge in cases of rheumatoid arthritis is a primary driver propelling the tofacitinib market. According to the Centers for Disease Control and Prevention (CDC), the United States saw an increase in diagnosed cases, reaching 54.4 million adults in November 2021, compared to 52.3 million in 2020. The National Arthritis Data Workgroup also reported that over 52.5 million adult Americans, constituting more than 22% of the population, were diagnosed with arthritis or other rheumatic diseases in February 2022. With a projected increase to 67 million by 2030, the prevalence of rheumatoid arthritis continues to support the growth of the tofacitinib market.
*Learn More In-Depth On The Tofacitinib Market *
*https://www.thebusinessresearchcompany.com/report/tofacitinib-global-market-report*
*Trends:*
The tofacitinib market is characterized by a monopoly, with a few players dominating the market. In 2022, the top 8 competitors held 100% of the total market, with Pfizer Inc securing the largest share at 98.53%. Key players, including Beacon Pharmaceuticals PLC, Pharmascience Inc., and Qilu Pharmaceutical Co., Ltd, are focusing on developing advanced tofacitinib products. For instance, Intas Pharmaceuticals Ltd. introduced TOFATAS, a Tofacitinib Ointment 2% w/w, approved by the Drug Controller General of India, specifically designed for the treatment of mild to moderate atopic dermatitis.
*Segments and Leading Regions:*
The tofacitinib market is segmented across various dimensions:
1. *Drug Class:* Antirheumatic, Janus Kinase Inhibitor, Immunosuppressant
2. *Strength:* 5mg, 10mg, 11mg, 22mg
3. *Route of Administration:* Oral, Other Routes of Administration
4. *Distribution Channel:* Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
5. *Application:* Ulcerative Colitis, Rheumatoid Arthritis, Psoriasis, Other Applications
The hospital pharmacy market led the distribution channel segment, accounting for 52.0% or $948.70 million of the total market in 2022.
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Companies in the tofacitinib market can leverage the insights provided in the Global Tofacitinib Market Report 2023 to navigate the competitive landscape and capitalize on emerging opportunities. The report offers a comprehensive analysis of tofacitinib market trends, competitive dynamics, and strategic developments, empowering businesses to make informed decisions for sustainable growth. By staying informed about market trends and aligning strategies with emerging opportunities, players can position themselves for success in this dynamic pharmaceutical landscape.
*Tofacitinib Global Market Report 2023* by The Business Research Company provides insights on the tofacitinib market size, tofacitinib market segments, tofacitinib market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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