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Tofacitinib Market Trends and Forecasts: A Global Analysis for 2024
Tofacitinib Market Trends
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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Major Key Players of the Market:
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
Tofacitinib Market 2024 Key Insights:
• The tofacitinib market size will grow to $5.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Rising Rheumatoid Arthritis Prevalence Fuels Tofacitinib Market Growth
• Innovation Drives Tofacitinib Market With Novel Products
• North America was the largest region in the tofacitinib market in 2023
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