Global Tofacitinib Market Size By Drug Class (Antirheumatic, Janus Kinase Inhibitor), By Application (Ulcerative Colitis, Rheumatoid Arthritis), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy), By Geographic Scope And Forecast
Report ID: 264496|No. of Pages: 202
Global Tofacitinib Market Size By Drug Class (Antirheumatic, Janus Kinase Inhibitor), By Application (Ulcerative Colitis, Rheumatoid Arthritis), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy), By Geographic Scope And Forecast
Tofacitinib Market Size And Forecast
Tofacitinib Market size was valued at USD 2.45 Billion in 2024 and is projected to reach USD 3.54 Billion by 2031, growing at a CAGR of 4.7% from 2024 to 2031.
The increasing prevalence of rheumatoid arthritis, growing public awareness about the disease, rising urbanization, and increase in healthcare spending are driving the growth of the Global Tofacitinib Market significantly. The Global Tofacitinib Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Tofacitinib Market Definition
Tofacitinib, also known as Xeljanz, is a drug in the Janus kinase (JAK) inhibitor class. It works by inhibiting the activity of Janus kinase enzymes, which are involved in the inflammation that causes the symptoms of rheumatoid and psoriatic arthritis. Tofacitinib is also used to treat moderate to severe ulcerative colitis in people who cannot take certain medications or who have not responded to other treatments.
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Global Tofacitinib Market Overview
The Global Tofacitinib Market is expected to experience remarkable growth in the upcoming years owing to the increasing incidence and prevalence of rheumatoid arthritis, growing public awareness about the disease, rising urbanization, and increase in healthcare spending are driving the growth of the Global Tofacitinib Market during the forecast period.
Additionally, the growing geriatric population, a robust drug pipeline, and an increase in the number of clinical trial studies will drive the Tofacitinib Market growth. Furthermore, rising government initiatives and increasing preference for as well as awareness of generic drugs will have a positive impact on the market growth rate. Moreover, the increase in R&D activities and the emergence of new markets will provide profitable growth opportunities for the Tofacitinib Market during the forecast period.
However, certain challenges and constraints are being faced, which will impede the overall market growth. Tofacitinib can cause hypercholesterolemia by raising blood cholesterol levels. It can also cause nausea, diarrhea, headache, shortness of breath, vomiting, and pale skin. All of these factors are limiting the market growth. In addition, a lack of awareness will pose additional challenges to the Tofacitinib Market during the forecast period.
Global Tofacitinib Market Segmentation Analysis
The Global Tofacitinib Market is segmented based on Drug Class, Application, Distribution Channel, and Geography.
Tofacitinib Market, By Drug Class
- Antirheumatic
- Janus Kinase Inhibitor
- Immunosuppressant
Based on Drug Class, the market is segmented into Antirheumatic, Janus Kinase Inhibitor, and Immunosuppressant. The Janus kinase inhibitor segment accounts for the highest revenue share of the Global Tofacitinib Market in 2020, and is expected to dominate the market over the forecast period owing to their wide applications in the treatment of rheumatoid arthritis and psoriasis. The medicine works by inhibiting the activity of Janus kinase enzymes, which are involved in the inflammation that causes the symptoms of rheumatoid and psoriatic arthritis. These factors are driving the growth of this segment.
Tofacitinib Market, By Application
- Ulcerative Colitis
- Rheumatoid Arthritis
- Psoriasis
- Others
Based on Application, the market is segmented into Ulcerative Colitis, Rheumatoid Arthritis, Psoriasis, and Others. The rheumatoid arthritis segment is expected to hold the largest revenue share of the Global Tofacitinib Market during the forecast period owing to the increasing demand for tofacitinib to treat rheumatic musculoskeletal disorders due to its effective analgesic and anti-inflammatory properties which will help to boost its demand in the market.
Tofacitinib Market, By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Based on Distribution Channel, the market is segmented into Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy. Due to the increasing use of online pharmacy apps or websites from the comfort of customers’ homes, especially during the COVID-19 pandemic due to sudden lockdown and quarantine restrictions, the online pharmacy segment is expected to hold the largest revenue share of the Global Tofacitinib Market during the forecast period. This has further fueled the market growth of this segment.
Tofacitinib Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the Global Tofacitinib Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Among the regional markets, North America accounts for the largest revenue share in the Global Tofacitinib Market in 2020 and is expected to retain its dominance throughout the forecast period. The increased public awareness about health and wellbeing, the rise in the geriatric population, increasing healthcare spending, the large presence of major key players, high disposable income, and well-developed healthcare infrastructure in this region are all factors contributing to revenue growth in the North American market.
The market in the Asia Pacific is projected to witness expansion at a significant growth rate during the forecast period, owing to increasing incidence and prevalence of rheumatoid arthritis, increased R&D activities, and rising healthcare expenditure in the region. Furthermore, the low cost of manufacturing in China and India has led to an increase in production facilities, attracting pharmaceutical and biotechnological giants from all around the world to the Asia-Pacific region.
Key Players
The “Global Tofacitinib Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Beacon Pharmaceuticals Limited, Pfizer Inc., Globe Pharmaceuticals, Delta Pharma Limited, Mediconlife, Dolphin Pharma, Lancer Therapeuticals, Glenmark Pharmaceuticals Limited, Sun Pharmaceutical Industries Ltd., Shandong Octagon Chemicals Limited, Zydus Cadila, Beijing Mesochem Technology Co., Ltd., Unichem Laboratories and Esteve Química.
Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Key Developments
- In February 2022, Sun Pharmaceuticals received approval from the Subject Expert Committee (SEC) of the Central Drugs Standard Control Organization (CDSCO) to manufacture and market Tofacitinib ER Tablets 11mg for the treatment of Rheumatoid Arthritis, Psoriatic Arthritis, and Ulcerative Colitis.
- In November 2021, The European Commission approved Pfizer’s XELJANZ® (tofacitinib) 5 mg twice daily for the treatment of adults with active ankylosing spondylitis (AS) who have not responded adequately to conventional therapy.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Beacon Pharmaceuticals Limited, Pfizer Inc., Globe Pharmaceuticals, Delta Pharma Limited, Mediconlife, Dolphin Pharma, Lancer Therapeuticals, Glenmark Pharmaceuticals Limited. |
| SEGMENTS COVERED | By Drug Class, By Application, By Distribution Channel, and By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL TOFACITINIB MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL TOFACITINIB MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL TOFACITINIB MARKET, BY DRUG CLASS
5.1 Overview
5.2 Antirheumatic
5.3 Janus Kinase Inhibitor
5.4 Immunosuppressant
6 GLOBAL TOFACITINIB MARKET, BY APPLICATION
6.1 Overview
6.2 Ulcerative Colitis
6.3 Rheumatoid Arthritis
6.4 Psoriasis
6.5 Others
7 GLOBAL TOFACITINIB MARKET, BY DISTRIBUTION CHANNEL
7.1 Overview
7.2 Hospital Pharmacy
7.3 Retail Pharmacy
7.4 Online Pharmacy
8 GLOBAL TOFACITINIB MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa
9 GLOBAL TOFACITINIB MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company Market Ranking
9.3 Key Development Strategies
10 COMPANY PROFILES
10.1 Beacon Pharmaceuticals Limited
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments
10.2 Pfizer Inc.
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments
10.3 Globe Pharmaceuticals
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments
10.4 Delta Pharma Limited
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments
10.5 Glenmark Pharmaceuticals Limited
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments
10.6 Sun Pharmaceutical Industries Ltd.
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments
10.7 Zydus Cadila
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments
10.8 Mediconlife
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments
10.9 Lancer Therapeuticals
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments
10.10 Dolphin Pharma
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments
11 KEY DEVELOPMENTS
11.1 Product Launches/Developments
11.2 Mergers and Acquisitions
11.3 Business Expansions
11.4 Partnerships and Collaborations
12 Appendix
12.1 Related Research
Report Research Methodology
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This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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