Tofacitinib Global Market Opportunities and Strategies to 2032

This report describes and explains the tofacitinib market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global tofacitinib market reached a value of nearly $1.82 billion in 2022, having grown at a compound annual growth rate (CAGR) of 6.31% since 2017. The market is expected to grow from $1.82 billion in 2022 to $2.15 billion in 2027 at a rate of 3.42%. The market is then expected to grow at a CAGR of 4.82% from 2027 and reach $2.72 billion in 2032.

Growth in the market resulted from growing cases of arthritis, the rise in government initiative for drug development, the increasing healthcare expenditure and the increasing size of the aging population. Factors that negatively affected growth in the historic period were stringent regulations on drug manufacturing and approval and high cost of tofacitinib drugs.

The tofacitinib market is segmented by drug class into antirheumatic, janus kinase inhibitor and immunosuppressant. The janus kinase inhibitor market was the largest segment of the tofacitinib market segmented by drug class, accounting for 80.4% or $1.46 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the tofacitinib market segmented by drug class, at a CAGR of 3.65% during 2022-2027.

The tofacitinib market is segmented by dosage strength into 5mg, 10mg, 11mg and 22mg. The 5mg market was the largest segment of the tofacitinib market segmented by dosage strength, accounting for 57.6% or $1.05 billion of the total in 2022. Going forward, it is expected to be the fastest growing segment in the tofacitinib market segmented by dosage strength, at a CAGR of 3.57% during 2022-2027.

The tofacitinib market is segmented by indication into ulcerative colitis, rheumatoid arthritis, psoriasis and other indications. The rheumatoid arthritis market was the largest segment of the tofacitinib market segmented by indication, accounting for 53.2% or $969.53 million of the total in 2022. Going forward, the ulcerative colitis segment is expected to be the fastest growing segment in the tofacitinib market segmented by indication, at a CAGR of 3.44% during 2022-2027.

The tofacitinib market is segmented by distribution channel into hospital pharmacy, retail pharmacy and online pharmacy. The hospital pharmacy market was the largest segment of the tofacitinib market segmented by distribution channel, accounting for 52.0% or $948.70 million of the total in 2022. Going forward, the online pharmacy segment is expected to be the fastest growing segment in the tofacitinib market segmented by distribution channel, at a CAGR of 4.57% during 2022-2027.

North America was the largest region in the tofacitinib market, accounting for 64.4% or $1.17 billion of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the tofacitinib market will be Asia Pacific and North America where growth will be at CAGRs of 3.82% and 3.48% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 3.11% and 1.51% respectively.

The global tofacitinib market is monopoly, with a few players operating in the market. The top 8 competitors in the market made up to 100% of the total market in 2022. Pfizer Inc was the largest competitor with a 98.53% share of the market, followed by Beacon Pharmaceuticals PLC with 0.75%, Pharmascience Inc. with 0.42%, Qilu Pharmaceutical Co., Ltd with 0.23%, Delta Pharma Limited with 0.05%, Drug International Limited with 0.01% and Globe Group with 0.01%.

The top opportunities in the tofacitinib market segmented by drug class will arise in the janus kinase inhibitor segment, which will gain $288.00 million of global annual sales by 2027. The top opportunities in the tofacitinib market segmented by dosage strength will arise in the 5mg segment, which will gain $201.42 million of global annual sales by 2027. The top opportunities in the tofacitinib market segmented by indication will arise in the rheumatoid arthritis segment, which will gain $166.71 million of global annual sales by 2027. The top opportunities in the tofacitinib market segmented by distribution channel will arise in the hospital pharmacy segment, which will gain $146.84 million of global annual sales by 2027. The tofacitinib market size will gain the most in the USA at $214.03 million.

Market-trend-based strategies for the tofacitinib market include development of advanced products such as tofacitinib ointment to treat rheumatoid arthritis, focus on getting approval of tofacitinib in new geographies and increase in generic drug launches to provide affordable treatment.

Player-adopted strategies in the tofacitinib market include focuses on launching new product offerings through regulatory approvals and focuses on enhancing operational capabilities through the launch of new product solutions.

To take advantage of the opportunities, the analyst recommends the tofacitinib companies to focus on development of advanced products such as tofacitinib ointment to treat rheumatoid arthritis, focus on receiving approvals for new tofacitinib drugs, focus on generic drug launches to provide affordable treatment, focus on fast-growing drug classes, focus on tofacitinib medication with lower dosage strengths, expand in emerging markets, continue to focus on developed markets, focus on fast-growing distribution channels, provide competitively priced offerings in low-income countries, participate in trade shows and events, continue to use B2B promotions, target aging populations and focus on patients with fast-growing indications.