What Will The Tumor Necrosis Factor Inhibitor Drugs Market Look Like In 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
The Business Research Company’s tumor necrosis factor inhibitor drugs market report forecasts the tumor necrosis factor inhibitor drugs market size to grow to $43.88 Billion by 2027, with a CAGR (compound annual growth rate) of more than 1%.
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Tumor Necrosis Factor Inhibitor Drugs Market Size Forecast
The global tumor necrosis factor inhibitor drugs market is expected to grow from $41.23 billion in 2022 to $41.84 billion in 2023 at a compound annual growth rate (CAGR) of 1.5%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global tumor necrosis factor inhibitor drugs market size is expected to reach $43.88 billion in 2027 at a CAGR of 1.2%.
North America held the largest tumor necrosis factor inhibitor drugs market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Tumor Necrosis Factor Inhibitor Drugs Market Driver – Increase In The Prevalence Of Autoimmune Illness
According to the Autoimmune Association, a non-profit organisation based in the United States dedicated to autoimmune illness awareness, 4.7 million US men suffered from autoimmune disease in June 2022, accounting for 20% of all autoimmune disease patients. In 2022, 31 million people in the United States suffer from 80-150 distinct autoimmune disorders, with the number anticipated to rise in the future. As a result, the rising prevalence of autoimmune illnesses is propelling the tumour necrosis factor inhibitor medicines market forward.
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Key Tumor Necrosis Factor Inhibitor Drugs Market Trend – Product Innovations
To increase their market position, major firms in the tumour necrosis factor inhibitor pharmaceuticals market are focusing on producing unique products. For example, Pfizer Inc, a US-based business that specialises in tumour necrosis factor inhibitor medications, will release XELJANZ in December 2021. XELJANZ is designed for the treatment of ankylosing spondylitis in patients who have not reacted favourably to one or more TNF blockers. It has a one-of-a-kind therapy option for ‘ankylosing spondylitis’ (SA), which does not require an injection or an infusion to cure this debilitating and chronic immuno-inflammatory illness. XELJANZ prevents inflammation by inhibiting the action of Janus kinase enzymes.
Tumor Necrosis Factor Inhibitor Drugs Market Segment
1) By Product Type: Humira, Enbrel, Remicade, Simponi/Simponi Aria, Cimzia, Biosimilars
2) By Route Of Administration: Subcutaneous Injection, Intravenous Injection
3) By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
4) By Application: Rheumatoid Arthritis, Psoriasis, Psoriatic Arthritis, Crohn’s Disease, Ulcerative Colitis, Ankylosing Spondylitis, Juvenile Idiopathic Arthritis, Hidradenitis Suppurativa, Other Applications
Tumor Necrosis Factor Inhibitor Drugs Market Major Players and Strategies
Major players in the tumor necrosis factor inhibitor drugs market are AbbVie Inc., Amgen Inc., Johnson & Johnson Services Inc., UCB S.A., Novartis International AG, Pfizer Inc., Merck & Co.Inc., GlaxoSmithKline plc., Bristol-Myers Squibb Company, Sanofi S.A, Celltrion Inc., HanAll Biopharma, AstraZeneca plc, ACROBiosystems, and Alomone Labs.
Samsung Biologics, a South Korean biotechnology corporation, paid $2.3 billion for Samsungbioepis Co.Ltd. in April 2022. This acquisition is projected to enhance Samsung Bioepis’ biosimilar development capabilities and future performance in innovative drug development, as well as improve autonomy and agility in company operations. Samsung bioepis Co.Ltd. is a biopharmaceutical firm established in South Korea that specialises in tumour necrosis factor inhibitor medications.
The Tumor Necrosis Factor Inhibitor Drugs Global Market Report 2023 covers regional data on tumor necrosis factor inhibitor drugs market size, tumor necrosis factor inhibitor drugs market trends and drivers, opportunities, strategies, and tumor necrosis factor inhibitor drugs market competitor analysis. The countries covered in the tumor necrosis factor inhibitor drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Tumour necrosis factor (TNF) inhibitors are anti-inflammatory medications. TNF inhibitors are medications that are used to treat inflammatory and autoimmune diseases by reducing the inflammatory response caused by TNF cytokines.
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