Enjoy complimentary customisation on priority with our Enterprise License!
The drug repurposing market size is forecast to increase by USD 8.6 billion at a CAGR of 4.3% between 2023 and 2028. The market is witnessing significant growth due to the increasing use of repurposed drugs for cancer treatment. The potential of these drugs in cancer therapy is being explored extensively, as they offer several advantages over traditional cancer treatments, including reduced side effects and lower development costs. Furthermore, the investment in drug discovery outsourcing and development initiatives is surging, as companies and research institutions recognize the potential economic benefits of bringing repurposed drugs to market. However, the market faces regulatory challenges, as drug repurposing often requires navigating complex regulatory frameworks and demonstrating the safety and efficacy of repurposed drugs for new indications. Despite these challenges, the future of drug repurposing looks promising, with continued research and investment expected to drive market growth.
The drug repurposing market is witnessing significant growth due to the unmet medical requirements and drug shortages in various therapeutic areas. Medication repurposing, also known as drug repositioning, involves the use of existing drugs for therapeutic purposes other than those for which they were originally approved. This approach offers several advantages, including reduced time and cost compared to traditional drug discovery processes. The drug development process for repurposed drugs is often disease-centric, target-centric, or drug-centric, depending on the approach used. Therapeutic areas such as cancer, cardiovascular diseases, and neurological disorders are major focus areas for drug repurposing. Artificial intelligence (AI) and Machine Learning (ML) and computer models are increasingly being used to predict the therapeutic efficacy of candidate drugs by analyzing their interactions with cancer cells.
Moreover, this approach can help identify new uses for existing drugs and accelerate the drug development process. Drug repurposing also offers opportunities for healthcare providers to reuse life-saving pharmaceuticals for new indications, reducing the need for big pharma to invest in new drug discovery and development. Antifungal agents, for instance, have been repurposed for use in cancer therapy. Consultancy and outsourcing activities are also driving the growth of the drug repurposing market. The success bar for drug repurposing is high, but the potential rewards are significant, making it an attractive area for investment and innovation. The drug class of interest can range from small molecules to biologics, and the use of AI and dosage prediction tools can help optimize the development process.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for 2024-2028 and historical data from 2018 - 2022 for the following segments.
The drug-centric segment is estimated to witness significant growth during the forecast period. The market holds significant potential in addressing unmet medical requirements and alleviating drug shortages by exploring the reuse of existing medications for new therapeutic purposes. Medication repurposing, also known as drug repositioning, involves the identification and clinical evaluation of approved drugs for new indications, expanding therapy choices for patients.
Get a glance at the market share of various segments Download the PDF Sample
The drug-centric segment was the largest and valued at USD 13.14 billion in 2018. Life-saving pharmaceuticals, including biologics and small molecules, can be repositioned for various therapeutic areas, such as oncology, multiple sclerosis, and chronic lymphocytic leukemia. Biotechnology advancements, including network biology, human genomics, chemoproteomics, and drug compounds, are driving the drug repurposing landscape. Artificial Intelligence (AI) and computer models are employed to predict dosage and identify potential candidate drugs for repurposing, thereby streamlining the drug discovery process. Hence, such factors are fuelling the growth of this segment during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Drug Repurposing Market is witnessing significant growth due to the therapeutic efficacy of existing drugs being explored in new therapeutic areas. Drug discovery through repurposing offers a cost-effective and time-efficient approach for Big Pharma, as compared to traditional drug discovery methods. This market encompasses both biologic molecules and small molecules, with a focus on enhancing their therapeutic potential in various drug classes.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing use of drug repurposing for cancer treatment is notably driving market growth. The drug repurposing market is witnessing significant growth, particularly in the therapeutic areas of oncology, with a focus on unmet medical requirements and drug shortages. Traditional drug discovery processes are being complemented by a more systematic approach to medication repurposing, which involves repositioning existing drugs for new therapeutic purposes.
Moreover, this strategy is gaining popularity among leading research institutions, such as the Broad Institute and Dana-Farber Cancer Institute, which utilize network biology, human genomics, chemoproteomics, and artificial intelligence (AI) to identify novel targets for drug repurposing. By repurposing drugs, researchers can streamline the drug development process, bypassing initial safety testing and clinical evaluation for existing compounds. Thus, such factors are driving the growth of the market during the forecast period.
Investment in drug repurposing is the key trend in the market. The drug repurposing market is experiencing significant growth due to the increasing unmet medical requirements and drug shortages. Drug repurposing, also known as therapy recycling or drug repositioning, involves the use of existing medications for new therapeutic purposes. This approach is gaining popularity due to its cost-effectiveness and reduced risk compared to traditional drug discovery processes.
Moreover, the collaborative establishment of a portal for contributions from various stakeholders, including healthcare providers and biotechnology advancements, is anticipated to accelerate the discovery of new therapeutic applications for life-saving pharmaceuticals. This includes the repurposing of drugs for various therapeutic areas such as oncology, multiple sclerosis, and chronic lymphocytic leukemia. Thus, such trends will shape the growth of the market during the forecast period.
Regulatory challenges associated with drug repurposing is the major challenge that affects the growth of the market. Drug repurposing, also known as therapeutic recycling or medication repositioning, refers to the process of discovering new uses for existing drugs to address unmet medical requirements and alleviate drug shortages. This approach can expand therapy choices for patients, particularly in cases where life-saving pharmaceuticals are scarce.
However, computer models and AI are used to predict optimal dosages and assess the likelihood of success. Regulatory approval for repurposed drugs can be achieved through therapeutic recycling, which involves demonstrating the safety and efficacy of the drug for the new indication while leveraging the existing safety profile and clinical data. The drug development process for repurposed drugs is drug-centric, target-centric, and disease-centric, making it an attractive alternative to de novo drug development. Hence, the above factors will impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AbbVie Inc: The company offers a repurposed drug called Ritonavir -Norvir, which was initially an HIV protease inhibitor, and is now used to boost other HIV medications.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the unmet medical requirements and drug shortages in various therapeutic areas. Medication repurposing, also known as drug repositioning, involves the use of existing drugs for therapeutic purposes in new indications. This approach reduces the time and cost involved in the traditional drug discovery process. Biotechnology advancements in areas such as network biology, human genomics, chemoproteomics, and artificial intelligence (AI) are driving the drug repurposing market. These technologies enable the identification of new therapeutic uses for drug compounds through the analysis of disease-centric, target-centric, and drug-centric data.
Moreover, the drug repurposing market covers various therapeutic areas, including oncology, where the reuse of life-saving pharmaceuticals for tumors is gaining popularity. For instance, small-molecule drugs such as hydroxychloroquine and thalidomide have been repurposed for the treatment of multiple sclerosis (MS) and chronic lymphocytic leukemia (CLL), respectively. The clinical evaluation of drug compounds for repurposing involves clinical trials and dosage prediction using computer models. The success bar for drug repurposing is high due to the need for rigorous testing to ensure safety and efficacy. The market also includes the development of broad-spectrum therapeutics, such as antimicrobials, for various indications. Healthcare providers are increasingly turning to drug repurposing to address unmet medical needs and reduce the burden of disease. The use of AI and clinical trials in drug development and therapeutic recycling is expected to further boost the growth of the drug repurposing market.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
198 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
|
Market Growth 2024-2028 |
USD 8.6 billion |
|
Market structure |
Concentrated |
|
YoY growth 2023-2024(%) |
4.0 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 46% |
|
Key countries |
US, China, Germany, UK, and India |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
AbbVie Inc., Amgen Inc., AstraZeneca Plc, Biogen Inc., Bristol Myers Squibb Co., Eli Lilly and Co., Gilead Sciences Inc., Johnson and Johnson Services Inc., Merck and Co. Inc., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., and Vertex Pharmaceuticals Inc. |
|
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Technavio Analysis
3 Market Landscape
4 Market Sizing
5 Historic Market Size
6 Qualitative Analysis
7 Five Forces Analysis
8 Market Segmentation by Type
9 Market Segmentation by Product Type
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
