Drug repurposing aims to identify newer uses of existing
medicines and drugs for different therapeutic purposes. This
identification helps medical professionals augment the use of
drugs, thereby improving treatment efficiency.
WILMINGTON, Del., July 17,
2024 /PRNewswire/ -- Owing to multiple driving
forces, the global drug repurposing market to reach
USD 47.8 billion by 2034, which
was measured at USD 28.9 billion mark
in 2023.
This change in the size of the industry is attributed to a
sluggish development of the sector. With several opportunities
created for key players in the sector, the ecosystem is set to
progress at a CAGR of 4.7% through 2034.
With the elevated drug development processes, the time required
to produce new drugs has been reduced. Drug repurposing leverages
the restructuring of existing drugs, which were sidelined during
the development due to potential side effects of drugs. This factor
drives the demand for the industry.
The time of launch of new drugs is drastically reduced with the
help of the said process. As a result, Phase 1 is leveraged for
compounds, benefitting the trial period. This is a key benefit of
drug repurposing, which drives the demand for the sector.
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The practice of finding new therapeutic uses for previously used
or available medications is known as drug repurposing. It is a
useful method for finding or creating pharmaceutical compounds with
novel pharmacological or therapeutic uses. Using the drug
repositioning technique in drug research and development
programmes, numerous pharmaceutical companies have been creating
new medications in recent years based on the identification of
novel biological targets. This approach is very effective,
low-cost, time-saving, and failure-risk-minimized. It raises a
drug's therapeutic value to its maximum potential, which raises the
success rate. Pharmaceutical businesses are witnessing a shift in
their research environment towards expedited screening of drug
candidates, in line with the rising number of ailments. One useful
tactic to expedite the search for possible therapeutic candidates
is drug repositioning.
According to a recent survey, R&D teams iterate formulations
for 60 percent of their lab time, and over half of their
formulation projects are delayed for more than a year. This is due
to the fact that formulation scientists frequently use manual data
processing and dispersed sources. One of the early successes of
drug repurposing is amidothymidine, which was discovered as part of
an emergency drug screening programme during the HIV/AIDS pandemic.
Although it was initially created in the 1960s as a treatment for
tumors brought on by environmental retroviruses, it was never taken
to the point of being employed in a clinical setting. Later, the
drug was identified to be a strong anti-HIV chemical through a
partnership between the National Cancer Institute and the
pharmaceutical industry. In less than three years, this drug's
repurposing effort took it from in vitro testing to clinical use in
20,000 patients. In 1987, the U.S. Food and Drug Administration
authorized it as the first medication for the management of
HIV.
A more recent example includes the COVID-19 pandemic, which
accelerated progress in drug repurposing by quick patient data
collecting, medication prediction, and chemical screening. Between
January 2020 and December 2021, more than 100 distinct repurposed
medications were enrolled in COVID-19 clinical trials; four of
which were approved by the FDA or authorized for emergency use, and
fifteen more medications were suggested for off-label use by the
Infectious Diseases Society of America or the National Institutes
of Health.
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Leading organizations in the drug repurposing market are
inclined to identify new indications of existing drugs. This
inclination is spurring the rework of drugs that failed to clear
the safety standards during the clinical trial. This demand will
likely elevate the scope of the competitive landscape.
Time optimization is an essential factor that must be considered
during drug development. Catering to this demand, drug repurposing
proves to be a key tool that leverages better efficiency for
researchers. As a result, this factor elevates the size of the
industry.
With the surging demand in oncology, drug repurposing is
expected to receive more attention. Albeit oncological drugs that
are designed for specific cancer tumors, the use of drugs can be
extended to other tumors. This can be achieved through drug
repurposing, which drives the demand for the ecosystem.
With the growing investments in the healthcare and medical
sectors, the scope of innovation in drug testing and development is
increasing. This proves to be a key driving force for the market,
which creates multiple prospects for the realm.
Drug Repurposing Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 28.9 Bn
|
Forecast (Value) in
2034
|
US$ 47.8 Bn
|
Growth Rate
(CAGR)
|
4.7 %
|
No. of
Pages
|
134
Pages
|
Segments
covered
|
By Disease Indication,
By Approach Type, By Region, By End-user
|
Key Findings from the Market Report
- Based on different parameters the global drug repurposing
market can be segmented. The oncology segment, a category
classified based on disease indication, is expected to gain the
highest traction due to the application of drugs in non-cancer
tumors.
- With the growing prevalence of neurodegenerative diseases, the
demand for newer drugs will be increasing. This factor will raise
the significance of drug repurposing, driving the category of the
disease indication segment.
- Based on the approach, a disease-centric approach will likely
spur. This is due to the requirement for drugs applicable to
diverse types of diseases.
- Based on the end-user segment, hospitals, and clinics are
expected to use such drugs the highest. This is due to the
bolstered infrastructure and the rising number of patients.
Regional Profile
- With the bolstered healthcare infrastructure in North America, key players will get a wider
landscape to expand.
- Government initiatives with the help of organizations like NHS
are elevating the drug repurposing market in Europe.
- The growing population and the healthcare infrastructure in
Asia-Pacific will fuel the demand
for better drugs.
Competitive Landscape
The drug repurposing market is cluttered by key competitors,
expanding using different methods like product launches, mergers,
and acquisitions.
- Algernon Pharmaceuticals is a key player, which produces drugs
like Ifenprodil, Repirinast, and N, N-Dimethyltryptamine.
- Biovista Inc. produces a wide range of products and operates in
various verticals. Along with the drug positioning and
repositioning vertical, the firm operates in the personalized
medicine segment, new target biology sector, and many more.
- Celentyx Ltd. is a key competitor, which manufactures different
types of assays. The firm offers hemolysis testing, human
microglia, macrophages, and so on.
Key Players
- Algernon Pharmaceuticals
- Biovista Inc.
- Celentyx Ltd.
- ChemBio Discovery Inc.
- Chord Therapeutics SA
- Excelra
- Fios Genomics Ltd.
- Lantern Pharma Inc.
- Novartis AG
- Paradigm Biopharmaceuticals Limited
- Predictive Oncology
- Segue Therapeutics, LLC
- Teva Pharmaceutical Industries Ltd.
Key Developments in the Drug Repurposing Market
- In January 2023, Biovista Inc.
and Quantum-Si partnered, aiming to deliver AI-driven proteomics
insights. This move helped the firm hold a better position in the
industry.
- In March 2024, Algernon
Pharmaceuticals acquired Chronic Cough Research Program, which cost
about USD 2 million with a 20% equity
in the transaction.
Market Segmentation
Disease Indication
- Oncology
- CNS Diseases
- Neurodegenerative Diseases
- Others (Rare Disorders, etc.)
Approach Type
- Disease-centric approach
- Target-centric approach
- Drug-centric approach
End User
- Hospitals & Clinics
- Ambulatory Surgery Diseases
- Others (Research Institutes, etc.)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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