Drug Repurposing Market Size was valued at USD 0.3 Billion in 2023. The Drug Repurposing Market industry is projected to grow from USD 0.4 Billion in 2024 to USD 1.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.00% during the forecast period (2024 - 2032). Growing demand for customized medications and rising healthcare expenses are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The unmet medical requirements and drug shortages are likely to drive market CAGR for the Drug Repurposing Market over the forecast period. It is particularly advantageous to treat uncommon diseases and neglected tropical diseases (NTDs) with repurposed drugs. Since many diseases receive limited research and development funding, it is challenging to create new treatments for them. Medication repurposing is a practical approach to provide these patient populations with therapy choices. Periodically, production issues, product withdrawals, or disruptions in the supply chain may lead to shortages of a particular medication. Because the market is growing at an encouraging rate, it is possible to provide continuous access to life-saving pharmaceuticals and eliminate drug shortages by repurposing other currently accessible medications for equivalent indications.
Moreover, the pharmacological features of current medications are well understood. This knowledge can be used to forecast prospective applications in diseases or conditions, making the drug repositioning process more predictable. Repurposed medications frequently have well-established safety benefits since they have been used in people for their original indications. This can help to streamline regulatory approvals and lessen the risks associated with new drug development. Developing a new medication from scratch is a costly and time-consuming procedure that can take over a decade and cost billions of dollars. Druz repositioning is often faster and less costly because existing medications have already undergone several stages of research, including safety and toxicology testing.
In addition, the development of a completely new drug can be quite costly, often costing billions of dollars, from its discovery to its acceptance by the market. However, drug repurposing significantly reduces the cost of research by using already-existing compounds with established safety profiles. It can take over ten years to develop a typical drug, from the start of research to regulatory clearance. On the other hand, drug repurposing usually has quicker development periods. Researchers can focus on clinical evaluation and regulatory approval rather than the laborious early drug discovery process, saving both time and resources. This increases the method's acceptance rate and drives the market even higher. Thus driving the Drug Repurposing Market revenue.
The Drug Repurposing Market segmentation, based on Types, includes Disease-centric, Target-centric And Drug-centric. The disease-centric approach segment is predicted to grow at a rapid pace over the forecast period. disease-centric repositioning is faster and more straightforward. Disease-centric techniques reveal linkages between existing and new symptoms.
The Drug Repurposing Market has two Therapeutic Areas: The same Therapeutic Area And Different Therapeutic Area. The same therapeutic area category is the dominating segment in the market. According to the report, for 31% of FDA-approved medications, pharma producers attempted to widen the applicability within the same therapeutic area—for example, studying a breast cancer treatment for ovarian cancer—with noteworthy success. The growing popularity of repurposing existing medications to address other therapeutic areas is due to rising medical costs and the slow pace of drug research and development.
The Drug Repurposing Market segmentation by Drug Molecules includes Biologics and Small Molecule. In 2023, the biologics category dominated the market, accounting for 61.5% of the total. Biotechnology advancements and analytical procedures have tremendously aided this segment's quick progress; both should continue to play a role as it grows even faster. Over the last decade, the rapid rise of biologics-based medications, as well as increased participation by corporations, have contributed to the industry's growth. Biologics have several advantages over small molecules as medications; unlike their non-target effects, which frequently necessitate non-specific solutions, biologics have greater specificity in terms of target specificity, allowing for side effects that boost therapeutic results faster than usual.
Figure 1: Drug Repurposing Market, By Drug Molecules, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. In 2023, In North America, the drug repurposing industry is expanding due to increased research and development efforts aimed at repurposing current pharmaceuticals. This boost in activity is helping to increase the region's market share. Furthermore, despite the continuing epidemic, the drug repurposing industry is likely to remain robust. This is partly due to increased support of supplements and repurposed pharmaceuticals by healthcare providers around the world during the epidemic, which solidified the market's relevance.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: DRUG REPURPOSING MARKET SHARE BY REGION 2023 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Drug Repurposing Market accounts for the second-largest market share. This is due to its robust R&D skills, government support for innovation, and clearly defined regulatory framework, Europe is a major player in the drug repurposing industry. Further, the German Drug Repurposing Market held the largest market share, and the UK Drug Repurposing Market was the fastest-growing market in the European region.
The Asia-Pacific Drug Repurposing Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to increased research and analysis of medications and their responses to numerous types of bacteria and viruses. Moreover, China Drug Repurposing Market held the largest market share, and the India Drug Repurposing Market was the fastest-growing market in the Asia-Pacific region.
Drug Repurposing Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Drug Repurposing Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Drug Repurposing industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Drug Repurposing industry to benefit clients and increase the market sector. In recent years, the Drug Repurposing industry has offered some of the most significant advantages to medicine. Major players in the Drug Repurposing Market, including Algernon Pharmaceuticals, Biovista, Celentyx Ltd, ChemBio Discovery, Inc., Chord Therapeutics SA, Excelra and others, are attempting to increase market demand by investing in research and development operations.
Novartis AG is a Swiss multinational pharmaceutical firm headquartered in Basel, Switzerland. Consistently placed in the global top five, Novartis is one of the world's major pharmaceutical firms and was the fourth largest by sales in 2022. In October 2023, Novartis will present fresh data from 29 Novartis and investigator-led papers at the European Society for Medical Oncology (ESMO) Congress 2023, highlighting its oncology portfolio and addressing unmet needs of patients afflicted with some of the most common malignancies, such as prostate and breast cancer.
Biovista Inc. is a private drug development services company headquartered in Charlottesville, Virginia, USA. Biovista's primary business activities are drug repositioning and de-risking, as well as disease cohort analysis, adverse event prediction, and clinical hold analysis services. Biovista is also using its technological platform to build its own medication repositioning programmes in the areas of the central nervous system (CNS), diabetes and obesity, ocular illnesses, and oncology. In December 2019, Biovista Inc. formed a drug repositioning agreement with Astellas Pharma Inc. The primary goal of this partnership was to discover novel indications for drugs utilizing Biovista's Clinical Outcome Search Space (COSS) technology.
Key Companies in the Drug Repurposing Market include
Drug Repurposing Industry Developments
In April 2023, Excelra purchased BISC Global, a bioinformatics and data analytics consultancy company with operations in Europe and the United States.
In April 2023, Biosynex completed its acquisition of Chembio Diagnostics, Inc. The complementary nature of the technology and product range, as well as the combination of market prospects, will be key growth drivers.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 0.3 Billion |
| Market Size 2024 | USD 0.4 Billion |
| Market Size 2032 | USD 1.0 Billion |
| Compound Annual Growth Rate (CAGR) | 15.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Types, Therapeutic Area, Drug Molecules and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ย Algernon Pharmaceuticals, Biovista, Celentyx Ltd, ChemBio Discovery, Inc., Chord Therapeutics SA, Excelra, Fios Genomics, Lantern Pharma, Inc., Novartis AG, Paradigm Biopharmaceuticals Ltd, Predictive Oncology, Segue Therapeutics, LLC, Sosei Group Corporation and Teva Pharmaceutical Industries |
| Key Market Opportunities | ยทย ย ย ย ย ย Rare diseases and orphan drug development |
| Key Market Dynamics | ยทย ย ย ย ย ย Advancements in AI and bioinformatics |
Frequently Asked Questions (FAQ) :
The Drug Repurposing Market size was valued at USD 0.3 Billion in 2023.
The global market is projected to grow at a CAGR of 15.00% from 2024 to 2032.
North America had the largest share of the global market.
The key players in the market are Algernon Pharmaceuticals, Biovista, Celentyx Ltd, ChemBio Discovery, Inc., Chord Therapeutics SA, Excelra and others.
The biologics category dominated the market in 2023.
The Same therapeutic area category had the largest share of the global market.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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