Drug Repurposing Market Forecasts to 2030 - Global Analysis By Type (Target-Centric Approach, Disease-Centric Approach and Drug-Centric Approach), Therapeutic Area and By Geography

According to Stratistics MRC, the Global Drug Repurposing Market is accounted for $38.7 billion in 2023 and is expected to reach $63.9 billion by 2030 growing at a CAGR of 7.4% during the forecast period. Drug repurposing, often referred to as drug repositioning or drug reprofiling, is a method used in pharmaceutical research and development whereby already-existing medications that were created to treat one disease or condition are examined and then used to treat other illnesses or conditions. Shorter development times, lower costs, and a better grasp of the drug's safety profile are just a few benefits this strategy has over the creation of totally new pharmaceuticals. By examining the mechanisms of action, pharmacological characteristics, and potential to treat various diseases or ailments, researchers can discover novel therapeutic applications for already approved medications.

Market Dynamics:

Driver:

Drug scarcity and unmet medical needs

Using repurposed medications to treat neglected tropical diseases (NTDs) and unusual diseases is very beneficial. It is difficult to produce new medications for these illnesses since little research and development is frequently given to them. A viable strategy for offering therapy alternatives to these patient populations is medication repurposing. Specific medicine shortages may occasionally occur as a result of production problems, product withdrawal, or supply chain interruptions. Drug shortages can be reduced and sustained access to life-saving medicines can be ensured by repurposing other currently available medications for comparable indications owing to encouraging growth of the market.

Restraint:

Insufficient protection for intellectual property

Pharmaceutical firms and investors can be discouraged from taking part in initiatives at medication repurposing if intellectual property protection is inadequate or non-existent. The financial incentives to do repurposing research decline in the absence of the possibility of exclusive selling rights and revenue and several organizations may target the same medicine for repurposing, increasing rivalry. Multiple versions of repurposed medications may compete for market share, fragmenting the market.

Opportunity:

Cost and time efficiency

A fully new drug's development may be extremely expensive, sometimes costing billions of dollars, from discovery through market approval. On the other side, drug repurposing makes use of already-existing substances with known safety profiles, drastically cutting the cost of research. From beginning research to regulatory clearance, traditional medication development might need more than ten years. Drug repurposing, on the other hand, typically has faster development times. Instead of spending time on the time-consuming early drug discovery process, researchers may concentrate on clinical assessment and regulatory approval which in turn saves coast and time. This leads to increased adoption to this method and further propels the market.

Threat:

Market rivalry

The market for drug repurposing may become fragmented as a result of intense rivalry. Inefficient, expensive, and perhaps slowing down the development process, many entities may target the same medications for repurposing. This can result in duplicated efforts and a spread of resources as well as duplicate or overlapping clinical studies for the same repurposed drug. Collaboration between pharmaceutical corporations, academic institutions, and research groups may be discouraged in highly competitive situations. This may slow down development by making it more difficult to share information, resources, and expertise.

COVID-19 Impact

Effective treatments and vaccinations are urgently needed because to the COVID-19 pandemic. Researchers were able to swiftly examine current medications with the potential to tackle the virus and its symptoms thanks to drug repurposing. In order to resolve the public health situation, an expedited reaction time was essential. The effectiveness of repurposed medications in treating COVID-19 had been the subject of several research investigations. Antivirals, anti-inflammatories, and repurposed vaccinations were all tested in these studies. These studies' findings have an impact on recommendations and treatment guidelines.

The target-centric approach segment is expected to be the largest during the forecast period

The target-centric approach segment is estimated to have a lucrative growth, as target-centric approach in drug repurposing focuses on finding and creating treatments based on specific molecular targets or pathways linked to a disease. In this strategy, the biology of a disease is first understood, and then existing medications or chemicals that can influence the discovered target or pathway are sought for. Target-centric methods can result in the identification of disease biomarkers that can be applied to patient stratification, therapy response monitoring, and disease progression prediction.

The oncology segment is expected to have the highest CAGR during the forecast period

The oncology segment is anticipated to witness the highest CAGR growth during the forecast period, because these medications have proven safety records and modes of action. Oncology repurposing initiatives can concentrate on discovering fresh molecular targets or pathways linked to the emergence and spread of cancer. Exploring already available medications that can modify these targets may result from this. To determine if repurposed medications are effective in treating different tumors, several clinical trials have been launched. Moreover, these studies are crucial for proving the effectiveness and safety of repurposed medications. Some medications have been effectively repurposed for cancer after failing to demonstrate efficacy for their original indications, providing them a second opportunity for clinical usage.

Region with largest share:

North America is projected to hold the largest market share during the forecast period because the pharmaceutical trade in North America is thriving, and leading pharmaceutical firms fund research on drug repurposing. These businesses frequently have the assets and know-how necessary to carry out lengthy clinical trials and commercialize repurposed medications. In North America, collaboration is typical, with government, business, and academic institutions frequently collaborating on repurposing initiatives. Collaboration helps to combine resources and knowledge. Moreover, funding is provided by US government organizations like the National Institutes of Health (NIH). The field's creativity is sparked by this backing.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period; owing to the world's biggest and fastest-growing marketplaces for medication repurposing is found in Europe. The market is fuelled by things like the demand for affordable medication development, an increase in the patient population, and significant expenditure in R&D. There are several notable academic institutions, pharmaceutical firms, and research facilities in Europe that are actively engaged in medication repurposing initiatives. Repurposed medicine approval is made possible by European regulatory organizations like the European Medicines Agency (EMA). The development and market accessibility of repurposed medications are made easier by the region's favourable regulatory environment for drug repurposing.

Key players in the market:

Some of the key players profiled in the Drug Repurposing Market include: Excelra, ChemBio Discovery, Inc., Celentyx Ltd, Algernon Pharmaceuticals, Biovista, Lantern Pharma, Inc., Fios Genomics, Segue Therapeutics, LLC, Paradigm Biopharmaceuticals Ltd, Novartis AG, Teva Pharmaceutical Industries Ltd, Sosei Group Corporation, Centene Corporation (Health Net LLC, SOM Innovation Biotech S.L., Recursion Pharmaceuticals Inc., Atomwise Inc., Healx and NuMedii Inc.

Key Developments:

In October 2023, Novartis present new data from 29 Novartis and investigator-led abstracts at the European Society for Medical Oncology (ESMO) Congress 2023, oncology portfolio and addressing unmet needs of patients diagnosed with some of the most prevalent cancers, including prostate and breast.

In April 2023, Excelra, has acquired BISC Global, a bioinformatics and data analytics consulting company with offices across Europe and the USA.

In April 2023, Biosynex Completes Acquisition of Chembio Diagnostics, Inc., The complementary nature of the technologies and product portfolio as well as the combination of market opportunities will be important growth drivers

Types Covered:

• Target-Centric Approach
• Disease-Centric Approach
• Drug-Centric Approach

Therapeutic Areas Covered:

• CNS Disorders
• Oncology
• Neurodegenerative Diseases
• Other Therapeutic Areas

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances