Drug Repurposing Market
Number of pages: 100 | Report Format: PDF | Published date: April 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 28 billion |
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Revenue Forecast in 2031 |
US$ 37 billion |
|
CAGR |
3.2% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Therapeutic Area, Drug Molecule, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global drug repurposing market was valued at US$ 28 billion in 2022 and is expected to register a revenue CAGR of 3.2% to reach US$ 37 billion by 2031.
Drug Repurposing Market Fundamentals
Drug repurposing, or drug repositioning, is discovering and developing new therapeutic uses for existing drugs already approved for other indications. This involves identifying compounds that underwent extensive safety and efficacy testing in clinical trials for one disease or condition and testing them for potential use in treating other diseases or conditions. Drug repurposing can save time and resources compared to developing a new drug from scratch and provide new treatment options for patients with unmet medical needs.
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Drug Repurposing Market Dynamics
The rising global prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases is increasing the demand for drug repurposing. Drug repurposing offers a cost-effective and efficient way to discover new therapeutic uses for existing drugs, which can help to address the growing burden of chronic diseases. Repurposing existing drugs for rare diseases is becoming an attractive option for pharmaceutical companies, as it can help to expedite the approval process for these drugs and make them more cost-effective. Advanced technologies such as artificial intelligence and machine learning are being used to analyze large amounts of data and predict drug-target interactions, which can significantly reduce the time and cost involved in drug development.
Several factors drive the revenue of the global drug repurposing market, including the increasing prevalence of chronic diseases, rising healthcare costs, and the need for faster drug development processes. Drug repurposing offers a cost-effective and efficient way to discover new therapeutic uses for existing drugs, potentially saving time and resources compared to developing a new drug from scratch. Pharmaceutical companies are actively pursuing drug repurposing to discover new uses for their existing drugs, and many academic institutions and non-profit organizations are also involved in drug repurposing research. Advanced technologies such as machine learning and artificial intelligence are also used to analyze large amounts of data, further boosting market revenue growth.
North America is currently the largest regional market for drug repurposing, followed by Europe. The Asia Pacific region is expected to experience the highest revenue CAGR during the forecast period due to increasing investment in repurposing drug research and a growing patient population.
Additionally, there is a growing demand for faster drug development due to the lengthy and costly nature of traditional drug development processes. Drug repurposing presents a promising solution to expedite drug development timelines by utilizing existing drugs and bypassing certain early stages of drug development, such as safety testing. This can result in significant time and cost savings, making drug repurposing an attractive option.
Personalized medicine is becoming more important, and drug repurposing can identify new treatment options for patients with specific genetic or molecular characteristics. By repurposing drugs already approved for other indications, personalized treatments can be developed more quickly and at a lower cost. Collaborations and partnerships between pharmaceutical companies, academic institutions, and non-profit organizations are becoming more common in the drug repurposing space, which is also expected to boost the revenue growth of the drug repurposing market. However, repurposing a drug for a new indication may require new patents, which can be challenging. Intellectual property issues can make it difficult to commercialize repurposed drugs, restricting the revenue growth of the drug repurposing market. Limited clinical data on the safety and efficacy of repurposed drugs may be available for new indications, hindering the drug repurposing market revenue growth.
Drug Repurposing Market Ecosystem
The global drug repurposing market is analyzed from four perspectives: type, therapeutic area, drug molecule, and region.
Drug Repurposing Market by Type
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Based on the types, the global drug repurposing market is segmented into disease-centric, target-centric, and drug-centric approaches.
The disease-centric approach segment accounted for the largest revenue share of the drug repurposing market because it allows researchers and pharmaceutical companies to focus on specific diseases and their underlying mechanisms. The disease-centric approach can significantly reduce the time and cost required to bring a drug to market. Since the drug has already been approved for another indication, safety and efficacy data are available, which can speed up the clinical trial process. The disease-centric approach allows for a more targeted and efficient drug development process. By focusing on a specific disease and its underlying mechanisms, researchers can identify drugs most likely effective in treating the condition. Additionally, the disease-centric approach can help to address unmet medical needs. Many diseases do not have effective treatments, and repurposing existing drugs can provide a new option for patients with these conditions.
The target-centric approach segment is expected to register a significant revenue growth rate during the forecast period as it allows for a more precise and personalized approach to drug development. The increasing availability of genetic and molecular data with advancements in technology is making it possible to identify specific targets involved in disease processes and develop drugs that can modulate those targets. The target-centric approach can provide opportunities for repurposing existing drugs. By identifying new targets for existing drugs, researchers can develop new uses for drugs already approved for other indications, reducing the time and cost required for drug development. The rising demand for personalized medicine, driven by patients and healthcare providers seeking treatments customized to their ailment's molecular characteristics, is also fueling segmental revenue growth.
Drug Repurposing Market by Therapeutic Area
Based on the therapeutic area, the global drug repurposing market is segmented into the same therapeutic area and different therapeutic areas.
The same therapeutic area segment dominated the drug repurposing market with the highest revenue share. Repurposing in the same therapeutic area allows for a more targeted and efficient drug development process. Since the drug has already been approved for use in the same therapeutic area, there is already some understanding of its safety and efficacy. This can reduce the time and cost required for clinical trials and the regulatory burden for approval. It allows for a more targeted approach to drug development. Since the drug is already known to be effective within the same therapeutic area, it is more likely to be effective in treating other diseases within the same area. Repurposing drugs within the same therapeutic area can help to address unmet medical needs. Many diseases within the same therapeutic area may have similar underlying mechanisms, and repurposing drugs can provide a new treatment option for patients with these conditions.
Drug Repurposing Market by Drug Molecule
Based on the drug molecule, the global drug repurposing market is segmented into biologics, small molecules, and others.
The small molecules segment accounts for a considerable revenue share of the drug repurposing market. Small molecules can bind to specific molecular targets with high affinity and selectivity. This allows for a more targeted approach to drug development, with potentially fewer side effects compared to broad-spectrum drugs. Small molecules can also be optimized for pharmacokinetic properties, such as absorption, distribution, metabolism, and excretion, which can improve their efficacy and safety. Small molecules are generally less expensive to develop and manufacture than other drug types, such as biologics or gene therapies. Small molecules can cross the blood-brain barrier and reach their target within the brain, making them effective for treating brain diseases, thus propelling segmental revenue growth. Therefore, the drug repurposing market demand for small molecules always remains high.
Drug Repurposing Market by Region
Based on region, the global drug repurposing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North American market outlook is stable, with the region dominating the global market with the largest revenue share. North America also has a large patient population, which provides a significant market revenue for repurposed drugs. The region has a high prevalence of chronic diseases, such as cancer and cardiovascular disease, major targets for drug repurposing. As a result, there is a significant demand for new and innovative treatments. The region has a well-established pharmaceutical industry with many leading companies investing in drug repurposing. This has led to a high level of research and development activity, which has fueled innovation in North America. North America has a strong research and development infrastructure, with world-renowned academic institutions and research organizations. This provides rich scientific expertise and resources for drug repurposing companies.
Additionally, the regulatory environment in North America is favorable to drug repurposing. The US FDA has streamlined the approval process for repurposed drugs, allowing for faster and more efficient development. This has encouraged drug repurposing companies to operate and innovate in North America.
Competitive Landscape of the Global Drug Repurposing Market
The prominent players operating in the global drug repurposing market are:
Strategic Developments in Drug Repurposing Market
Drug repurposing, also known as drug repositioning, is the process of discovering and developing new therapeutic uses for existing drugs that are already approved for other indications.
The expected size of the global drug repurposing market in 2031 is US$ 37 billion.
The global drug repurposing market is expected to register a revenue CAGR of 3.2%.
The prominent players operating in the global drug repurposing market are Biovista Inc., Healx Ltd., ChemBio Discovery, Inc., Chord Therapeutics S.A., and SOM Innovation Biotech S.A.
North America accounts for the largest market revenue share in the global drug repurposing market. The market in Asia Pacific is expected to rise with the fastest revenue growth rate, and it can be considered the key growth region due to the surge in drug repurposing industry trends.
*Insights on financial performance are subject to the availability of information in the public domain