Drug Repurposing Market Projected to Reach USD 47.8 Billion by 2034 with a CAGR of 4.7% - Transparency Market Research

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.

Download Sample PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=59610 

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.

Request Table of Content Here: https://www.transparencymarketresearch.com/sample/sample.php?flag=T&rep_id=59610

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:

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

Purchase the Report for Market-Driven Insights: https://www.transparencymarketresearch.com/checkout.php?rep_id=59610&ltype=S 

Have a Look at More Valuable Insights of Healthcare

• Dental Gypsum Market: The dental gypsum market was valued at US$ 117.1 million in 2021. The market is projected to increase at a CAGR of 5.1% between 2022 and 2031, reaching more than US$ 180.1 million by 2031.
• Dental Aligners Market: The global market for dental aligners was valued at US$ 4.6 billion in 2021. The market is anticipated to advance with a steady 8.7% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 11.3 billion.
• Growth Hormone Deficiency Market: As per the latest growth hormone deficiency market analysis, North America dominated the growth hormone therapy landscape and the scenario is expected to remain unchanged during the forecast period. This is attributed to conducive reimbursement policies laid down by the U.S., along with well-established healthcare infrastructure.

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com   
Email: sales@transparencymarketresearch.com
Follow Us: LinkedIn| Twitter| Blog | YouTube

Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg