According to a recent market study published by Growth Market Reports, titled, "Global Drug Repurposing Market by types, applications, and regions: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 31,300.0 Million in 2020 and is anticipated to grow at a healthy growth rate of 5.4% by the year 2028. The global Drug Repurposing market is anticipated to grow significantly during forecast period.
 
Global Drug Repurposing market has been segmented based on by types, therapeutic area, drug molecule, and regions. In terms of types, the global drug repurposing is categorized as Disease-centric approach, Target-centric approach, Drug-centric approach. On the basis of therapeutic area, the market is segmented into same therapeutic area, different therapeutic area. In terms of drug molecule the market is bifurcated into biologics and small molecule. Based on regions the global drug repurposing market is segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).

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Drug repositioning or repurposing is intended to find alternative uses for a pioneering drug or a drug that is made by another innovator. It mostly involves developing approved or failed compounds. Drug repositioning is expanding in the area of rare and neglected diseases. It has the potential to decrease both the time-frame and the costs as existing data on how a drug can be used, including safety and toxicology data, reduces the need for early phases of drug discovery, such as the need for safety trials. Drug repurposing is actively pursued by several university research organizations and start-up companies. Many pharmaceutical corporations created alliances with these organizations for repurposing their existing drugs.

The COVID-19 pandemic has positively affected the drug repurposing market across the globe. Researchers are progressively working on the study of coronavirus and available drug reactions. The pandemic affected all businesses and GDP fell significantly. People are concentrating on buying available drugs. Moreover, the demand for drug repurposing is projected to depend on the rising demand for health supplements, unavailable drugs for precise diseases, and consumer awareness regarding health.

Globally, the impact of COVID-19 impeded the economical growth of several countries such as India, the UK, France, Italy, Germany, and the US. Progressive study of drugs and repurposing were held by the players of drug repurposing. Researchers were asked to comply with government regulations such as sanitization and social distancing. Currently, production facilities are operating at 50% capacity to cater to the demand. Supply of drugs through online distribution channels is increasing, as many consumers prefer to avoid OTC purchases and opt for the online mode for purchases.

As per Growth Market Reports industry analyst Raksha Sharma and Sakshi Bhoyar, “The global Drug Repurposing market is anticipated to witness significant growth during forecast period 2021-2028. The disease-centric approach segment is expected to expand at a significant pace during the forecast period. The different therapeutic area segment is expected to grow at a considerable pace, owing to sluggish growth of drug research and development. The biologics segment is anticipated to expand at a substantial CAGR during the forecast period, owing to advancements in biotechnology and analytical techniques. The Drug Repurposing market is fragmented with the presence of a medium and large-sized players, which in turn, is creating a moderate level of rivalry among manufacturers. The market is driven by rising research and development activities in new uses of old drugs. Researchers are studying for the new usage of available drugs to cure chronic diseases such as cancer and tuberculosis.

Key Takeaways from the Study

  • North America segment held 37% value share of the market in 2020. The segment is projected to account for the largest share of the market during the forecast period.
  • The U.S. segment held 82% value share of the market in 2020. The segment is projected to account for the largest share of the market during the forecast period.
  • The disease-centric approach segment held 59% value share of the market in 2020. The segment is projected to account for the largest share of the market during the forecast period. In terms of revenue, the disease-centric approach and target-centric approach segments were valued at USD 18,431.9 Mn and USD 10,016.9 Mn, respectively, in 2020.
  • The Y-o-Y growth of the Same Therapeutic Area segment was improved by 0.01% due to the onset of COVID-19 pandemic between 2019 and 2020.
  • The Small Molecule segment is expected to grow at a significant CAGR of 5.6% during 2021-2028 to reach at USD 10,838.5 Mn by the end of the year 2028.
  • Novartis AG, Sosei Group Corporation, Teva Pharmaceutical Industries Ltd, Algernon Pharmaceuticals, Chord Therapeutics SA, Segue Therapeutics, LLC are major player operating in the market.

Report Scope

Report Metric

Details

Market Value in 2020

USD 31,300.0 Million

Market Growth Rate (from 2021 to 2028)

5.4%

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 – 2028

Market Segments

Types, Therapeutic Area, and Drug Molecule

Region Scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)

Key Companies Profiled

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, Teva Pharmaceutical Industries Ltd

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Demand Side: Pharmaceutical Companies, Biopharmaceutical Companies, Drug Research and Development Centers.
  • Regulatory Side: Concerned government authorities, regulatory bodies, and research associations.
  • Associations and Industry Bodies: Food and Drug Administration (FDA), New Drug Application (NDA), Abbreviated New Drug Application (ANDA), Italian Medicines Agency (AIFA), European Medicines Agency (EMA), Association of Medical Research Charities, STAMP European Commission expert group.