Drug Repurposing Market Outlook
The global drug repurposing market size was valued at USD 31,300.0 million in 2020 and is projected to reach USD 46,851.5 million by 2028, expanding at a CAGR of 5.4% during the forecast period.
Drug repurposing is defined as “discovering new uses for licensed medication to offer the shortest feasible transition from bench to bedside” by the National Institutes of Health (NIH) of the United States Department of Health. It brings up several possibilities for addressing current unmet medical needs and developing cost-effective alternatives to the expensive drug development process.
Drug repurposing, known as medicine repositioning, is a strategy for finding a new medicinal use for a drug. This entails discovering a new clinical use for an already-approved medicine for a different indication or finding a therapeutic application for an unapproved drug. It provides many advantages over conventional drug discovery methods, including significant cost-saving and time-saving advantages.
This technique is effective and has a low rate of failure. It improves a drug's therapeutic value and raises its success rate. 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.
Drug Repurposing Market Dynamics
Major factor enabling the global Drug Repurposing market 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.
Conversely, legal implications associated with repurposed drugs is one of factor expected to hinder the market growth. Moreover, development of repurposed drugs in bacterial infections is expected to create opportunities in the market.
The invention of drug requires years to be discovered and launched into the market. The procedure needs huge investments along with clinical trials. Increasing demand for drug repurposing requires study and research on available drugs.
The market in Asia Pacific holds a substantial share of the global drug repurposing market, due to rapid increase in research and development activities. Low research cost and easy bioavailability are anticipated to propel the market around the globe.
Repurposing drugs refers to finding new uses for generic drugs, such as those whose original patents expired. There are cases where new mechanisms of action are identified for drugs that are still under patent by the originator company.
This leads to two possibilities: Originator company has an existing patent: If a company wants to develop a new indication for a patented drug, it must get permission and/or a license from the person or company holding the patent.
Drug Repurposing Market Segment Insights
Type Segment Analysis
In terms of types, the drug repurposing market is segmented into disease-centric approach, target-centric approach, and drug-centric approach. The disease-centric approach segment is expected to expand at a significant pace during the forecast period.
Compared to target and drug-centric repositioning, disease-centric repositioning is quicker and more linear. Disease-centric approaches uncover connections between old and emerging symptoms.
The target-centric approach segment is projected to grow at a rapid pace. A target-centric strategy connects a known target and its approved medication to a new indication. Factors such as increasing advances in computational biology and computational technology and the requirement for financial investment for drug repurposing are anticipated to drive the demand for the drug repurposing.
Therapeutic Area Segment Analysis
In terms of therapeutic area, the drug repurposing market is segmented into same therapeutic area and different therapeutic area. According to the report, the majority of repurposing attempts and achievements occurred in the same therapeutic area as the original test, which is expected to boost the same therapeutic area segment during the forecast period.
According to the study, drug manufacturers attempted to expand use in the same therapeutic area (for example, testing a breast cancer treatment for ovarian cancer) for 31% of FDA-approved drugs, with a high success rate. Repurposing existing drugs to treat different therapeutic area is gaining popularity, due to rising medicine prices and the slow pace of drug research and development.
Such medications are expected to take over a significant portion of the pharmaceutical industry in the near future. These factors are expected to drive the different therapeutic area segment in the coming years.
Drug Molecules Segment Analysis
In terms of drug molecules, the drug repurposing market is segmented into biologics and small molecules. The biologics segment is expected to expand at a significant pace during the forecast period. Biotechnology and analytical techniques advancements aided the growth of this segment and are anticipated to continue to do so in the future.
Over the last decade, availability of biologics-based drugs and number of companies working with biologics continues to increase, leading to the growth of this segment. Biologics has several benefits over small molecules as medication. Small molecules are expected to cause harmful non-target effects, whereas biologics are relatively target-specific and their side effects are responsible to increase the therapeutic effect.
These factors are expected to boost the biologic segment in the coming years. Factors such as use in treatment for various diseases and conditions, due to its small size and typical physicochemical properties, are anticipated to drive the demand for small molecules during the forecast period.
Based on regions, the global drug repurposing market is fragmented into North America, Europe, Latin America, and Middle East & Africa. North America accounted for a significant share of the market in 2020 and the market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period.
The drug repurposing market is growing in North America, owing to increasing research and development activities in the region for repurposing of drugs. The drug repurposing market is expected to hold a substantial share during the pandemic period, owing to increasing recommendation of supplements and drugs by health providers around the globe.
The market in Asia Pacific is expected to grow at a rapid pace, due to increasing research and study of drugs and its reactions with various types of bacteria and virus. Increasing technological advancements registered in the US is expected to fuel the regional share for drug repurposing in North America.
The market in Brazil is expected to hold a considerable share of the global drug repurposing market, owing to the penetration of key players from Europe and North America in the country, which in turn, drives the regional share for Latin America.
Key Benefits for Industry Participants & Stakeholders
- In-Depth Analysis of The Global Drug Repurposing Market.
- Historical, Current and Projected Market Size in Terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in The Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on From Global Drug Repurposing Market Performance
- Disease-centric approach
- Target-centric approach
- Drug-centric approach
- Same Therapeutic Area
- Different Therapeutic Area
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- Algernon Pharmaceuticals
- Celentyx Ltd
- ChemBio Discovery, Inc.
- Chord Therapeutics SA
- Fios Genomics
- Lantern Pharma, Inc.
- Novartis AG
- Paradigm Biopharmaceuticals Ltd
- Predictive Oncology
- Segue Therapeutics, LLC
- Sosei Group Corporation
- Teva Pharmaceutical Industries Ltd
Key players in the global Drug Repurposing market are 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.
These companies are considered as key market players of global Drug Repurposing market, based on their revenue, research & development (R&D) activities in the areas of improving offerings, and regional presence.The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to cater the increasing demand for global Drug Repurposing market.
In January, 2019, The Icahn School of Medicine at Mount Sinai entered into a partnership with Paradigm Biopharmaceuticals Ltd. and ReqMed Company, Ltd. of Japan to develop the drug, pentosan polysulfate sodium, for the treatment of mucopolysaccharidosis (MPS).