Drug Repurposing Market to Grow by USD 8.57 Billion (2024-2028) as Cancer Treatment Applications Expand, AI-Driven Market Transformation Report - Technavio

NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global drug repurposing market size is estimated to grow by USD 8.57 Billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.3%  during the forecast period. Growing use of drug repurposing for cancer treatment is driving market growth, with a trend towards investment in drug repurposing. However, regulatory challenges associated with drug repurposing  poses a challenge.Key market players include AbbVie Inc., Amgen Inc., AstraZeneca Plc, Biogen Inc., Bristol Myers Squibb Co., Eli Lilly and Co., Gilead Sciences Inc., Johnson and Johnson Services Inc., Merck and Co. Inc., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Teva Pharmaceutical Industries Ltd., and Vertex Pharmaceuticals Inc..

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Market Driver

The drug repurposing market is experiencing significant growth, with increasing investments from various sectors. This market's importance in the pharmaceutical industry is evident, offering a cost-effective and less risky approach to traditional drug development. In February 2024, Every Cure secured a three-year USD48.3 million contract from ARPA-H, marking a substantial federal investment. This investment underscores the growing governmental support for innovative drug repurposing strategies. A collaborative approach, as exemplified by the establishment of a portal for stakeholder contributions, is anticipated to accelerate new therapeutic applications discovery. This trend reflects the industry's shift towards leveraging technology and collaborative efforts to advance drug development and repurposing, ultimately benefiting patients with unmet medical needs. Overall, the drug repurposing market's growth is fueled by these investments and collaborative efforts, promising more sustainable and efficient drug development practices, potentially revolutionizing treatment paradigms and improving patient outcomes. (Exact word count: 98) 

In today's healthcare landscape, unmet medical requirements and drug shortages call for innovative solutions. Drug repurposing, also known as drug repositioning or therapeutic recycling, is an emerging trend in the pharmaceutical industry. This approach involves finding new therapeutic uses for existing medications, expanding their clinical utility and providing life-saving options. Biotechnology advancements in areas like network biology, human genomics, chemoproteomics, and AI are driving this drug-centric approach. Therapeutic areas such as oncology, CLL, and MS are prime targets for repurposing. Big Pharma and healthcare providers are increasingly exploring this avenue for broad-spectrum therapeutics, including antimicrobials and small molecules. Repurposing can bypass the lengthy and costly drug discovery process, making it an attractive alternative. Consultancy firms and computer models aid in dosage prediction and therapeutic efficacy evaluation for candidate drugs. Success stories include the repurposing of Thalidomide for CLL and Rituximab for MS. The drug class of biologics is also undergoing significant repurposing, with tumor-targeting drugs showing promising results. The future of drug development lies in reusing existing compounds for new therapeutic purposes. 

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Market Challenges

• Repurposing existing drugs for new indications presents both opportunities and challenges for pharmaceutical companies. While the known safety profile and human use of these drugs can expedite the regulatory approval process, securing marketing authorization from bodies like the FDA, EMA, and MHRA requires comprehensive clinical trials. These trials are necessary to demonstrate safety and efficacy for the new use, which can involve extensive preclinical and clinical phases. Additionally, securing new patents or licensing agreements for repurposed drugs is complex, as companies must ensure commercial viability and navigate up-to-date intellectual property (IP) and patent protections. These regulatory hurdles may limit the growth of the global drug repurposing market.
• Drug Repurposing is an innovative approach in healthcare, reusing approved drugs for new therapeutic purposes. However, it faces challenges in Drug Development. Identifying the right candidate drugs for tumors requires advanced Computer Models and AI for dosage prediction. The success bar is high due to the need for therapeutic efficacy and safety. Antimicrobials and Broad-Spectrum Therapeutics are popular areas for repurposing. Network Biology, Human Genomics, Chemoproteomics, and Drug Compounds are key areas for discovery. Therapeutic Recycling in Oncology, such as for Chronic Lymphocytic Leukemia (CLL) and Multiple Sclerosis (MS), offers potential. Consultancy firms and Big Pharma collaborate to repurpose drugs across various Drug Classes and Therapeutic Areas. Biologic Molecules and Small Molecules are equally important. Overcoming these challenges requires a deep understanding of Cancer Cells and clinical trials.

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Segment Overview 

This drug repurposing market report extensively covers market segmentation by  

1. Type 
• 1.1 Drug-centric
• 1.2 Disease-centric
• 1.3 Target-centric
2. Product Type
• 2.1 Small molecules
• 2.2 Biologics
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Drug-centric-  The drug repurposing market is growing significantly as companies discover new uses for existing medications. This cost-effective approach to drug development reduces research and development expenses and shortens the time to market. Repurposed drugs offer solutions for various diseases, including rare conditions and those with high unmet medical needs. Pharmaceutical firms and biotech companies are investing in this area to expand their portfolios and address patient needs. The market's potential is substantial, with increasing collaborations and partnerships driving innovation.

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Research Analysis

The Drug Repurposing Market refers to the process of discovering new uses for existing drugs to address unmet medical requirements and drug shortages. Medication repurposing, also known as drug repositioning or drug reuse, involves evaluating the therapeutic efficacy of approved drugs for new therapeutic areas or indications. This approach can offer significant cost savings, reduced development timelines, and increased success rates compared to traditional drug discovery. Drug repurposing is not limited to disease-centric or target-centric approaches but can also be drug-centric, focusing on the properties of existing drugs. Therapeutic areas such as cancer, infections, and neurological disorders have seen significant advancements through drug repurposing. Computer models and artificial intelligence (AI) are increasingly being used in drug repurposing for dosage prediction and success bar analysis. Antifungal agents, for instance, have been successfully repurposed for cancer treatment. Consultancy and outsourcing activities are also driving the drug repurposing market, with big pharma and healthcare providers seeking to leverage this approach for life-saving pharmaceuticals. Candidate drugs from various drug classes are undergoing clinical evaluation for their therapeutic efficacy in new indications, expanding the potential for drug repurposing in therapeutic purposes.

Market Research Overview

The Drug Repurposing Market is a rapidly growing sector in the healthcare industry, driven by the unmet medical requirements and drug shortages in various therapeutic areas. Medication repurposing, also known as drug repositioning, involves the discovery of new therapeutic uses for existing drugs. This approach offers several advantages, including reduced development costs, shorter development timelines, and the potential to save lives by providing new therapy choices for patients. Life-saving pharmaceuticals are being rediscovered through drug repurposing, with applications ranging from cancer to infectious diseases. Biotechnology advancements, such as network biology, human genomics, chemoproteomics, and artificial intelligence (AI), are playing a crucial role in the drug discovery process. These technologies enable the identification of new drug targets, dosage prediction, and therapeutic recycling. The drug repurposing market is disease-centric, target-centric, and drug-centric, with a focus on various therapeutic areas, including oncology, chronic lymphocytic leukemia (CLL), multiple sclerosis (MS), and antimicrobials. Broad-spectrum therapeutics, such as small molecules and biologic molecules, are being explored for their therapeutic efficacy in various indications. Clinical evaluation and clinical trials are essential components of the drug development process, and drug repurposing offers an opportunity to bypass some of the early stages of development. Consultancy services and big pharma are also active players in the drug repurposing market, providing expertise and resources to identify and develop candidate drugs. The success bar for drug repurposing is high, but the potential rewards are significant, with the potential to bring life-saving therapies to patients and address unmet medical needs. The drug class and therapeutic area are crucial factors in the drug repurposing process, and a thorough understanding of the underlying biology and disease mechanisms is essential for successful drug repositioning. In conclusion, the drug repurposing market is an exciting and dynamic field, driven by the need to address unmet medical requirements, drug shortages, and the potential to discover new therapeutic uses for existing drugs. With the help of biotechnology advancements and artificial intelligence, drug repurposing offers a promising approach to developing new therapies and improving patient outcomes.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Drug-centric
• Disease-centric
• Target-centric
• Product Type
• Small Molecules
• Biologics
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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