Drug Repurposing Market to grow at a CAGR of 4.3% during 2024-2028
The Drug Repurposing Market is expected to grow at a CAGR of 4.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8578.4 million. The drug repurposing market is experiencing substantial growth, with increased investment from both the private and public sectors. This trend reflects the cost-effective and less risky nature of drug repurposing compared to traditional drug development. In February 2024, Every Cure secured a significant USD48.3 million, three-year contract from the US Advanced Research Projects Agency for Health (ARPA-H), underscoring governmental support for innovative drug repurposing approaches. To further accelerate discoveries, a collaborative portal has been established, inviting contributions from various stakeholders. This collective effort is anticipated to expedite the identification of new therapeutic applications, ultimately addressing unmet medical needs for patients.
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Technavio analysts predict that the Drug-centric subsegment will lead the Type segment during 2024 and 2028 The drug repurposing market represents a significant business opportunity, as it allows companies to discover new uses for existing drugs, reducing research and development costs and shortening the time-to-market. This approach also addresses unmet medical needs and provides affordable treatment options for patients. By leveraging advanced technologies and data analytics, drug repurposing can lead to innovative solutions and improved patient outcomes.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing use of drug repurposing for cancer treatment
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The Drug Repurposing Market is a significant and growing sector in the pharmaceutical industry, driven by the need to address unmet medical requirements and drug shortages. Big Pharma companies are increasingly turning to drug repurposing, also known as drug repositioning, as a cost-effective and efficient alternative to traditional drug discovery. In drug repurposing, existing drugs are identified for their therapeutic efficacy in new therapeutic areas or disease indications. This approach leverages the extensive data available on known drugs and their mechanisms of action, reducing the time and cost of clinical evaluation. Consultancy firms and outsourcing activities play a crucial role in the drug repurposing process, providing expertise in drug discovery, dosage prediction, and therapeutic areas. Antifungal agents, for instance, have been successfully repurposed for use against cancer cells, demonstrating the potential of this approach. Artificial Intelligence (AI) and computer models are increasingly being used to predict the therapeutic efficacy of candidate drugs against various disease indications, including tumors. The success bar for drug repurposing is high, as it requires demonstrating therapeutic efficacy in new therapeutic areas while ensuring safety and efficacy in the original drug class. The drug repurposing market is drug-centric, target-centric, and disease-centric, with a focus on reusing existing drugs to address therapeutic areas with high unmet medical requirements. Life-saving pharmaceuticals and therapy choices are essential in this market, making it a vital component of the healthcare providers' toolkit.
The pharmaceuticals sector encompasses businesses involved in the research and development (R&D) or manufacturing of various drug categories, including generic, non-generic, and veterinary drugs. According to Technavio, the global pharmaceuticals market size is determined by the consolidated revenue generated by providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services in the healthcare industry. Key growth drivers for this market include the increasing global population aging, with the number of individuals over 60 years old in the US projected to reach approximately 25% by 2050, and Europe projected to reach a similar ratio by 2030.
The Drug Repurposing Market is experiencing significant growth, fueled by the growing use of drug repurposing for cancer treatment. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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