A Global Drug Repurposing Market Size study, by Disease Indication (Oncology, CNS Diseases, Neurodegenerative Diseases, Others), by Approach Type (Disease-centric approach, Target-centric approach, Drug-centric approach), by End-user (Hospitals & Clinics

Global Drug Repurposing Market Size study, by Disease Indication (Oncology, CNS Diseases, Neurodegenerative Diseases, Others), by Approach Type (Disease-centric approach, Target-centric approach, Drug-centric approach), by End-user (Hospitals & Clinics, Ambulatory Surgery Centers, Others) and Regional Forecasts 2022-2032

The Global Drug Repurposing Market is estimated to be valued at USD 28.9 billion in 2023 and is projected to expand with a compound annual growth rate (CAGR) of 4.7% over the forecast period from 2024 to 2034. Drug repurposing, also known as drug repositioning, involves investigating existing drugs for new therapeutic uses. This market has gained substantial traction due to the growing need to shorten the drug development pipeline and to capitalize on existing compounds, which were previously developed but not fully utilized.

The increasing demand for repurposed drugs stems from their potential to treat multiple types of tumors, significantly improving patient outcomes while offering a cost-effective alternative to traditional drug development. Companies in the drug repurposing space are actively collaborating with research institutions to harness advanced technologies like AI and computer modeling. These technologies facilitate the testing of existing drugs on isolated cancer cells, enhancing the accuracy of dosage predictions and increasing the likelihood of successful drug repositioning. The Global Drug Repurposing Market is witnessing a surge in interest, particularly driven by the potential to bypass early-phase trials, thereby accelerating the time-to-market for repurposed drugs. This accelerated pathway not only reduces the overall cost but also addresses the growing demand for new therapeutic solutions in a market where few new drugs are entering the pipeline. Additionally, the potential for reusing approved drugs, along with extensive data on their pharmacology, toxicity, dosage, and formulation, has made drug repurposing an attractive proposition for pharmaceutical companies. The oncology sector, in particular, has embraced this approach, with drugs like Merck’s Keytruda, initially approved for a specific type of cancer, now being used for multiple cancer indications.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The dominating region in the Drug Repurposing Market is North America. This dominance is primarily driven by the strong presence of major pharmaceutical companies, advanced healthcare infrastructure, and substantial investment in research and development (R&D) activities. Additionally, the high prevalence of chronic diseases and the increasing demand for cost-effective treatment options have further fueled the growth of the drug repurposing market in the region. Government initiatives supporting drug repurposing and favorable regulatory frameworks also play a crucial role in the market's expansion. The region's robust technological advancements and collaborations between academia and industry have made North America a leader in the global drug repurposing landscape. Asia Pacific is expected to emerge as a fastest growing region in the drug repurposing market, driven by increasing awareness and a burgeoning pharmaceutical industry.

Major market players included in this report are:
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.
Sun Pharmaceutical Industries Ltd.
Mylan N.V.

The detailed segments and sub-segment of the market are explained below:
By Disease Indication:
Oncology
CNS Diseases
Neurodegenerative Diseases
Others

By Approach Type:
Disease-centric approach
Target-centric approach
Drug-centric approach

By End-user:
Hospitals & Clinics
Ambulatory Surgery Centers
Others

By Region:
North America
U.S.
Canada

Europe
Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific

Latin America
Brazil
Mexico
Rest of Latin America

Middle East & Africa
South Africa
South Korea
Rest of Middle East & Africa

Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2022 to 2032

Key Takeaways:
Market Estimates & Forecast for 10 years from 2024 to 2032
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

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