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The drug repurposing market is estimated to be worth $313 million in 2020 and is expected to grow at CAGR of 14.7% during the forecast period. A prominent concern reported by innovators is attrition (close to 90%) of candidate drugs / therapies owing to various reasons, in addition to therapeutic efficacy and safety. Moreover, it is estimated that a new drug takes anywhere between 10-12 years to progress from the bench to market.
Given the increasing global population and rising incidence of various types of diseases, medical researchers and drug developers are faced with a growing need to expedite time-to-market for their respective therapeutic candidates, while optimizing the R&D expenditure. Of late, the repurposing of marketed / shelved / pipeline candidates for the treatment of diseases different from what they were originally developed for, has emerged as a viable business strategy. The rising popularity of this approach may be attributed to benefits, such as reduced development timelines and relatively higher success rates (considering that the safety profiles of repurposed drugs have already been established). In fact, of 28 drugs (including both novel and repurposed) approved by the USFDA in the first quarter of 2020, 12 were repurposed drugs. Further, it is estimated that around 25%-40% of annual pharmaceutical revenues are generated from the sales of repurposed drugs. It is also worth highlighting that drug repurposing offers significant cost saving opportunities to innovators, while guaranteeing substantial returns on investment. In fact, the cost of developing and marketing a repurposed drug has been estimated to be USD 300 million, compared to the USD 2-3 billion investment required to bring a novel drug into the market. In this context, it is worth mentioning that several drugs (150+) that are presently being used / evaluated to treat COVID-19 are repurposed; prominent examples include chloroquine / hydroxychloroquine (anti-malarial drug) and remdesivir (initially developed to treat hepatitis C).
A number of service providers, including contract research organizations (CROs), claim to provide the necessary support to drug developers in identifying / predicting prospective clinical trials for repurposing. Such companies offer a variety of services, encompassing both drug discovery operations and consultancy requirements. In fact, many such players claim to have developed proprietary platforms based on advanced technologies, such as big data analysis, artificial intelligence (AI) and real world evidence solutions, in order to facilitate drug repurposing related decision-making. This upcoming industry has witnessed significant partnership activity in the last ten years, with service providers having established strategic collaborations with innovator companies, as well as information technology (IT) and data management experts. In future, experts believe that outsourcing activity related to drug repurposing is anticipated to grow at a rate of 20-25%. The drug repurposing market likely to witness substantial market growth during the forecast period.
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Examples of key companies engaged in drug repurposing market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Auxiliis Pharma, ChemBio Discovery Solutions, GVK BIO, Iris Pharma, Physiogenex, Excelra, Smart Pharma, Lantern Pharma, Panxome, Pharmacelera, Socium and SOM Biotech. This market report includes an easily searchable excel database of all the companies providing drug repurposing services, worldwide.
The ‘‘Drug Repurposing Market: Industry Trends and Global Forecasts, till 2030’’ market report features an extensive study of the current market landscape, market size, market share, market growth, market forecast, market outlook and future opportunities of the drug repurposing market. The market research report also includes an in-depth analysis, highlighting the capabilities of various service providers engaged in drug repurposing market. Amongst other elements, the market report includes:
The key objective of drug repurposing market report is to provide a detailed market analysis in order to estimate the existing market size, market trends, market value, statistics and future opportunity for drug repurposing industry during the forecast period. Based on various important parameters, such as projected rise in the overall pharmaceutical R&D expenditure, drug discovery costs, and outsourcing profile, we have provided an informed estimate of the likely evolution of the market in the short to mid-term and long term, for the forecast period 2020-2030. The market report also provides details on the likely distribution of the current and forecasted opportunity across [A] type of repurposing approach (disease centric, target-centric and drug-centric), [B] therapeutic area (same therapeutic area and different therapeutic area), [C] type of drug molecule (biologic and small molecule), and [D] key geographical regions (North America, Europe and Asia-Pacific). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth. In addition, the market report discusses the impact of the recent COVID-19 pandemic on the global drug repurposing market, along with providing details related to the future market opportunity for players engaged in drug repurposing market.
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The opinions and insights presented in the market report were influenced by discussions held with senior stakeholders in the industry. All actual figures have been sourced and analyzed from publicly available information forums and inputs from primary research. Financial figures mentioned in this market research report are in USD, unless otherwise specified.