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Drug Repurposing Market Research Report Information By Types (Disease-centric, Target-centric And Drug-centric), By Therapeutic Area (Same Therapeutic Area And Different Therapeutic Area), By Drug Molecules (Biologics, Small Molecule), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
The Drug Repurposing Market Size is projected to grow from USD 0.4 Billion in 2023 to USD 1.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.00 % during the forecast period.
The drug repurposing market, also known as drug repositioning, involves finding new therapeutic uses for existing drugs. This innovative approach is gaining traction due to its potential to reduce the time and cost associated with drug development. Instead of starting from scratch, researchers explore existing drugs’ capabilities, which have already passed several safety and efficacy tests.
The market for drug repurposing is growing rapidly, driven by various factors such as the high cost and lengthy timelines of traditional drug development, increasing prevalence of chronic diseases, and the need for novel treatments for rare and neglected diseases. Moreover, the COVID-19 pandemic has underscored the importance of repurposing existing drugs to quickly find treatments for emerging health threats.
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Overall, drug repurposing offers a promising avenue for developing effective treatments more efficiently, addressing unmet medical needs, and improving healthcare outcomes. The market’s future looks robust, with continued advancements in technology and growing recognition of its benefits.
Key Players
MRFR recognizes the following companies as the key players in the global Drug Repurposing Market— 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 and Teva Pharmaceutical Industries
Browse In-depth Market Research Report (128 Pages) on Drug Repurposing: https://www.marketresearchfuture.com/reports/drug-repurposing-market-22086
Market Segmentation
The drug repurposing market segmentation categorizes the market based on various factors such as therapeutic area, drug type, and end-user. Therapeutic areas include oncology, neurology, and infectious diseases, where repurposed drugs show promise. Drug types are segmented into small molecules and biologics. End-users are divided into hospitals, clinics, and research institutes, reflecting the varied applications of repurposed drugs. This segmentation helps stakeholders understand market dynamics, target specific needs, and develop effective strategies, enhancing the potential for discovering new therapeutic uses for existing drugs and optimizing healthcare outcomes.
Regional Analysis
The global Drug Repurposing Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Drug Repurposing Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Drug Repurposing Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Drug Repurposing Market comprises of Middle East, Africa, and Latin America.
North America is the largest shareholder in the drug repositioning market. The region is a significant player in the pharmaceutical sector. The region is home to many of the world’s major pharmaceutical businesses, conducts a considerable amount of drug research and development, and accounts for a sizable portion of the worldwide pharmaceutical market.
Moreover, Europe is expected to have the greatest CAGR during the projection period, owing to the world’s largest and fastest-growing marketplaces for pharmaceutical repurposing being located in Europe. The market is driven by factors such as the need for economical medicine development, a rise in the patient population, and increasing R&D investment.
Additionally, the Asia Pacific region accounts for a significant portion of the worldwide drug repurposing market because of the swift rise in research and development endeavors. It is projected that easy bioavailability and cheap research costs will drive the market globally.
The rest of the world Drug Repurposing Market is segmented into three regions: the Middle East, Africa, and Latin America. These regions provide unexplored potential for medication repurposing. Increased healthcare spending, improved research infrastructure, and growing awareness of personalized medicine all provide prospects for drug repurposing projects in these areas.
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