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Drug Repurposing Market Projected to Reach USD 47.8 Billion by 2034 with a CAGR of 4.7% - Transparency Market Research
This change in the size of the industry is attributed to a sluggish development of the sector. With several opportunities created for key players in the sector, the ecosystem is set to progress at a CAGR of 4.7% through 2034.
With the elevated drug development processes, the time required to produce new drugs has been reduced. Drug repurposing leverages the restructuring of existing drugs, which were sidelined during the development due to potential side effects of drugs. This factor drives the demand for the industry.
The time of launch of new drugs is drastically reduced with the help of the said process. As a result, Phase 1 is leveraged for compounds, benefitting the trial period. This is a key benefit of drug repurposing, which drives the demand for the sector.
The practice of finding new therapeutic uses for previously used or available medications is known as drug repurposing. It is a useful method for finding or creating pharmaceutical compounds with novel pharmacological or therapeutic uses. Using the drug repositioning technique in drug research and development programmes, numerous pharmaceutical companies have been creating new medications in recent years based on the identification of novel biological targets. This approach is very effective, low-cost, time-saving, and failure-risk-minimized. It raises a drug's therapeutic value to its maximum potential, which raises the success rate. Pharmaceutical businesses are witnessing a shift in their research environment towards expedited screening of drug candidates, in line with the rising number of ailments. One useful tactic to expedite the search for possible therapeutic candidates is drug repositioning.
According to a recent survey, R&D teams iterate formulations for 60 percent of their lab time, and over half of their formulation projects are delayed for more than a year. This is due to the fact that formulation scientists frequently use manual data processing and dispersed sources. One of the early successes of drug repurposing is amidothymidine, which was discovered as part of an emergency drug screening programme during the HIV/AIDS pandemic. Although it was initially created in the 1960s as a treatment for tumors brought on by environmental retroviruses, it was never taken to the point of being employed in a clinical setting. Later, the drug was identified to be a strong anti-HIV chemical through a partnership between the National Cancer Institute and the pharmaceutical industry. In less than three years, this drug's repurposing effort took it from in vitro testing to clinical use in 20,000 patients. In 1987, the U.S. Food and Drug Administration authorized it as the first medication for the management of HIV.
A more recent example includes the COVID-19 pandemic, which accelerated progress in drug repurposing by quick patient data collecting, medication prediction, and chemical screening. Between January 2020 and December 2021 , more than 100 distinct repurposed medications were enrolled in COVID-19 clinical trials; four of which were approved by the FDA or authorized for emergency use, and fifteen more medications were suggested for off-label use by the Infectious Diseases Society of America or the National Institutes of Health.
Leading organizations in the drug repurposing market are inclined to identify new indications of existing drugs. This inclination is spurring the rework of drugs that failed to clear the safety standards during the clinical trial. This demand will likely elevate the scope of the competitive landscape.
Time optimization is an essential factor that must be considered during drug development. Catering to this demand, drug repurposing proves to be a key tool that leverages better efficiency for researchers. As a result, this factor elevates the size of the industry.
With the surging demand in oncology, drug repurposing is expected to receive more attention. Albeit oncological drugs that are designed for specific cancer tumors, the use of drugs can be extended to other tumors. This can be achieved through drug repurposing, which drives the demand for the ecosystem.
With the growing investments in the healthcare and medical sectors, the scope of innovation in drug testing and development is increasing. This proves to be a key driving force for the market, which creates multiple prospects for the realm.
The drug repurposing market is cluttered by key competitors, expanding using different methods like product launches, mergers, and acquisitions.
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