According to a new report published by K D Market Insights, titled, “Drug Repurposing Market Insights, Trends, Opportunity & Forecast, 2023–2032,” the global drug repurposing market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The increasing need for cost-effective and time-efficient drug discovery and development processes. It offers several advantages, including reduced research and development costs, shorter development timelines, and improved success rates compared to traditional drug discovery approaches. Which are the major factors augmenting the growth of the global drug repurposing market.
Drug repurposing offers the advantage of utilizing existing drugs with known safety profiles, reducing the time and cost associated with preclinical and early-stage clinical trials which is further expected to create ample growth opportunities for the global drug repurposing market during the forecast period i.e., 2023-2032. Moreover, the increasing prevalence of cancer, is increasing has propelled market expansion. Increasing prevalence of chronic diseases and the growing demand for novel treatment options are driving the adoption of drug repurposing strategies., is expected to contribute towards the market growth during the period.
The North America region accounted for the largest share in the global drug repurposing market in 2022. The region is further projected to continue dominating in the market and also register the highest CAGR in the market during the forecast period. This can be attributed to the well-established healthcare infrastructure, a favorable regulatory environment, and significant investments in research and development.
According to therapeutic area, the oncology segment accounted for the largest market share in the drug repurposing market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
The global drug repurposing market is segmented into therapeutic area, application and region. Based on therapeutic area, the market is bifurcated into oncology, CNS diseases, neurodegenerative diseases, others. Based on application, it is classified into hospitals, ambulatory surgical centers, others.
The global drug repurposing market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Drug Repurposing Market
- On the basis of therapeutic area, the oncology segment accounted for the largest market share in the drug repurposing market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
- On the basis of region, North America accounted for the largest share in the global drug repurposing market in 2022. The region is further projected to continue dominating in the market during the forecast period.
- On the basis of region, Asia-Pacific is estimated to account for the second largest share in the market during the forecast period.
Some of the major drug repurposing companies profiled in the report include Recursion Pharmaceuticals Inc., Exscientia Limited, SOM Innovation Biotech S.L., NuMedii Inc., Atomwise Inc., Sosei Group Corporation (SoseiHeptares), Biovista Inc., Healx, and Centene Corporation (Health Net LLC).
Related Reports :-
https://www.kdmarketinsights.com/reports/fibrin-sealants-market/7197
https://www.kdmarketinsights.com/reports/esophageal-dysphagia-treatment-market/7191
https://www.kdmarketinsights.com/reports/enzyme-replacement-therapy-market/7189
https://www.kdmarketinsights.com/reports/endoscopic-clips-market/7188
