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WELLESLEY, MA --(Marketwired - January 11, 2016) - Drug repurposing is a relatively new approach to the drug development process that is revolutionizing the pharmaceutical industry. BCC Research reveals in its new report that advances in technologies like in silico drug repositioning should especially stimulate growth in this vital and emerging market.
Drug repurposing, also called drug repositioning, is the process of using existing drugs in treating indications other than those of the native drug. A classic example of drug repositioning is the use of sildenafil (Viagra) in erectile dysfunction. Sildenafil, an inhibitor of cyclic guanosine monophosphate specific phosphodiesterase type, was originally developed to treat coronary artery disease. Repurposed drugs are widely accepted in the healthcare industry because they are more affordable, quicker to bring to market, and safer than new molecular entities.
The global market for drug repurposing reached nearly $24.4 billion in 2015 and should reach $31.3 billion in 2020, reflecting a five-year compound annual growth rate (CAGR) of 5.1%. The U.S., which dominated the market, totaled about $13.7 billion in 2015 and is forecasted to reach nearly $17.9 billion by 2020, demonstrating a five-year CAGR of 5.4%. The non-U.S. market is expected to increase to nearly $13.4 billion by 2020 from $ 10.6 billion in 2015, with a CAGR of 4.7%.
The increased worldwide incidence of cardiovascular and autoimmune diseases and central nervous system disorders diseases has increased demand of repurposed drugs, a trend that should continue over the forecast period. Other key drivers include advancements in technologies, including computational tools such as bioinformatics, chemoinformatics, network biology and system biology. An increase in chronic diseases, a rapidly growing elderly population, and rising healthcare costs are driving the market, as well.
Factors restricting the market include dependence on the public data for the chemical structure and other information about the drug molecule, a lack of funding opportunities and the lack of trained professionals. Because drug repurposing is a relatively new approach, many small-scale manufacturers may be unfamiliar with the regulatory requirements involved in the repurposing of drugs. But with new technologies like in silico drug repositioning, the development of repurposed drugs can take place faster and more cost-efficiently for manufacturers of any size. In silico drug repositioning utilizes public databases and bioinformatics tools to identify interaction networks between drug and protein targets.
"The current environment for drug development is putting increased pressure on manufacturers to find innovative ways to supplement the development of new molecular entities," says BCC Research analyst Shalini S. Dewan. "Drug repositioning has accounted for approximately 30% of the newly approved drugs by the FDA in recent years. Advances in the methods available for drug repurposing will also impact the growth of the repurposed drug market. With new technologies like in silico drug repositioning, the development of repurposed drugs can take place faster and more cost efficiently than typical drug discovery and development."
Global Markets for Drug Repurposing (PHM175A) examines the global market in three main areas: market by application of repurposed drugs, by usage of repurposed drugs and by application site (i.e., whether they are used orally or intravenously). The report also analyzes applications, regulatory environment, technologies involved, market projections and market shares. U.S. as well as international market trends, with data from 2014, 2015, and CAGR projections also are provided.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email firstname.lastname@example.org.
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