NEW YORK , Oct. 31, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global drug repurposing market size is estimated to grow by USD 8.57 Billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 4.3% during the forecast period. Growing use of drug repurposing for cancer treatment is driving market growth, with a trend towards investment in drug repurposing.
However, regulatory challenges associated with drug repurposing poses a challenge.Key market players include AbbVie Inc., Amgen Inc.
, AstraZeneca Plc, Biogen Inc., Bristol Myers Squibb Co., Eli Lilly and Co.
, Gilead Sciences Inc., Johnson and Johnson Services Inc., Merck and Co.
Inc., Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc.
, Teva Pharmaceutical Industries Ltd., and Vertex Pharmaceuticals Inc..
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report Market Driver The drug repurposing market is experiencing significant growth, with increasing investments from various sectors. This market's importance in the pharmaceutical industry is evident, offering a cost-effective and less risky approach to traditional drug development.
In February 2024 , Every Cure secured a three-year USD48.3 million contract from ARPA-H, marking a substantial federal investment. This investment underscores the growing governmental support for innovative drug repurposing strategies.
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