The global cloud-based drug discovery platform market, valued at USD 2,424.33 million in 2022, is projected to experience remarkable growth, reaching an estimated USD 7,529.59 million by 2032. This growth translates to a compound annual growth rate (CAGR) of 12.6% during the forecast period.
Key factors driving this expansion include increasing investments in drug discovery, development, and manufacturing by pharmaceutical and biopharmaceutical companies, along with the growing adoption of cloud services for these critical activities. Cloud technology offers a range of benefits that enhance operational efficiency, enabling organizations to streamline processes and develop robust business cases to assess the potential efficacy and financial viability of new medications.
Moreover, deploying cloud services can significantly reduce the high costs associated with research and development of new drugs by accelerating discovery and development processes and minimizing the risk of errors. As the prevalence of various diseases continues to rise, increased investment in drug discovery and development is expected to further bolster the growth of this market.
Key Growth Drivers:
- Increasing investment in drug discovery: Pharmaceutical and biopharmaceutical companies are channeling more resources into research, leading to greater demand for cloud-based platforms.
- Benefits of cloud technology: Enhanced operational efficiency and the ability to assess the viability of drug candidates are propelling the adoption of these platforms.
- Cost reduction in R&D: Cloud services help accelerate drug development and reduce associated costs, making them attractive options for organizations.
Despite the healthy growth trajectory, market experts at Future Market Insights (FMI) caution that certain challenges could impede progress. High initial costs of implementing and deploying cloud solutions, cybersecurity concerns, and a lack of comprehensive data sets in drug discovery may pose significant barriers. Additionally, the inadequate availability of skilled labor further complicates the landscape.
As the healthcare industry continues to embrace cloud innovations, the global cloud-based drug discovery platform market is positioned for significant growth, ultimately enhancing the drug discovery process and improving patient outcomes.
The benefits of cloud-based drug discovery platforms are enormous, and this is one of the key factors why it is gaining traction among end-users. This platform helps customers overcome many challenges by leveraging a network of web and mobile-accessible applications. It provides secure and collaborative project management and the ability to share project information. Moreover, the cloud-based drug discovery platform is flexible to offer end-users to customize it according to their projects.
Currently, cloud-based drug discovery platform is witnessing a period of technological advancement, as innovative features, such as publishing and sharing services are being offered to users. Cloud-based drug discovery platform is accessible through computers, notebook, and mobiles, and it is secure and can be maintained by a third party as well. Owing to all these factors, the cloud-based drug discovery platform market is anticipated to grow at a significant rate in terms of value.
Global Cloud Based Drug Discovery Platform Industry Dynamics
Data management is a critical issue for the pharmaceutical industry. The pharmaceutical industry is rapidly restructuring its discovery business model to completely networked and integrated research and development to manage the huge data it generates. Storing this data on cloud not only offers cost savings, but also improved accessibility.
Graphical representation, a dynamic and quick form of getting results, helps in decision-making at a management level. Keeping the needs of consumers in mind, key players in the cloud-based drug discovery platform are offering flexible, cost-effective, and highly secure cloud-based storage options to consumers. Cloud-based drug discovery platform runs at zero lag time, saving time and giving real-time access to users. This is another reason for the growing adoption of cloud-based drug discovery platforms globally.
Confidentiality and privacy issues continue to impede the growth of the cloud-based drug discovery platform market. Although many improvements have been made in the recent past, cyber hacks continue to create apprehension among many pharma players, leading to stifled adoption.
North America, Japan and Western Europe regions are some of the key players in the Global Cloud Based Drug Discovery Platform Industry. Many pharma companies based in these regions have already adopted cloud-based drug discovery platform, and it is anticipated that in the future, more companies will follow suit. The growth of the market in Asia Pacific excluding Japan (APEJ) is expected to gain momentum during the forecast period 2016-2026.
Global Cloud Based Drug Discovery Platform Industry Key Players:
Some of the key players operating in the Global Cloud Based Drug Discovery Platform Industry IBM Corp, Accenture PLC, BioXcel Corporation, Cloud Pharmaceuticals, Inc., WuXi AppTec (Shanghai) Co., Ltd., Dassault Systemes BIOVIA Ltd.
The report covers an exhaustive analysis on:
- Global Cloud-Based Drug Discovery Platform Market Segments
- Global Cloud-Based Drug Discovery Platform Market Dynamics
- Historical Actual Market Size, 2013 – 2015
- Global Cloud-Based Drug Discovery Platform Market Size & Forecast 2016 to 2026
- Supply & Demand Value Chain
- Global Cloud-Based Drug Discovery Platform Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Global Cloud Based Drug Discovery Platform Industry Drivers and Restraints
Regional analysis for Global Cloud Based Drug Discovery Platform Industry includes
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global Cloud-Based Drug Discovery Platform Industry Segmentation
Based on types of services, the Global Cloud Based Drug Discovery Platform Industry is segmented into
- infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
Geographically, the global cloud-based drug discovery market is segmented into
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East and Africa (MEA)
Report Highlights:
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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