Market Overview:
The Global Cloud-Based Drug Discovery Platforms Market size is expected to grow from USD 2.22 Billion in 2022 to USD 5.04 Billion by 2030, at a CAGR of 10.8% during the forecast period (2023-2030).
Cloud computing technology gives customers access to storage, files, software, and servers through internet-connected devices such as computers, smartphones, tablets, and wearables. Cloud computing solution providers store and process data in a location that's separate from end-users. Moreover, cloud computing provides the ability to store and access data and programs over the internet instead of on a hard drive. The usage of cloud-based drug discovery platforms in pharmaceutical and biotechnology firms allows collaboration with scientists and companies around the world.
Top Key Players in the Cloud-Based Drug Discovery Platforms Market:
Accenture PLC (Ireland), Acelot Inc (US), Cloud Pharmaceuticals Inc. (US), Dassault Systemes (France), IBM Corporation (US), SAS Institute Inc. (the US), Tata Consultancy Services Ltd. (India), WuXi AppTec (China), Collaborative Drug Discovery (CDD), SCYNEXIS Inc. (the US), Medidata (US), Certara (US), Google (US), Cloudpharm, Amazon Web Services Inc. (the US) and other major players.
Market Dynamics and Factors for Cloud-Based Drug Discovery Platforms Market:
Drivers:
Increasing Implementation of Cloud-Based Platforms in The Healthcare Industry
With cloud-based drug discovery platforms, an individual with an internet connection and proper security codes can participate in the drug discovery process irrespective of geographic location. Additionally, it enables researchers globally, not only from different departments but also from different companies with different processes and cultures, to collaborate and exchange data and function as a team in the drug discovery process. Moreover, with the adoption of cloud-based platforms, it became effortless for research institutions to organize several different drug discovery projects without having to upload all the information repeatedly. The data generated by the pharmaceutical companies is enormous and its management is a critical issue.
Opportunities:
Growing Healthcare Industry and The Rise in The Funding For R&D Activities
The growing healthcare industry and the rise in the funding for R&D activities to develop new drugs to treat diseases efficiently are creating better opportunities for software vendors. In recent years there has been a significant increase in the price of bringing new drugs to market, with estimates putting the cost as high as $1bn. This situation has forced R&D laboratories to turn to new laboratory informatics technologies, to reduce spending and launch essential drugs in the market, faster. With the adoption of cloud-based drug discovery platforms, institutions can cut down the time required to discover new drugs.
Segmentation Analysis of the Cloud-Based Drug Discovery Platforms Market:
- By Type, the Software as a Service (SaaS) segment is expected to dominate the market. SaaS reduced the time spent on the installation and configuration of software.
- By Deployment Mode, the hybrid segment is expected to dominate the market. The rapid migration of applications over the cloud, and the emergence of more sophisticated threats are prompting businesses to adopt hybrid cloud-based solutions.
Regional Analysis of the Cloud-Based Drug Discovery Platforms Market:
North America is expected to dominate the market during the forecast period. The growing number of pharmaceutical firms and a need to manage the huge data generated by this industry is the main factor driving the expansion of cloud-based drug discovery platforms in this region. Moreover, countries such as the US and Canada have a wide presence of prominent cloud computing service providers. The growing prevalence of diseases and to find effective drugs quicker is stimulating pharmaceutical and biotechnology vendors to adopt cloud-based drug discovery platforms.
Key Industry Development:
In October 2021, Medidata declared the launch of its product Medidata Sensor Cloud Network at NEXT Global 2021. With this Medidata sensor cloud network, contract research organizations (CROs), analytics companies, device manufacturers, drug and vaccine developers, and academia will be able to collaborate and solve challenges associated with sensor integrations, standardization of sensor data, and the development of digital biomarkers and algorithms.
In October 2021, Certara, Inc. a global leader in biosimulation, declared the acquisition of Pinnacle 21, a prominent service provider of SaaS solutions for clinical data fitness, regulatory compliance, and submission readiness. This acquisition is expected to boost Certara's ability to address vital decisions that further de-risk and accelerate the drug development process
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
