Market Overview:
The Cloud-Based Drug Discovery Platforms Market was valued at USD 2.22 billion in 2021 and is predicted to increase at a CAGR of 10.8 % to USD 4.55 billion by 2028.
Cloud computing technology is used for storage, files, servers, and software via internet-connected devices such as smartphones, computers, and tablets. Drug discovery platforms offer the facility of research and development means where drugs are discovered and formulated for the treatment of various diseases. The most recent new advanced digital technologies such as cloud-based technology adopted by industries. The cloud-based drug discovery platforms include Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). These cloud-based drug discovery platforms are flexible, cost-effective, and offer the secure and cooperative management of projects, and large storage options. Apart from this, it helps customers decline many challenges by influencing a network of web and mobile-accessible applications. These factors support the market growth over the forecast year.
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Major Key Players for Cloud-Based Drug Discovery Platforms Market are
- 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:
The growing prevalence of diseases most pharmaceutical industries are engaged in the research and development of new drugs for the treatment of diseases. Thus, huge data generated by these industries and cloud-based models require to manage and secure this generated data. Cloud-based drug discovery platforms provide flexible, cost-effective services, declining the complexity of data collection and real-time access to users. The zero-lag time is the most common feature provided by cloud-based drug discovery platforms. Most manufacturers in the developed nations such as North America, Europe, and the Asia Pacific are involved in clinical trials, which release large data needed to store and manage. These factors supporting to the market growth of cloud-based drug discovery platforms in the projected timeframe. Moreover, the growing incidence of cyber-attack hinders the growth of the market.
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Cloud-Based Drug Discovery Platforms Market Report Highlight:
- By type, the software as a service (SaaS) segment is expected to have the maximum market share in the cloud-based drug discovery platforms during the projected period. SaaS has a low maintenance cost; thus, it is mostly adopted by small research organizations which propel the growth of the market.
- By deployment mode, the hybrid segment is predicted to expand the most in the cloud-based drug discovery platforms market during the forecast year. The rising number of users owing to cost-effectiveness, and increase IT efficiency drive the growth of the market.
- By end-users, the pharmaceutical vendor’s segment is expected to have the maximum market share in the cloud-based drug discovery platforms during the projected period. The increasing number of software vendors offers cloud-based drug discovery platforms to improve research and development processes which propels the growth of the market.
- By region, North America is expected to dominate the cloud-based drug discovery platforms market, during the projection period. Rising number of pharmaceutical industries, there is a need to manage the data generated by these industries, supporting the growth of the Cloud-Based Drug Discovery Platforms market in North America.
Key Industry Development:
- In October 2021, the global leader in biostimulation, Certara, Inc. announced the acquisition of Pinnacle 21 a service provider of SaaS solutions for clinical data fitness, regulatory compliance, and submission readiness. This acquisition helps Certara in influencing the drug development process.
Cloud-Based Drug Discovery Platforms Market Segmentation:
By Type
- Infrastructure as a Service {IaaS}
- Software as a Service {SaaS}
- Platform as a Service {PaaS}
By Deployment Mode
- Public
- Private
- Hybrid
By End-Users
- Pharmaceutical Vendors
- Biotech Vendors
- Contract Research Organizations
- Others
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For this report, Introspective Market Research has segmented the Cloud-Based Drug Discovery Platforms Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The objective of the research is to provide the market knowledge and strategic insights to assist decision-makers in making informed investment decisions and identifying potential gaps and growth opportunities. Historical revenue and sales volume are reported, and additional data is triangulated using top-down and bottom-up methodologies to predict forecast numbers for important regions covered in the research, as well as classified and well-known Types and end-use industries. Cloud-Based Drug Discovery Platforms Market study explores the competitive landscape of the global market. In addition to rival market share research, in-depth profiling, product/service, and business overviews, the study focuses on BCG matrix, heat map analysis, and SWOT analysis to better correlate market competitiveness. Five forces analysis, Ansoff matrix, PESTEL analysis, and value chain analysis are used to better understand market conditions.
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