The Global Cloud Based Drug Discovery Platforms Market To Surpass USD 4.55 Billion By 2028

Market Overview:
The Cloud Based Drug Discovery Platforms market was evaluated at USD 2.22 Billion in 2022 and is forecasted to reach USD 4.55 Billion by 2028, growing at a CAGR of 10.8% globally.

Cloud computing technology allows customers to access storage, files, software, and servers through internet-connected devices such as computers, smartphones, tablets, and mobile devices. Cloud solution providers store and process data in a location separate from the end user. In addition, cloud computing provides the ability to store and access data and programs on the Internet instead of on a hard drive. The use of cloud-based drug discovery platforms in pharmaceutical and biotech companies enables collaboration with scientists and companies around the world.

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Market dynamics:
Driver:
With cloud-based drug discovery platforms, anyone with an internet connection and proper security code can participate in drug discovery regardless of their geographic location. Furthermore, it allows researchers around the world, not only from different departments but also from different companies with different processes and cultures, to collaborate and exchange data and act as a team during drug discovery. Furthermore, pharmaceutical companies are using cloud-based drug discovery platforms to consolidate their drug development processes and manage the massive data generated. Furthermore, cloud data storage not only saves costs but also improves accessibility, thus driving the growth of cloud-based drug discovery platforms during the forecast period.

Opportunities:
The growth of the healthcare industry and the increase in funding of R&D activities to develop new drugs to effectively treat diseases are creating better opportunities for software companies. In recent years, the price of bringing new drugs to market has increased dramatically, costing an estimated $1 billion. This situation has forced R&D laboratories to switch to new laboratory IT technologies to reduce costs and bring essential drugs to market faster.

Market Segmentation
Segmentation Analysis of Cloud Based Drug Discovery Platforms Market:

Depending on the type, Software as a service (SaaS) segment is expected to dominate the cloud-based drug discovery platforms market in the projected period. SaaS reduced the time spent on the installation and configuration of software.

Depending on deployment mode, the hybrid segment is projected to lead the market over the estimated period attributed to the increase in the number of users, and resource mobility. In addition, the rapid migration of applications over the cloud, and the emergence of more sophisticated threats are prompting businesses to adopt hybrid cloud-based solutions.

Depending on the end-user, the pharmaceutical vendor segment is expected to dominate the cloud-based drug discovery platforms market in the estimated period. The rise in the number of software vendors providing cloud-based drug discovery platforms to facilitate research and development processes is the main driving force for the growth of this segment.

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 User
• Pharmaceutical Vendors
• Biotech Vendors
• Contract Research Organizations
• Others

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Regional Analysis of Cloud Based Drug Discovery Platforms Market:

The North American region is expected to have the highest share of cloud-based drug discovery platforms in 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 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.

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By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Players Covered in Cloud Based Drug Discovery Platforms Market are:
• 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. (US) and other
major players.

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Key Industry Developments In Cloud Based Drug Discovery Platforms Market
• 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.

Why should buy this report:
• To receive a comprehensive analysis of the prospects for the global Cloud-based Solutions for Drug Discovery, Development and Manufacturing market
• To receive an industry overview and future trends of the Cloud-based Solutions for Drug Discovery, Development and Manufacturing market
• To analyze the Cloud-based Solutions for Drug Discovery, Development and Manufacturing market drivers and challenges
• To get information on the Cloud-based Solutions for Drug Discovery, Development and Manufacturing market value (US$Bn) forecast to 2028
• Significant investments, mergers & acquisitions in the Cloud-based Solutions for Drug Discovery, Development and Manufacturing market industry

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