The Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market Size is valued at 6.72 billion in 2023 and is predicted to reach 17.32 Million by the year 2031 at a 12.62% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Increasing adoption of advanced technologies, manual error reductions in drug development processes due to cloud-based applications, fast implementation of cloud-based platforms, cost-effective procedures, etc.
- Furthermore, increased demand for pharmaceutical medications from various medical industries is estimated to drive market growth throughout the forecast period.
- North America dominated the market and accounted for a global revenue share in 2023.
- Technical issues such as system downtimes, latency, and performance bottlenecks can affect the reliability of cloud services.
Cloud-based drug discovery solutions are mainly used in pharmaceutical and biotechnology companies to make drug discovery and development processes fast and cost-effective. Cloud-based drug discovery platforms have the ability to handle and store large amounts of data, and you can access the data through computers, laptops, and mobiles. It also provides high data security. Different software technologies like machine learning and artificial intelligence are making complex drug development processes easy. Recently, the Covid-19 outbreak has significantly impacted the Cloud-based Solutions for Drug Discovery, Development, and Manufacturing Market as most of the pharmaceutical players have started collaborating with drug developing industries to make vaccines for coronavirus.
There are multiple factors that drive the cloud-based solutions for drug discovery, development, and manufacturing market, such as rising adoption of advanced technologies, manual error reductions in drug development processes due to use of cloud-based applications, fast implementation of cloud-based platforms, cost-effective procedures, and easy access to real-time data, various government initiatives for the development of novel drugs and increase in the awareness programs regarding advance chronic diseases treatments. Moreover, the rising demand for pharmaceutical drugs from various medical industries is anticipated to propel the growth of this market during the forecast period. Whereas, factors like the high cost of tools, shortage of skilled professionals, and complex and time-consuming drug discovery procedures may downscale the growth of the cloud-based solutions for drug discovery, development, and manufacturing market over the forecast period 2019-2031.
Competitive Landscape
Some of The Key Players in The Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market:
- Accenture
- Alibaba Cloud
- Amazon Web Services
- IBM
- Nutanix
- XtalPi
- Other Prominent Players
Market Segmentation
The Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market, is segmented into Cloud, Service, End-users, and region. The Cloud segment comprises Private, Public, and Hybrid. In terms of Service, the market is segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). By End-users, the market is divided into Biotech Vendors, Contract Research Organizations, Pharmaceutical Companies, and Other End-Users. Pharmaceutical Companies will be the leading end-user segment of this market in the coming future, as well as Contract Research Organizations segment is also expected to dominate this market. At the regional level, the cloud-based solutions for drug discovery, development, and manufacturing market can be segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America is expected to be the significant market shareholder of this market over the forecast period, followed by Europe, Latin America, Asia-Pacific, and Rest-of-the-World.
Recent Developments:
- In April 2024,TetraScience and Google Cloud have formed a strategic agreement to expedite the development of pharmaceuticals and other scientific advancements powered by artificial intelligence. The partnership utilizes Google Cloud's infrastructure and AI capabilities, along with Tetra Scientific Data and AI Cloud, to enable the life sciences industry to harness scientific AI for rapid development of insights.
The Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 6.72 billion |
|
Revenue Forecast In 2031 |
USD 17.32 billion |
|
Growth Rate CAGR |
CAGR of 12.62% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Cloud, By Service, By End-Users |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Accenture, Alibaba Cloud, Amazon Web Services, Google, IBM, Nutanix, XtalPi, and Others |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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