According to the latest research by InsightAce Analytic, the global Cloud-based Solutions for Drug Discovery, Development and Manufacturing market is expected to exhibit a CAGR of 13.4 % during the forecast period of 2022-2030.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 2019-2030.
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.
Some of the key Players of cloud-based solutions for drug discovery, development, and manufacturing market are Accenture, Alibaba Cloud, Amazon Web Services, Google, IBM, Nutanix, XtalPi, and Other Prominent Players.
