Cloud Based Drug Discovery Platform Market

A Summary of the Cloud Based Drug Discovery Platform Market Development

The global cloud based drug discovery platform market is projected to have a fast-paced CAGR of 12.6% during the forecast period. The current valuation of the market is USD 2,424.33 Mn in 2022. The market value of the global cloud based drug discovery platform market is anticipated to reach a high of USD 7,529.59 Mn by the year 2032. This growth is supported by:

• Increasing investment in drug discovery, development, and manufacturing by pharmaceutical, biopharmaceutical, and other entities along with the growing adoption of cloud services for these activities are the major growth driving factors for the market.
• Cloud technology offers various benefits that could aid in streamlining operations, and the development of business cases to determine whether a medicine is likely to be useful and financially viable, or not, which is aiding the adoption of these discovery platforms for discovery, development, and manufacturing.
• High costs associated with the research and development of a new drug can be significantly reduced by deploying cloud services as it accelerates drug discovery and development procedures, and minimizes the chances of errors during the process.
• Growing investment in drug discovery and development with the growing prevalence of various diseases is further expected to have a positive impact on the growth of the studied market.

Although the market is having healthy growth, it is anticipated by the expert analysts at FMI that the high initial cost of implementation and deployment of cloud solutions and cybersecurity concerns are expected to restrain growth in the cloud-based drug discovery platform market. Coupled with a lack of data sets in the field of drug discovery and inadequate availability of skilled labor.

Report Attribute	Details
Cloud Based Drug Discovery Platform Value (2022)	USD 2424.326128 million
Cloud Based Drug Discovery Platform Market Anticipated Forecast Value (2032)	USD 7529.588961 million
Cloud Based Drug Discovery Platform Market Projected Growth Rate (2022-2032)	12.6%

Overview of Prospects in Diverse Regions

North America is projected to dominate the global cloud based drug discovery platform market during the estimated period of study. Currently, this region is accountable for a market share of 37.5% in 2022 and is likely to exert dominance throughout.

It is estimated that the biotech and pharmaceutical vendors in this region are focusing on boosting their drug development process using cloud platforms. Without compromising on safety, these platforms are providing better access to data from healthcare companies, along with contact research organizations during the R&D processes.

Additionally, the European region is also having a steady growth pace, accounting for a market share of 22.1% in 2022. Healthcare companies in Europe are implementing advanced cloud technologies such as machine learning and artificial intelligence platforms to gain optimized R&D outcomes. AI algorithms are being used to design bi-specific drugs that can be used simultaneously to bind more than one target.

Manufacturers Stirring Up the Market Dynamics

The key players are continually making efforts to strengthen their foothold in the global cloud based drug discovery platform market. They are adopting organic growth strategies like mergers and acquisitions, collaborations, product launches, and more, to further expand the global share of the forum in the upcoming years.

For instance, Benevolent AI, technically reached its ‘unicorn status’ recently, when it achieved a valuation of USD 1.7 billion. The firm is working on its drug candidates, along with various partnerships with big pharma companies like AstraZeneca and Novartis.

Therefore, it is anticipated while analyzing the market in depth that the demand for cloud-based drug discovery platforms is likely to witness an upsurge during the forecast period.

Currently, the drug discovery platform is witnessing massive adoption of digital technologies such as publishing and sharing services are being offered to users, which in turn is shaping the cloud based drug discovery platform market future trends.

Moreover, cloud-based drug discovery platforms are gaining traction as it gives key players the opportunity of storing huge data conveniently and in a cost-effective manner.

The benefits of cloud-based drug discovery platforms are enormous, and this is one of the key factors why it is gaining traction among end-users, in turn enhancing the overall market. Cloud based drug discovery platform adoption trends are swayed by the security and collaborative project management and the ability provided by it to share project information. Moreover, the cloud-based drug discovery platform is flexible to offer end-users to customise it according to their projects.

Cloud-based drug discovery platform is accessible through computers, notebook, and mobiles, and it is secure and can be maintained by a third party as well, encouraging many to opt for the same. In addition, this platform helps customers overcome many challenges by leveraging a network of web and mobile-accessible applications, thereby spurring the demand for cloud based drug discovery platform.

Data management is a critical issue for the pharmaceutical industry and the industry is rapidly restructuring its discovery business model to completely networked and integrated research and development in order to manage the huge data it generates. Storing this data on cloud not only offers cost savings, but also improved accessibility, which is likely to positively impact the market outlook.

What are the Key Cloud Based Drug Discovery Platform Market Dynamics?

Graphical representation, a dynamic and quick form of getting results, helps in decision-making at a management level. Keeping the needs of consumers in mind, key players in the cloud-based drug discovery platform are offering flexible, cost-effective, and highly secure cloud-based storage options to consumers, boosting the cloud based drug discovery platform market.

Cloud-based drug discovery platform runs at zero lag time, saving time and giving real-time access to users. This is another reason for the growing adoption of cloud based drug discovery platforms globally.

However, confidentiality and privacy issues continue to impede the growth of the cloud-based drug discovery platform market. Although many improvements have been made in the recent past, cyber hacks continue to create apprehension among many pharma players, leading to stifled adoption.

What Factors are Contributing to North America’s Largest Cloud Based Drug Discovery Platform Market Share?

By 2022, North America is likely to capture cloud based drug discovery platform market share of 37.5%.

The market in the region is enhanced by pharmaceutical and biotech companies that are concentrating on adopting cloud platforms to speed up their drug development process without compromising safety.

Cloud systems make it simple for businesses to acquire real-time data anywhere in the world. During the R&D process, these platforms help improve access to data from healthcare organisations and contract research organisations.

What are the Growth Prospects for the Europe Cloud Based Drug Discovery Platform Market?

Europe cloud based drug discovery platform market is expected to get hold of 22.1% in 2022.

The adoption of cloud-based technology to support scientists and their work, as well as the study of human genome alterations for enhancing the drug development process for cancer research, is becoming a growing trend among European pharmaceutical companies.

Additionally, to achieve optimal R&D results, European healthcare organizations are using cutting-edge cloud technologies, including platforms for machine learning and artificial intelligence.

Bi-specific medications that can bind to multiple targets concurrently are being created using AI algorithms. This platform can help businesses increase the effectiveness of their drug discovery optimization and enhance difficult biological issues, and the same is likely to expand the cloud based drug discovery platform market size in the near future.

How is the Start-Up Ecosystem in the Cloud Based Drug Discovery Platform Market?

Various cloud based drug discovery platform market trends are elicited by innovative start-ups taking birth in the market.

Examples:

• Amplion, USA based start-up founded in 2013, combines biology knowledge and biomarker expertise with AI to direct the strategic planning for biomarkers.

This start-up allows for the differentiation of biomarkers, recruitment of suitable patients, and identification of the most advantageous chances for companion diagnostics.

• AI is used by ‘nference’, a start-up, to instantly extract knowledge from academic, professional, and regulatory literature.

This start-up allows for the elimination of research blind spots, the identification of competitive white space, and the discovery of disease phenotypic commonalities for clinical trial design.

What is the Competition Landscape in the Cloud Based Drug Discovery Platform Market?

Major players in the cloud based drug discovery platform market are involved in various strategies such as mergers & acquisitions, partnerships, collaborations, etc., thereby consolidating their market position.

One of the recent developments in the cloud based drug discovery platform market is when the provider of SaaS solutions for clinical data fitness, regulatory compliance, and submission preparedness, Pinnacle 21, was acquired by Certara, Inc., the world leader in bio-stimulation. This acquisition aids Certara in having an impact on the medication development process.

Key players

• IBM Corp.
• Accenture PLC
• BioXcel Corporation
• Cloud Pharmaceuticals, Inc.
• WuXi AppTec (Shanghai) Co., Ltd.
• Dassault Systemes
• BIOVIA Ltd.

Report Scope

Report Attribute	Details
Growth Rate	CAGR of 12.6% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2016 to 2021
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million and CAGR from 2022-2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered	Types of Services, Region
Regions Covered	North America;  Latin America;  The Asia Pacific;  Middle East and Africa;  Europe
Key Countries Profiled	USA,  Canada,  Brazil,  Argentina,  Germany,  UK,  France,  Spain,  Italy,  Nordics,  BENELUX,  Australia & New Zealand,  China,  India,  ASEAN,  GCC,  South Africa
Key Companies Profiled	IBM Corp.; Accenture PLC; BioXcel Corporation; Cloud Pharmaceuticals, Inc.; WuXi AppTec (Shanghai) Co., Ltd; Dassault Systemes; BIOVIA Ltd.
Customization	Available Upon Request

Key Segments Profiled in Cloud Based Drug Discovery Platform Market Survey

By Types of Services:

• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)

By Region:

• North America
• Latin America
• The Asia Pacific
• Middle East and Africa
• Europe

Frequently Asked Questions

What is the Growth Outlook for the Cloud Based Drug Discovery Platform Market?

The global cloud based drug discovery platform market is likely to advance at 12.6% CAGR (2022-2032).

Which Region Holds a Major Cloud Based Drug Discovery Platform Market Share?

North America is projected to lead the cloud based drug discovery platform market with a share of 37.5% in 2022.

What is the Future of the Cloud Based Drug Discovery Platform Market?

Cloud based drug discovery platform market is anticipated to account for USD 7529.588961 million by 2032.