Cloud Based Drug Discovery Platform Market is projected to reach US$ 7,529.59 Million by 2032 at a CAGR of 12.6%
The Cloud Based Drug Discovery Platform Market is anticipated to grow at a rapid CAGR of 12.6% over the course of the forecast period. In 2022, the market will be worth US$ 2,424.33 Million. By the year 2032, it is predicted that the market for cloud-based drug discovery platforms would reach a high of US$ 7,529.59 Million.
Drug discovery platform is a place of research and development where medicines are identified for various diseases. Currently, the drug discovery platform is witnessing massive adoption of digital technologies. 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.
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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. This platform helps customers overcome many challenges by leveraging a network of web and mobile-accessible applications. It provides secure and collaborative project management and the ability to share project information. Moreover, the cloud-based drug discovery platform is flexible to offer end-users to customise it according to their projects.
Currently, cloud-based drug discovery platform is witnessing a period of technological advancement, as innovative features, such as publishing and sharing services are being offered to users. 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. Owing to all these factors, the cloud-based drug discovery platform market is anticipated to grow at a significant rate in terms of value.
Cloud-Based Drug Discovery Platform Market Dynamics
Data management is a critical issue for the pharmaceutical industry. The pharmaceutical 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.
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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. Cloud-based drug discover 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 platform globally.
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.
North America, Japan and Western Europe regions are some of the key players in the global cloud-based drug discovery platform market. Many pharma companies based in these regions have already adopted cloud-based drug discovery platform, and it is anticipated that in the future, more companies will follow suit. The growth of the market in Asia Pacific excluding Japan (APEJ) is expected to gain momentum during the forecast period 2016-2026.
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Cloud-Based Drug Discovery Platform Market Key Players:
Some of the key players operating in the cloud-based drug discovery platform market IBM Corp, Accenture PLC, BioXcel Corporation, Cloud Pharmaceuticals, Inc., WuXi AppTec (Shanghai) Co., Ltd., Dassault Systemes BIOVIA Ltd.
The report covers exhaustive analysis on:
- Global Cloud-Based Drug Discovery Platform Market Segments
- Global Cloud-Based Drug Discovery Platform Market Dynamics
- Historical Actual Market Size, 2013 – 2015
- Global Cloud-Based Drug Discovery Platform Market Size & Forecast 2016 to 2026
- Supply & Demand Value Chain
- Global Cloud-Based Drug Discovery Platform Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
- Global Cloud-Based Drug Discovery Platform Market Drivers and Restraints
Regional analysis for Global Cloud-Based Drug Discovery Platform Market includes
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Cloud-Based Drug Discovery Platform Market Segmentation
On the basis of types of services, the cloud-based drug discovery platform market is segmented into
- infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
Geographically, global cloud-based drug discovery market is segmented into
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East and Africa (MEA)
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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