With 13.16% CAGR, Global Cloud Based Drug Discovery Platform Market Size to Hit USD 6348.36 Million by 2030 - Exclusive Report by Facts & Factors
Zion Market Research
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Zion Market Research
The global cloud based drug discovery platform market size is projected to reach USD 6348.36 million by 2030 from its value USD 2351.45 million in 2022, at CAGR of 13.16% during the forecast period (2023- 2030), as highlighted in a report published by Facts & Factors.
NEW YORK, United States, Sept. 30, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Cloud Based Drug Discovery Platform Market Size, Share, Growth Analysis Report By Application (Drug Discovery & Development And Drug Manufacturing), By Cloud Type (Hybrid, Private, And Public Cloud), By End-User (Contract Research Organizations, Biotechnology, Pharmaceutical Companies, And Others), By Service Type (Infrastructure As Service, Platform As A Service, And Software As A Service), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” in its research database.
“According to the latest research study, the global Cloud Based Drug Discovery Platform Market size was valued at about USD 2351.45 million in 2022. The market is expected to grow at a CAGR of 13.16% and is anticipated to reach a value of USD 6348.36 million by 2030.”
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Cloud Based Drug Discovery Platform Market Overview:
Cloud-based drug discovery platform alludes to the modern approach to research and development in the pharmaceutical industry that utilizes cloud computing and data analytics technology to enhance the drug discovery processes. This platform provides a vast array of tools and capabilities necessary to correlate with diverse aspects of drug discovery and development.
These make the processes more collaborative, cost-effective, and efficient. The cloud-based drug discovery platform offers secure data storage solutions that help pharmaceutical companies and research institutions manage the vast amount of clinical, chemical, and biological data.
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Report Scope:
Report Attribute
Report Details
Market Size in 2022
USD 2351.45 Million
Market Forecast in 2030
USD 6348.36 Million
Growth Rate
CAGR of 13.16%
Base Year
2022
Forecast Years
2023- 2030
Key Companies Covered
Schrodinger, DNAnexus, ChemAxon, CDD Vault, Benchling, Insilico Medicine, Atomwise, OpenEye Scientific Software, Chemical Computing Group, Cloud Pharmaceuticals, Evidentic, and Others.
Segments Covered
By Application, By Cloud Type, By End User, By Service Type, and Region
Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Increasing research and development costs are driving the growth of the global cloud-based drug discovery platform market.
Based on the application, the drug discovery and development segment is growing at a high rate and is projected to dominate the global market.
On the basis of cloud type, the public cloud services segment is projected to swipe the largest market share.
Based on the end users, the pharmaceutical companies segment is the fastest-growing segment of the global market.
Based on the service type, the platform as a service (PaaS) segment accounts for the largest share of the global market.
On the basis of region, North America is expected to dominate the global market during the forecast period.
Growth Drivers
Increasing research and development costs are likely to drive the growth of the global market.
The pharmaceutical sector is facing an increasing cost for the research and development process, along with extended drug development timelines. However, the cloud-based platform provides the industry with a cost-effective solution by eradicating the need for on-premises infrastructure and the research optimization procedure.
In addition, the accumulation of clinical, pharmaceutical, and biological data creates a high demand for data storage solutions, which is anticipated to increase the demand for cloud platforms that provide a robust analytic tool to manage large datasets with ease.
Furthermore, the escalating complexity of the drug discovery process is likely to spur growth in the cloud-based drug discovery platform market over the next few years. Clinical trial designs, optimization of lead compounds, identification of suitable drug targets, and modeling capabilities are some of the benefits provided by cloud-based computational resources, which are likely to increase the popularity of these platforms.
Browse the full “Cloud Based Drug Discovery Platform Market Size, Share, Growth Analysis Report By Application (Drug Discovery & Development And Drug Manufacturing), By Cloud Type (Hybrid, Private, And Public Cloud), By End-User (Contract Research Organizations, Biotechnology, Pharmaceutical Companies, And Others), By Service Type (Infrastructure As Service, Platform As A Service, And Software As A Service), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” Report at https://www.fnfresearch.com/cloud-based-drug-discovery-platform-market
Cloud Based Drug Discovery Platform Market: Segmentation
The global cloud-based drug discovery platform market can be segmented into application, cloud type, end user, service type, and region.
By application, the market can be segmented into drug discovery & development and drug manufacturing. The drug discovery and development segment are projected to swipe the largest share of the cloud-based drug discovery platform industry. The segment primarily focuses on cloud-based platforms, which are of high importance during the early stages of drug development, starting from target identification to pre-clinical research and trial designs.
By cloud type, the market can be segmented into hybrid, private, and public cloud. The public cloud services segment is likely to dominate the global cloud-based drug discovery platform market during the forecast period. By end-user, the market can be segmented into contract research organizations, biotechnology, pharmaceutical companies, and others. The pharmaceutical companies segment is expected to register a high growth rate during the forecast period.
By service type, the market can be segmented into infrastructure as a service, platform as a service, and software as a service. The platform as a service (PaaS) segment accounts for the largest share of the cloud-based drug discovery platform industry. It offers an easy deployment environment on the cloud, including the services and tools required for application development integration and data management.
Regional Analysis:
North America to dominate the global market.
In the global market for cloud-based drug discovery platforms, North America is a prominent region that is anticipated to grow swiftly over the forecast period. The rapidly expanding pharmaceutical and biotechnology industry in the region will likely contribute significantly to the expansion of the regional market.
In addition, prominent nations such as the United States and Canada are becoming centers of pharmaceutical research and development. Therefore, cloud-based platforms are likely to experience significant growth in the region. Increasing investments in research and development to expedite the drug discovery and development processes dominate the market.
Asia-Pacific is expected to exhibit a positive growth rate with a high CAGR during the forecast period. The escalating demand for innovative drug development solutions in the region is anticipated to contribute to the expansion of the regional market.
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Competitive Players:
The report contains qualitative and quantitative research on the global Cloud Based Drug Discovery Platform market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Cloud Based Drug Discovery Platform market include;
Schrodinger
DNAnexus
ChemAxon
CDD Vault
Benchling
Insilico Medicine
Atomwise
OpenEye Scientific Software
Chemical Computing Group
Cloud Pharmaceuticals
Evidentic
The global Cloud Based Drug Discovery Platform market is segmented as follows:
What is the market size and growth rate forecast for Cloud Based Drug Discovery Platform industry?
What are the main driving factors propelling the Cloud Based Drug Discovery Platform Market forward?
What are the leading companies in the Cloud Based Drug Discovery Platform Industry?
What segments does the Cloud Based Drug Discovery Platform Market cover?
How can I receive a free copy of the Cloud Based Drug Discovery Platform Market sample report and company profiles?
Key Offerings:
Full in-depth analysis of the parent market
Important changes in market dynamics
Segmentation details of the market
Former, on-going, and projected market analysis in terms of volume and value
Assessment of niche industry developments
Market share analysis
Key strategies of major players
Emerging segments and regional markets
Testimonials to companies in order to fortify their foothold in the market
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