(MENAFN- GlobeNewsWire - Nasdaq) Singapore, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled,“ cloud-based solutions for drug discovery market by Service Type (IaaS, PaaS, SaaS), End User (Pharmaceuticals, Biotechnology, Contract Research Organizations, Academia and Research Institutes) – Global Outlook & Forecast 2022-2030' published by Growth Plus Reports, the cloud-based solutions for drug discovery market is expected to grow at a CAGR of 12.4% from 2021 to reach US$ 8.04 billion by 2030 . Owing to the rising demand for novel drugs and treatments, and the growing adoption of cloud technologies in drug discovery, development, and manufacturing.
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Market Drivers
The prime factors driving the cloud-based solutions for drug discovery market include the consistently growing demand for novel drugs and treatments for chronic diseases and infections and the rising adoption of advanced technologies in drug discovery. Moreover, reductions in manual error in drug development processes due to the use of cloud-based applications, rapid implementation of cloud-based platforms, cost-effective procedures, easy access to real-time data, various government initiatives for the development of novel drugs, and an increase in the technical know-how are additional drivers of the global cloud-based solutions for drug discovery market. The increased demand for medications from various verticals is expected to drive the growth of cloud-based solutions for drug discovery throughout the forecast period. However, factors such as high tool costs, a scarcity of qualified specialists, and complex and time-consuming drug discovery methods may slow the growth of the cloud-based solutions for drug discovery market over the forecast period. Furthermore, with the increasing frequency of various diseases and increased medication discovery and development expenditure, the market under investigation is predicted to rise. According to a report published in September 2021 by the Pharmaceutical Research and Manufacturers of America (PhRMA), biopharmaceutical companies invested more than a trillion dollars in R&D in the last decade alone, including a record year in 2020, when PhRMA member companies alone invested roughly US$ 91 billion. According to the same source, over 8,000 medications were in development globally in 2021, with 74% potentially being first-in-class treatments or entirely new approaches to treating diseases. Due to significant investments in the drug discovery and development initiative and the benefits provided by cloud-based solutions, the adoption of cloud-based services in drug discovery, development, and manufacturing is expected to increase during the forecast period, thereby fuelling the growth of the global cloud-based solutions for drug discovery market.
Excerpts from 'By Services Type Segmentation'
Based on service type, the global cloud-based solutions for drug discovery have been segmented into:
Infrastructure As A Service (Iaas, Platform As A Service (Paas) Software As A Service (Saas)
During the forecast period, the software as a service (SaaS) segment is predicted to dominate the cloud-based drug discovery platforms market. SaaS is helping researchers to develop drugs in new and better ways. This technology can help researchers and pharmaceutical companies quickly identify new drug targets and develop more effective treatments for existing diseases. SaaS can also be used to reduce the cost of drug development by streamlining the process and eliminating redundant steps. By leveraging data from multiple sources, SaaS can provide researchers with a comprehensive view of the drug development landscape, enabling them to make informed decisions about which compounds are most likely to be successful in clinical trials. With the help of SaaS, drug discovery has become faster, more efficient, and more cost-effective than ever before. SaaS reduces the time spent on software installation and configuration. Because SaaS has a lower maintenance cost than other varieties, it is accessible to small research companies. SaaS can quickly and efficiently deliver the primary value of a clinical research application with the ability to capture, manage, and share efficiently and effectively across thousands of investigators worldwide and among all stakeholders, reducing the time for the entire clinical research cycle and driving the growth of this segment.
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Excerpts from 'By Region Segmentation'
Based on the region, the global cloud-based solutions for drug discovery market have been segmented into:
North America Europe Asia Pacific Rest of the World
North America is expected to be the leading contributor to the cloud-based solutions for drug discovery market. Because of the increased incidence of lifestyle-associated chronic illnesses and rising healthcare expenses, the market in North America is predicted to grow at a quicker rate during the forecast period. The increasing investment in drug discovery, development, and manufacturing by pharmaceutical, biopharmaceutical, and other firms, as well as the expanding use of cloud services for these activities, are the key growth-promoting factors for the industry.
Excerpts from 'Competitive Landscape'
Some of the prominent market players in the global cloud-based solutions for drug discovery market include:
IBM Corporation Accenture PLC Dassault Systèmes SE WuXi AppTec Co. Ltd. Saama Technologies, LLC. Oracle Corporation Amazon Web Services, Inc. Cloud Pharmaceuticals Inc. SAS Institute Inc. NVIDIA Corporation
Table of Content
INTRODUCTION Market Ecosystem Timeline Under Consideration Historical Years - 2020 Base Years - 2021 Forecasted Years – 2022 to 2030 Currency Used in the Report RESEARCH METHODOLOGY Research Approach Data Collection Methodology Data Sources Secondary Sources Primary Sources Market Estimation Approach Bottom Up Top Down Market Forecasting Model Limitations and Assumptions PREMIUM INSIGHTS Current Market Trend (COVID-19 Perspective) Key Players & Competitive Positioning (2021) MARKET DYNAMICS Drivers Restraints/Challenges Opportunities GLOBAL CLOUD-BASED SOLUTIONS FOR DRUG DISCOVERY MARKET - ANALYSIS & FORECAST, BY SERVICE TYPE Infrastructure as a Service (IaaS) Platform as a Service (PaaS) Software as a Service (SaaS) TOC Continued...
VALUE PROPOSITIONS RELATED TO THE REPORT :
Powered with Complimentary Analyst Hours and Expert Interviews with Each Report Comprehensive quantitative and qualitative insights at segment and sub-segment level Covid 19 impact trends and perspective Granular insights at global/regional/country level Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment Blanket coverage on competitive landscape Winning imperatives Exhaustive coverage on 'Strategic Developments' registered by leading players of the market
CUSTOMIZATION OPTIONS :
Distributor Landscape Assessment Pricing Intelligence Customer Base Assessment Investment & Initiatives Analysis 'Business Profile' of Key Players
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