DUBLIN–(BUSINESS WIRE)–The “Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The global cloud-based solutions for drug discovery, development, and manufacturing market is expected to record a CAGR of 12.5% during the forecast period of the study.
As the effect of the COVID-19 pandemic grows around the world, the biotechnology and pharmaceutical companies along with other healthcare organizations started intensive research to learn more about the novel coronavirus, and cloud technologies were one of the most important tools in understanding the virus and in the discovery and development of vaccines and drugs against it and are expected to have a significant impact on the market. For example, as per the June 2020 article published by Ashima Gupta and Joe Corkery, Schrodinger, a Google Cloud user, has partnered up with Takeda, Novartis, Gilead Sciences, and WuXi AppTec in a charitable effort to share ideas, resources, and data with the goal of finding antiviral treatments for coronavirus.
Schrodinger, whose physics-based software platform facilitates the development of high-quality, unique compounds for therapies and materials, will use Google Cloud credits to enable quick investigation and testing of prospective new pharmaceuticals as part of this agreement. Moreover, the high investment by the pharmaceutical companies in the drug discovery and development initiative against coronavirus is further expected to impact the cloud-based solutions for drug discovery, development, and manufacturing market.
The 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. The adoption of cloud services for drug discovery, development, and manufacturing is increasing owing to various benefits offered by cloud technology, for example, cloud services could aid in the streamlining of operations and the development of business cases to determine whether a medicine is likely to be useful and financially viable, or not.
Also, according to the research study published by Olivier J. Wouters et. al., in March 2020, in the base case analysis, the median capitalized research and development investment to bring a new medicine to market was estimated at USD 985.3 million, with the mean investment at USD 1335.9 million, and estimates across therapeutic areas, with cancer drug development costs being the highest. This high cost associated with the research and development of new drug can be significantly reduced by deploying cloud services as it accelerates the drug discovery and development procedures, and minimizes the chances of errors during the process, and due to this factor, the adoption of cloud Services in drug discovery, development, and marketing is increasing which is expected to drive growth in the studied market over the forecast period. For instance, in December 2021, Pfizer Inc. and Amazon Web Services (AWS) have agreed to collaborate on developing novel cloud-based technologies that could revolutionize how new medications are researched, manufactured, and disseminated for clinical trials.
Furthermore, the growing investment for the 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. For instance, according to a report published by the Pharmaceutical Research and Manufacturers of America (PhRMA) in September 2021, biopharmaceutical companies have invested more than a trillion dollars in research and development in the last decade alone, including a record-breaking year in 2020. , when PhRMA member companies alone invested about USD 91 billion in research and development.
Further, as per the same source, there were more than 8,000 medicines in development around the world in 2021, with 74 percent of them having the potential to be first-in-class treatments, or completely novel ways to treat a disease. Thus, due to heavy investment in the drug discovery and development initiative coupled with the benefits offered by cloud solutions, the adoption of cloud services in the drug discovery, development and manufacturing is expected to increase over the period which will boost growth forecast in the studied market.
However, high initial cost of implementation and deployment of cloud solutions and cybersecurity concerns are expected to restrain growth in the cloud-based solutions for drug discovery, development, and manufacturing market during the forecast period.
Key Market Trends
Private Cloud Expected to Hold a Significant Share During the Forecast Period
North America Expected to Hold a Significant Share Over the Forecast Period
The cloud-based solutions for drug discovery, development, and manufacturing market is fairly competitive with the presence of several global market players, and with the technological advancements and funding, the new entrants in the market are expected to increase the competitive landscape in the studied market over the forecast period of the study. Some of the key players in the cloud-based solutions for drug discovery, development, and manufacturing market are International Business Machines (IBM) Corporation, Oracle, Amazon Web Services, Google, and Tata Consultancy Services, among others.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Investment in the Drug Discovery, Development, and Manufacturing
4.2.2 Rising Adoption of Cloud Technology in Drug Discovery, Development, and Manufacturing Market
4.2.3 Growing Burden of Chronic Diseases
4.3 Market Restraints
4.3.1 High Cost of Implementation and Deployment of Various Cloud Technologies
4.3.2 Cybersecurity Concerns
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1 Service Type
5.1.1 Software as a Service (SaaS)
5.1.2 Platform as a Service (PaaS)
5.1.3 Infrastructure as a Service (IaaS)
5.2 Cloud Type
5.2.1 Public Cloud
5.2.2 Private Cloud
5.2.3 Hybrid Cloud
5.3.1 Drug Discovery & Development
5.3.2 Drug Manufacturing
5.4 End User
5.4.1 Biotechnology and Pharmaceutical Companies
5.4.2 Contract Research Organizations (CRO)
5.5.1 North America
5.5.4 Middle East and Africa
5.5.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Amazon Web Services
6.1.6 Veeva Systems
6.1.7 Tata Consultancy Services
6.1.11 Alibaba Group
6.1.12 Cloud Pharmaceuticals Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/2c0oyd