Our in-depth analysis segmented the global cloud based drug discovery platform market in the following segments:
The global cloud based drug discovery platform market is further classified on the basis of region as follows:
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The global cloud based drug discovery platform market was valued around USD 4.5 Billion by the end of 2027. The CAGR of global cloud based drug discovery platform market is around 13.5% during 2017-2027. The increasing market growth can be attributed to increase in the implementation of cloud-based platforms in various application segments. Rise in adoption of cloud based mobile applications for various drug discoveries is also a reason for the expansion of the market size.
The global cloud based drug discovery platform market can be segmented on the basis of type and application. On the basis of application, it is further segmented into pharmaceutical companies, hospitals, biotech vendors and contract research organizations. The pharmaceutical sub-segment is the leading end-user segment in the global cloud based drug discovery platform market. The constant rise in demand of drug from the various pharmaceutical companies is expected to drive the market growth of the cloud based drug discovery platform.
By region, the global cloud based drug discovery platform market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to lead the global cloud based drug discovery platform market on the account of easy availability of cloud platforms which support different enterprises to collect real-time data across the globe. These types of platforms deliver better access to data during the research and development process. Pharmaceutical and biotech vendors in North America are developing new technologies in order to enhancing drug development process by deploying cloud platforms.
The various growth drivers associated with the global cloud based drug discovery market are increasing implementation of cloud-based platforms in the healthcare industry in order to improve research efficiency. The various developing technology such as machine learning and artificial intelligence enable better discovery and formulation of drug around the globe. The various regional healthcare companies are collaborating with the international healthcare market players in order to adopt cloud based technologies which will enable better discovery and identification of diseases. Cloud-based drug discovery platform can be accessed by many devices such as computers, notebook, and mobiles.
Various issues related to correlation of applications with devices are expected to hamper the market of cloud based drug discovery platform.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani