A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global cloud-based drug discovery platforms market. Presenting exclusive insights into the market from 2017 to 2025, the report projects that the market will witness notable growth during the forecast. Drug discovery platforms are research and development facilities that are used as collaborative platforms for medical professionals to discover and formulate medicines for different kinds of diseases. The emergence of cloud-based technologies such as Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS), has given a significant boost to such physical facilities to migrate to an equally productive, virtual environment. On this premise, cloud-based drug discovery platforms are rapidly gaining traction in the pharmaceutical landscape and are set for impressive growth in terms of volume and value, in the years to come. The growth of the market is predominantly driven by the increasing popularity of the platforms and growing adoption in the medical industry. Moreover, the cost-effectiveness of these virtual platforms as compared to physical facilities is also expected to complement the adoption in the forth-coming years.
Players in Drug Development Landscape Exhibit Inclination Towards Virtual Platforms Owing to Cost-effectiveness
Cloud-based drug discovery platforms have been gaining traction in the recent past owing to the benefits they bestow to the users. The advent of cloud technology is enabling end-users to smoothly carry out complex tasks which require a fragrant amount of manual data analysis. Moreover, the integration of mobile and web applications enables personnel to virtually collaborate and share information through secured methods. Furthermore, service providers are customizing the platforms according to the needs of end-users, thus allowing them to choose and pay only for the features they need. Being a financially feasible alternative, the cloud-based platforms bolster in eliminating the high operational costs of a physical facility. The ease-of-availability and high-accessibility of cloud platforms are enabling enterprises to collect real-time data around the world, providing better access to data from healthcare companies during the research and development (R&D) processes. On this premise, the cloud-based platforms have been gaining traction among biotech vendors, pharmaceutical vendors, contract research organizations, and others, with pharmaceutical vendors channeling the majority of revenue. However, the lack of effective protection against cyber hacks continues to restrain the market growth, owing to the high level of confidentiality associated with the drug discovery activities.
Asia Pacific Buckles Up as North America Continues to Dominate
The revenue flow of North America, the leading regional market, is mainly attributed to the migration of pharmaceutical and biotech vendors from physical facilities to cloud-based drug delivery platforms. The use of the cloud-based platforms in pharmaceutical and biotech segments of North America is enhancing the drug development process, without compromising safety. Along similar lines, Asia Pacific is expected to exhibit tremendous growth as pharmaceutical companies in the region increasingly resort to cloud platforms to leverage innovative technologies, improved operational efficiency, productivity, and expedition of clinical trials.