The growing complexities surrounding modern therapy development initiatives have caused biopharmaceutical companies to adopt available cloud-based solutions, to not only expedite associated timelines, but also cuts down overall cost
Roots Analysis has announced the addition of “Cloud-based Solutions for Drug Discovery, Development and Manufacturing Market by Type of Cloud (Private, Public and Hybrid), Type of Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)), End-User (Biotech Vendors, Contract Research Organizations, Pharmaceutical Companies and Others), and Key Geographical Regions (North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World): Industry Trends and Global Forecasts, 2021-2030” report to its list of offerings.
Modern cloud-based solutions offer decentralized / real world data management, and collaborative operating solutions to users, enabling the simplification and delegation of various aspects of data mining, analysis and healthcare decision-making. The implementation of relevant cloud-based solutions is deemed to possess the potential to save over 50% of the total cost and time invested in a drug development program.
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Key Market Insights
More than 60 cloud-based service providers are presently offering cloud-based solutions to pharma / biotech companies
Majority of these are large firms (500+ employees, 44%), followed by small (1-50 employees, 32%), and mid-sized (51-500 employees, 24%) business entities.
Over 50 service providers claim to offer cloud-based solutions for drug development
About 50% players are providing cloud services for more than one area of application (drug discovery, drug development, or drug manufacturing) to pharma / biotech companies.
Nearly 30 service providers claim to offer private cloud-based solutions to ensure data security
Interestingly, about 25% players are offering all three types of cloud-based solutions (private, public and hybrid) to developer companies. Prominent examples of companies offering hybrid cloud include (in alphabetical order with no selection criteria) Informatica, Nutanix, QMENTA, Rescale, SureClinical, Tata Consultancy Services and YASH Technologies.
Partnership activity in this field has grown at a CAGR of ~75%, between 2015 and 2020
Around 70% of the reported deals were established after 2018, with the maximum activity being reported in 2020. Majority of the instances captured in the report are research agreements (32%) and platform development / improvement agreements (26%).
Adoption of cloud-based solutions has demonstrated the ability to enable up to 50% cost savings
Based on inputs from both secondary and primary sources, the report features an informed and insightful analysis, estimating cost saving potential of cloud-based solutions. In fact, the adoption of such technologies has the potential to save more than USD 30 billion in drug discovery, USD 13 billion in drug development and USD 6.6 million in drug manufacturing related costs, by 2030.
North America, Europe and Asia are anticipated to capture over 85% of the market share by 2030
Owing to increased adoption rates, the market in Asia is anticipated to grow at a relatively faster pace at a CAGR of 16%. In 2030, cloud-based solutions for drug development are likely to capture the largest market share (45%) in terms of revenues generated from use of such services, followed by those intended for drug discovery (35%) and drug development (20%) operations.
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Key Questions Answered
The USD 20 billion (by 2030) financial opportunity within the cloud-based solutions for drug discovery, drug development and drug manufacturing market has been analyzed across the following segments:
The research includes brief profiles of key players engaged in offering cloud-based solutions for drug discovery, development and manufacturing; other popular industry players featured in the report include:
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