Cloud-based Solutions for Drug Discovery Market Size to Hit US$ 8.04 billion by 2030

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Growth Plus Reports

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…

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