DUBLIN–(BUSINESS WIRE)–The “In Silico Drug Discovery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Component, By Workflow, By Software Type, By Technology, By Therapeutic Area, By End User, By Company and By Region” report has been added to ResearchAndMarkets.com’s offering.
The global in silico drug discovery market is anticipated to observe impressive growth during the forecast period 2023-2027
The major factors include growing incidences of various diseases, rising use of cloud-based applications, and extensive development in technology, which are curbing the market’s growth.
Nowadays, in silico methodologies are becoming an essential part of the drug discovery process. This is primarily because of the impact on the whole drug development trajectory, identifying and discovering new potential drugs with a substantial reduction in cost and time.
The other factors supporting the market’s growth are the extensive research and development, prevalence of various diseases, large number of clinical trials, rising emphasis on reduction in medical errors and readmission rates, various investments, the growing number of collaborations between companies, and rise in the volume of drug discovery data.
Rising Adoption of Cloud-Based Applications
The increasing use of cloud applications is fueling the growth of the in-silico drug discovery market. Cloud computing gives access to pharmaceutical researchers to use virtually infinite computational resources, permitting them to scale up or down their computing environment.
Cloud computing has not only enhanced overall productivity but also minimized the chances of clinical failure.
Technological Advancements Support the Market
Rapid technological advancements in the field of computational biology are bolstering the growth of the in-silico drug discovery market globally. Computational techniques are quite effective in the development of novel pharmaceutical compounds. The advancement in technologies is simplifying the various steps in sequencing, due to which the results obtained are faster and more accurate.
For instance, in 2021, Pfizer Inc. and Amazon Web Services (AWS) have approved to work together on developing novel cloud-based technologies that could modernize how new medications are studied, manufactured, and disseminated for clinical trials. Similarly, in 2022, Insilico Medicine and the University of Zurich collaborated to leverage Insilico’s dynamic AI technology to discover new cystinosis treatments.
Increasing Investments and Collaborations
Heavy investments in drug discovery and development with rising occurrences of various diseases are propelling the growth of the market.
For instance, in 2021, as per a report published by the Pharmaceutical Research and Manufacturers of America (PhRMA), biopharmaceutical companies invested more than a trillion dollars in R&D in the last ten years, including a record year in 2020, when PhRMA member industries alone invested approximately 91 billion USD.
Furthermore, the increasing number of partnerships that AI start-ups have with leading research centers may offer an alternative metric.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Global In Silico Drug Discovery Market
Report Scope:
In Silico Drug Discovery Market, By Component:
In Silico Drug Discovery Market, By Workflow:
In Silico Drug Discovery Market, By Software Type:
In Silico Drug Discovery Market, By Technology:
In Silico Drug Discovery Market, By Therapeutic Area:
In Silico Drug Discovery Market, By End User:
In Silico Drug Discovery Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/ncv033
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