Short-term growth in IT spend supported by pharmaceutical companies shifting toward big-data and cloud-based solutions, finds Frost & Sullivan
SANTA CLARA, California, Jan. 10, 2018 /PRNewswire/ -- The latest analysis, Growth Insights—Global Pharmaceutical Drug Discovery IT Solutions Market, Forecast to 2020, by Frost & Sullivan highlights the growing interest in big data analytics and artificial intelligence (AI)-based solutions. The study projects that market will reach $5.3 billion by 2020 at a compound annual growth rate (CAGR) of 8.9 percent. It also provides an analysis of key market dynamics, drivers, restraints, forecast and trends, current adoption of IT solutions, market growth opportunities, segments to watch and competitive analysis.
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"AI-based platforms play a pivotal role in drug discovery digital and information tools development, especially in lead compound identification, computer-aided drug design and LIMS tools," says Frost & Sullivan Transformational Health Senior Industry Analyst Piyush Bansal. "Big pharmaceuticals are adopting machine learning and cognitive computing based platforms, and their ongoing efforts will intensify in the near future."
To survive in a fragmented pharmaceutical IT solutions market, with several small companies and no clear business structure, Bansal recommends that players focus on strengthening their market presence and product portfolios by adopting collaborative partnerships and merger and acquisition strategies.
Further trends driving growth in the global pharmaceutical drug discovery IT solutions market include:
- Growth in IT spend in the short term supported by pharmaceutical companies shifting toward cloud-based analytics and automation solutions;
- Automation and machine learning-based tools becoming a major investment focus for IT adoption in drug discovery, while digital data management, patient recruitment and remote-monitoring tools focus on the clinical trials segment;
- Mobile and social media applications becoming a popular medium for pharma companies to engage with patients and physicians for clinical trials, product marketing and sales; and
- Segments such as real-world data, population health management, and clinical decision support witnessing the highest growth in the next three to four years.
"Despite significant advancements in technology, data security and integrity remain a key concern for pharmaceutical companies while adopting external information technology platforms," noted Bansal. "Companies are still skeptical regarding hosting patient- and research-specific information on online servers. This has resulted in lower-than-expected adoption of IT platforms in the industry."
Growth Insights—Global Pharmaceutical Drug Discovery IT Solutions Market, Forecast to 2020 is part of Frost & Sullivan's Transformational Health Growth Partnership Program.
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SOURCE Frost & Sullivan