Cloud technology improves communication across geographies, reduces time-to-market and ensures transparency and compliance throughout. Further, cloud computing helps sales by providing accurate and up-to-date information about product stocks, physician contact details, and social media networks. Cloud computing, importantly, also sheds light on the acceptance of practices and avoids duplication. It also aids pharma companies in meeting HIPAA Compliance Requirements.
The global cloud computing in pharmaceutical industry market has been segmented on the basis of service type, deployment model, and application.
On the basis of service type, the market has been segmented into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). Among the three, Software-as-a-Service (SaaS) is projected to record the highest growth rate over the forecast period.
By deployment type, the market has been segmented into private cloud, public cloud, and hybrid cloud. Among these, hybrid cloud is anticipated to register the highest CAGR as it gives companies the option to store core confidential data and applications on a private cloud.
By application, the cloud computing in pharmaceutical industry market has been segmented into PMS (Production Management System), EMR, Online Sales, and Others. PMS is expected to exhibit the highest growth rate during the forecast period as it monitors production processes and compliance requirements.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
North America is anticipated to dominate the market with major companies such as Merck and Pfizer adopting cloud computing. Pfizer, for instance, has selected Oracle Health Sciences InForm Cloud Service and Siebel Clinical Trial Management System Cloud Service.
Europe is a promising region in cloud computing in pharmaceutical industry market. Regulatory authorities in Europe market are tightening compliance requirements around data privacy and security to ensure that pharmaceutical companies are managing data appropriately.
The Asia Pacific cloud computing in pharmaceutical industry market is expected to register the highest growth rate during the forecast period. Internet penetration rates, government investment policies, demand for quality treatment, and rising adoption of new technologies such as cloud computing, big data, and artificial intelligence (AI) are expected to provide impetus to market growth in Asia Pacific.
The LAMEA region is projected to grow at a significant rate in cloud computing in pharmaceutical industry market with rising awareness and developing cloud infrastructure.
Some of the key players of cloud computing in pharmaceutical industry are Cisco Systems, HP, IBM, Microsoft, Oracle, SAP AG, Dell, Carestream Health, Google, Yahoo, and Amazon.
Companies are making significant investments in R&D to offer innovative solutions; for instance, GlaxoSmithKline is currently using Accenture’s cloud platform to speed up its drug development processes, and in June this year, Pfizer has announced plans to partner with Oracle to simplify how it manages its data for in-house and outsourced clinical trials.
On April 13, 2017, Merck, a U.S.-based pharmaceutical company, launched the Alexa Diabetes Challenge, a software application that utilizes Amazon’s Alexa technology to help patients with a recent diagnosis of Type 2 diabetes.
Global Cloud Computing in Pharmaceutical Industry Segmentation
By Service Type
By Deployment model