The Global Quantum Computing in Healthcare Market size is expected to reach $1 Billion by 2030, rising at a market growth of 45.4% CAGR during the forecast period.
Cancer patients frequently receive radiotherapy as treatment, therefore, Radiotherapy segment acquired $5,335.2 million revenue in the market in 2022. Furthermore, it uses radiation to kill malignant cells or stop them from proliferating. To lessen the harm to healthy tissues and bodily parts, it is also essential to develop a radiation plan. It also handles challenging optimization issues involving thousands of variables. As a result, it takes several simulations before the best solution is found in order to arrive at the ideal radiation strategy. Therefore, a wide range of possibilities is considered between each simulation using quantum computing. As a result, it enables healthcare experts to run several simulations concurrently and create an ideal strategy.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2023, IBM Corporation signed a partnership with Moderna, Inc. to develop solutions for mRNA research using quantum computing capabilities. The partnership would facilitate the creation and discovery of new therapeutics. Additionally, In December, 2022, D-Wave Systems Inc. came into partnership with uptownBasel to integrate D-Wave’s quantum annealing technology with uptownBasel's offerings for Quantum & AI. The partnership would facilitate quantum innovation on a global scale.
Based on the Analysis presented in the KBV Cardinal matrix; Google LLC. is the major forerunner in the Market. In January, 2023, Google LLC entered a partnership with Bayer AG, a pharmaceutical company based in Germany, to develop solutions for early drug discovery using Google's TensorFlow Processing Units. The combined expertise of the two companies would drive innovations in drug discovery. Companies such as Accenture PLC, IBM Corporation, Protiviti Inc. are some of the key innovators in the Market.
Precision medicine aims to pinpoint and clarify connections between causes and cures while also forecasting an individual's next course of action. Traditional diagnosis, based on the patient's stated symptoms, leads to umbrella diagnoses, and the associated therapies frequently fail. In order to predict diseases and enable appropriate therapies, quantum computing may be able to use continuous data streams. Utilizing continuous care, quantum-enhanced predictive medicine optimizes and customizes healthcare services. Quantum-enhanced modeling may increase patient engagement and adherence to individual-level treatments. These benefits of quantum computing are extremely beneficial for the market's growth, as in the coming years, the demand for precision medicine will grow rapidly.
Connecting smart medical objects has never been more important because of the fifth-generation (5G) connection. It has an exceptionally high capacity, low latency, increased bandwidth, and strong integrity. To function, IoT devices send data to edge/cloud infrastructure for processing. From the user's point of view, cloud storage has security problems, which creates new hurdles for the accessibility, consistency, and confidentiality of data. In order to offer new services, quantum computing can profit from 5G and 6G networks. Quantum walks provide an all-encompassing processing model and built-in cryptography capabilities to provide efficient alternatives for the healthcare sector. Hence, the greater accessibility of fast internet connections is propelling the development of the market.
The quantum computing device is still not operating efficiently and accurately. Companies involved in genetics and drug research have encountered problems using quantum computing. Accuracy has also been hampered by the technology's lack of operational efficiency. In addition, once reaching a certain temperature, the quantum computing device takes a long time to cool down. Its effectiveness is hampered by this, which reduces production. As a result, traditional/conventional computer methods are favored nowadays, especially in developing nations. Market growth is anticipated to be somewhat impacted by the aforementioned reasons.
By component, the market is divided into hardware, software and services. The software segment covered a considerable revenue share in the market in 2022. Software is essential for making use of the processing power offered by quantum computing devices as well as for creating and implementing quantum algorithms that are particularly suited for use in medical applications. To fully realize the promise of quantum computers, researchers, scientists, and developers must have access to programming languages, quantum software frameworks, and development tools. Healthcare workers can use quantum software to evaluate genetic data, improve drug discovery procedures, and solve optimization issues about healthcare delivery.
On the basis of technology, the market is classified into superconducting qubits, trapped ions, quantum annealing, and others. In 2022, the superconducting qubits segment witnessed the largest revenue share in the market. Due to their high speed, low operating temperature requirements, and low power consumption, they have a significant market share. These qubits can be utilized for a wide range of healthcare applications because of the high degree of control they allow for. Superconducting qubits are a cutting-edge technology in quantum computing and have grown significantly due to their potential for scalability and error correction.
Based on the application, the market is segmented into drug discovery & development, medical diagnostics, genomics & precision medicine, radiotherapy, risk analysis, and others. In 2022, the genomics & precision medicine segment recorded a remarkable revenue share in the market. The goal of precision medicine is to completely rethink the identification, treatment, and prevention of disease. The growth of person-centered medicine has been spurred by its exponential growth during the past few years. Several intricate elements have driven this expansion.
By end user, the market is fragmented into pharmaceutical & biopharmaceutical companies, labs and research institutes, healthcare providers, and healthcare payers. The pharmaceutical & biopharmaceutical companies segment registered the maximum revenue share in the market in 2022. Leveraging quantum computing to accelerate drug research and development is of great interest to the pharmaceutical & biopharmaceutical industries. Quantum computing has the ability to increase molecular interactions, improve clinical trial efficacy, and greatly speed up the discovery of drug candidates.
Based on deployment, the market is bifurcated into on premises and cloud based. The on-premises segment led the market by generating highest revenue share in 2022. Organizations can maintain complete control over their confidential data and intellectual property with on-premise quantum computing. Data may need to be stored and processed on-site in some businesses due to legal or regulatory requirements, especially those dealing with highly sensitive or confidential information. On-premise quantum computing assures that data stays inside the borders of the company, lowering worries about data breaches or illegal access.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 54.7 Million |
| Market size forecast in 2030 | USD 1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 45.4% from 2023 to 2030 |
| Number of Pages | 367 |
| Number of Table | 573 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Deployment, Component, Technology, Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The development of quantum computing has been led by North America. Strong financing, cutting-edge knowledge, and collaborations between academics and industry advance the field. Additionally, interest in quantum computing and its applications, which include healthcare, is growing. Large investments in quantum technology research and development have been made by regional nations, which may serve as the impetus for the growth of quantum computing in the healthcare sector.
Free Valuable Insights: Global Quantum Computing in Healthcare Market size to reach USD 1 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, RIGETTI COMPUTING, INC., ID Quantique SA, D-Wave Systems Inc., Google LLC (Alphabet Inc.), Protiviti Inc. (ROBERT HALF INTERNATIONAL INC.), Deloitte Touche Tohmatsu Limited, Accenture PLC and Atos Group.
By Deployment
By Component
By Technology
By Application
By End User
By Geography
The Market size is projected to reach USD 1 Billion by 2030.
Increasing availability of 5G/6G High-Speed networks for data processing are driving the Market in coming years, however, High implementation costs and problems with accuracy with quantum computing systems restraints the growth of the Market.
IBM Corporation, RIGETTI COMPUTING, INC., ID Quantique SA, D-Wave Systems Inc., Google LLC (Alphabet Inc.), Protiviti Inc. (ROBERT HALF INTERNATIONAL INC.), Deloitte Touche Tohmatsu Limited, Accenture PLC and Atos Group.
The Drug Discovery & Development segment is generating highest revenue share in the Global Quantum Computing in Healthcare Market by Application in 2022 thereby, achieving a market value of $379.3 Million by 2030.
The Hardware segment is leading the Global Quantum Computing in Healthcare Market by Component in 2022 thereby, achieving a market value of $480.4 Million by 2030.
The North America market dominated the Global Quantum Computing in Healthcare Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $528.4 Million by 2030.
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