Quantum Computing in Healthcare Market in terms of revenue was estimated to be worth $85 million in 2023 and is poised to reach $503 million by 2028, growing at a CAGR of 42.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The increasing investments in quantum computing in developed as well as emerging economies, growing inclination of payers toward quantum computing, rising demand for personalized medicine, and rise in funding and investments in quantum computing startups are some of the key factors expected to drive market growth during the forecast period.
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Quantum computing holds great promise for revolutionizing the healthcare industry in the near future. With its unparalleled computational power, quantum computers have the potential to tackle complex problems that are beyond the reach of classical computing systems. In healthcare, this means solving intricate challenges related to drug discovery, genomics, medical imaging, personalized medicine, and more. Quantum computing can significantly accelerate the drug discovery process by simulating and analyzing the interactions between molecules and predicting their efficacy.
Superconducting Qubits segment accounted for the largest share of the quantum computing in healthcare market, By Technology
In 2022, the superconducting qubits segment accounted for the largest share of the quantum computing in healthcare market. The large share can be attributed to the low power consumption, high speed, and the ability to operate at low temperatures. Also, high degree of control possible with this type of qubit, they can be used for variety of healthcare applications, such as quantum simulation, cryptography, and quantum computing.
Healthcare payers segment is expected to register the highest CAGR by end user of quantum computing in healthcare market
The healthcare payers segment is expected to register the highest CAGR by end user of the quantum computing in healthcare market. The growth of the segment can be attributed to the growing number of potential applications for health insurers like pricing, fraud detection, diagnostics/member experience.The quantum computing also plays a major role in developing more granular risk models that compute financials more efficiently, improve health outcomes and ultimately reducing healthcare costs.
North America dominated the quantum computing in healthcare market in 2022
North America accounted for the largest share of the quantum computing in healthcare market. The large share of North America can be attributed to the increasing government funding & investments for quantum computing, and growing number of quantum computing companies catering to the healthcare industry in the region.
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Quantum Computing in Healthcare Market Dynamics:
Drivers:
- Increasing investments in quantum computing in developed as well as emerging economies
- Growing inclination of payers toward quantum computing
Restraints:
- Accuracy issues with quantum computing systems and high implementation costs
Opportunities:
- Technological advancements in quantum computing supporting various healthcare applications
Challenges:
- Lack of technical expertise and data management issues
Key Market Players:
IBM (US), Google, Inc. (US), Rigetti & Co, LLC. (US), Quandela (France), D-Wave Quantum Inc. (Canada), Quantinuum, Ltd. (US & UK), ID Quantique (Switzerland), Zapata Computing (US), Atos SE (France), IonQ (US), Classiq Technologies, Inc. (US), Xanadu Quantum Technologies Inc. (Canada), QC Ware (US), Protiviti, Inc. (US), Hefei Origin Quantum Computing Technology Co., Ltd. (China), PwC (UK), Deloitte (UK), Accenture (Ireland), Amazon Web Services (US), Pasqal (France), Fujitsu (Japan), Sandbox AQ (US), SEEQC (US), Quintessence Labs (Australia), and Qnami (Switzerland) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.
Recent Developments:
- In March 2023 Quandela (France) partnered with CryptoNext (France) , This aimed to develop a fully integrated quantum-safe solution to secure transfer of sensitive data
- In March 2023, IBM (US) Partnered with Cleveland Clinic (UK), through this partnership, The IBM Quantum System One was installed at Cleveland Clinic and became the first quantum computer in the world to be uniquely dedicated to healthcare research with an aim to help Cleveland Clinic accelerate biomedical discoveries.
- In March 2023, D-Wave Quantum, Inc. (Canada) Launched Dwave-Scikit-Learn-Plugin, which is a new hybrid solver plug-in, helping companies leverage quantum technology to streamline the development of machine learning (ML) applications.
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