Quantum Computing in Healthcare Market worth $503 million

CHICAGO, May 15, 2023 /PRNewswire/ — 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. It can also contribute to advances in genomics by analyzing large-scale genomic datasets and identifying patterns associated with diseases. Furthermore, quantum computing can optimize medical imaging techniques by enhancing image resolution and processing speed, enabling more accurate and timely diagnoses. The ability of quantum computers to handle vast amounts of data and perform complex calculations opens up new possibilities for personalized medicine, as it can analyze individual patient data and provide tailored treatment recommendations. While quantum computing is still in its early stages, its potential impact on the healthcare industry is immense, and as the technology continues to advance, it is expected to reshape how healthcare is delivered, bringing about more precise diagnostics, effective therapies, and improved patient outcomes.

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 in Healthcare Market Scope:

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:

1. Increasing investments in quantum computing in developed as well as emerging economies
2. Growing inclination of payers toward quantum computing

Restraints:

1. Accuracy issues with quantum computing systems and high implementation costs

Opportunities:

1. Technological advancements in quantum computing supporting various healthcare applications

Challenges:

1. 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.

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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.

Quantum Computing in Healthcare Market Advantages:

• Accelerated Drug Discovery: Quantum computing can significantly speed up the drug discovery process by simulating and analyzing molecular interactions. Its immense computational power enables researchers to explore a vast chemical space and predict the efficacy of potential drug candidates. This can expedite the development of new drugs and therapies, potentially saving lives and improving patient outcomes.
• Enhanced Genomic Analysis: Genomic data is complex and vast, requiring immense computational power to analyze. Quantum computing has the potential to unlock insights from large-scale genomic datasets, helping researchers better understand genetic patterns and identify disease-related markers. This can lead to advancements in precision medicine and personalized treatment approaches, tailoring therapies based on an individual’s genetic makeup.
• Optimal Treatment Planning: Quantum computing can optimize treatment planning by processing and analyzing a range of variables, such as patient-specific data, medical records, and treatment guidelines. By considering a multitude of factors simultaneously, quantum algorithms can generate optimized treatment plans that maximize effectiveness while minimizing side effects. This can improve the overall quality of care and patient outcomes.
• Enhanced Medical Imaging: Quantum computing’s computational power can enhance medical imaging techniques, enabling higher-resolution imaging and faster data processing. This can lead to improved diagnostic accuracy, earlier detection of diseases, and more precise treatment planning. Additionally, quantum algorithms can be leveraged to reconstruct images from incomplete or noisy data, improving image quality and reducing the need for repeat scans.
• Advanced Data Analytics: The vast amount of healthcare data can be challenging to analyze effectively. Quantum computing can process and analyze large-scale healthcare datasets, extracting valuable insights and patterns that might not be apparent using traditional computing methods. This can help identify trends, predict disease outbreaks, optimize resource allocation, and improve population health management.
• Secure Data Handling: Quantum computing can also contribute to enhanced data security and privacy in healthcare. As quantum technologies advance, they can provide robust encryption methods that are resistant to quantum attacks. This ensures the protection of sensitive patient information and maintains the confidentiality and integrity of healthcare data.

The integration of quantum computing in the healthcare market brings numerous advantages, including accelerated drug discovery, enhanced genomic analysis, optimal treatment planning, improved medical imaging, advanced data analytics, and secure data handling. These advantages have the potential to transform healthcare delivery, improve patient outcomes, and pave the way for innovative advancements in the field.

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