Unlocking the Future: Quantum Computing's Role in Healthcare

Posted by snehal shaha on August 11th, 2023

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.

The report Quantum Computing in Healthcare Market is projected to reach USD 503 million by 2028 from USD 85 million in 2023, at a high CAGR of 42.5% during the forecast period.

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KEY MARKET DYNAMICS

           1 MARKET DRIVERS

                    1 Increasing investments in quantum computing in developed as well as emerging economies

                    2 Growing inclination of payers toward quantum computing

                    3 Rising demand for personalized medicine

                    4 Increasing funding and investments in quantum computing startups

           2 RESTRAINTS

                    1 Accuracy issues with quantum computing systems and high implementation costs

           3 OPPORTUNITIES

                    1 Technological advancements in quantum computing supporting various healthcare applications

                    2 Potential applications in medical image analysis and oncology

           4 CHALLENGES

                    1 Lack of technical expertise and data management issues

Market Segmentation: -

• 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.
• 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.

Regional Analysis: -

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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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.

Top Key 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.