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Quantum Computing in Healthcare Market Overview:
Quantum Computing in Healthcare Market Size was valued at USD 0.08 Billion in 2022. The Quantum Computing in Healthcare market industry is projected to grow from USD 0.11 Billion in 2023 to USD 1.98 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 42.90% during the forecast period (2023 - 2032). Drug discovery and development, genomic analysis, simulating biological systems, real-time monitoring and analytics are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Quantum Computing in Healthcare Market Trends
Rising drug discovery and development is driving the market growth
The creation of new drugs and drug discovery are the main forces driving the healthcare sector's market for quantum computing. The pharmaceutical sector has a difficult time finding and creating novel medications and treatments. In order to overcome these difficulties, quantum computing has proven to be a potent instrument that dramatically speeds up and improves the efficiency of the drug discovery process.
Through molecular modeling and simulation, quantum computing is fundamentally altering drug discovery. The intricate quantum mechanical interactions that control the behavior of molecules at the atomic and subatomic level are difficult for classical computers to faithfully emulate. However, quantum computers excel at carrying out these calculations. They are able to precisely simulate interactions with possible medicinal compounds, model the behavior of molecules, and forecast their characteristics. With the use of this capability, researchers may more quickly assess a large number of chemical combinations and test new therapeutic candidates.
The ability of quantum computing to address the problem of drug-resistant diseases is another important driving force. Finding new antibiotics has been more and more challenging since antibiotic resistance is a rising global health concern. By examining the intricate interactions between pathogens and possible medication candidates, quantum computing can speed up the hunt for new antibiotic molecules and more quickly identify promising ones.
Through tests, clinical trials, and genetic analysis, the pharmaceutical sector produces enormous amounts of data. Data-driven drug discovery is made easier by quantum computing, which can process and analyze this data at previously unheard-of speeds. Quantum computing-enhanced machine learning algorithms can find hidden patterns in huge datasets, accelerating the discovery of novel therapeutic targets and drug candidates. Thus, driving the Quantum Computing in Healthcare market revenue.
Quantum Computing in Healthcare Market Segment Insights
Quantum Computing in Healthcare Component Insights
The Quantum Computing in Healthcare Market segmentation, based on component, includes hardware, software and services. The services segment dominated the market in 2022. As a highly specialized field, quantum computing necessitates knowledge of quantum physics, quantum algorithms, and quantum hardware. Many research and healthcare companies lack the internal talent and expertise required to create and use quantum solutions. As a result, they seek the advice, counsel, and assistance of quantum computing service providers.
Quantum Computing in Healthcare Technology Insights
The Quantum Computing in Healthcare Market segmentation, based on technology, includes superconducting qubits, trapped ions, quantum annealing and others. The superconducting qubits segment dominated the market in 2022. Superconducting qubits offer immense computational power compared to classical computers. They can perform complex calculations at speeds that were previously unimaginable. This capability is vital for processing vast healthcare datasets, such as genomic data or medical imaging, in real-time and with high precision.
Quantum Computing in Healthcare Application Insights
The Quantum Computing in Healthcare Market segmentation, based on application, includes drug discovery and development, medical diagnostics, genomics and precision medicine, radiotherapy, risk analysis and others. The drug discovery and development segment dominated the market in 2022. Screening a huge number of chemical compounds to find prospective drug candidates is a time-consuming and expensive operation in the drug discovery process. This process is considerably accelerated by quantum computing, which can carry out intricate simulations and calculations at rates that are impossible by conventional computers. Researchers can more quickly predict the characteristics of therapeutic candidates and mimic chemical interactions, which speeds up the identification of potential molecules.
Quantum Computing in Healthcare End User Insights
The Quantum Computing in Healthcare Market segmentation, based on end user, includes pharmaceutical and biopharmaceutical companies, labs and research institutes, healthcare providers and healthcare payers. The pharmaceutical and biopharmaceutical companies segment dominated the market in 2022. Companies in the pharmaceutical and biopharmaceutical industries face ongoing pressure to launch novel medications and treatments. The modeling and prediction of intricate chemical interactions made possible by quantum computing considerably speeds up the process of finding new drugs. As a result, it takes less time and money to conduct preclinical research and identify viable therapeutic candidates.
Quantum Computing in Healthcare Deployment Insights
The Quantum Computing in Healthcare Market segmentation, based on deployment, includes on premises and cloud based. The cloud based category generated the most income in 2022. Scalability is provided by cloud-based quantum computing platforms to accommodate the various computational needs of healthcare applications. In order to effectively manage complicated simulations, data processing, and analytics, healthcare firms can scale their quantum resources up or down as necessary.
Figure 1: Quantum Computing in Healthcare Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Quantum Computing in Healthcare Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Quantum Computing in Healthcare Market dominated this market in 2022 (45.80%). Some of the most esteemed research centers, universities, and IT firms are based in North America, particularly the United States. These businesses are actively engaged in the creation and study of quantum computing. Collaborations between these institutions and healthcare providers are promoting innovation in the healthcare sector in fields like drug discovery, genetics, and disease modeling. Further, the U.S. Quantum Computing in Healthcare market held the largest market share, and the Canada Quantum Computing in Healthcare market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: QUANTUM COMPUTING IN HEALTHCARE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Quantum Computing in Healthcare market accounts for the second-largest market share. The QuTech Institute in the Netherlands and the Quantum Flagship initiative are just two of the established hubs and centers of excellence for quantum research in Europe. These hubs promote interaction between quantum researchers, tech firms, and healthcare providers, which promotes the investigation of quantum remedies for healthcare issues. Further, the German Quantum Computing in Healthcare market held the largest market share, and the UK Quantum Computing in Healthcare market was the fastest growing market in the European region.
The Asia-Pacific Quantum Computing in Healthcare Market is expected to grow at the fastest CAGR from 2023 to 2032. Quantum hubs are starting to form in the Asia Pacific region in nations including China, Australia, and Japan. These centers are making significant investments in the advancement of quantum technology, including applications in medicine. In the area, quantum innovation is being driven by partnerships between academic institutions, entrepreneurs, and healthcare organizations. Moreover, China’s Quantum Computing in Healthcare market held the largest market share, and the Indian Quantum Computing in Healthcare market was the fastest growing market in the Asia-Pacific region.
Quantum Computing in Healthcare Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Quantum Computing in Healthcare market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Quantum Computing in Healthcare industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Quantum Computing in Healthcare industry to benefit clients and increase the market sector. In recent years, the Quantum Computing in Healthcare industry has offered some of the most significant advantages to medicine. Major players in the Quantum Computing in Healthcare market, including IBM Corporation, Microsoft Corporation, Google LLC, D-Wave Systems, IonQInc, Rigetti Computing, Fujitsu Ltd, Intel Corporation, Honeywell International Inc, and AT&T Inc. and others, are attempting to increase market demand by investing in research and development operations.
D-Wave devices Inc (D-Wave) creates and offers devices, software, and services for quantum computing. In addition to annealing quantum computers, it also produces gate-model quantum computers. The company develops and offers application development tools, quantum systems, and software development kits. D-Wave offers training, expert services, quantum hybrid solver services, and leap quantum cloud service. The Advantage quantum computer allows programmers to easily design complex solutions with the aid of its Ocean software development kit. The company provides solutions based on quantum technologies for logistics, materials science, AI, cyber security, medicine research, financial modeling, and defect identification. It is in use in the US, the UK, Canada, and Japan. D-Wave's headquarters are in Burnaby, British Columbia, in Canada.
Fujitsu Ltd (Fujitsu) provides information and communications technology (ICT) solutions. It offers a range of PCs, servers, networking systems, storage devices, electrical devices, and associated products. Additional services provided by the company include network, communication, enterprise, cybersecurity, application, and business transformation. For data centers, Fujitsu offers servers, electrical equipment, HVAC, optical networks, network switches, 5G networks, open networks, and connection. It offers products with the Fujitsu brand. A wide range of industries, including the automotive, manufacturing, retail, finance, transportation, public sector, energy, and utilities sectors, are served by the company's services. It operates throughout the Middle East, Africa, the Americas, Europe, and Asia-Pacific. Fujitsu's corporate headquarters are located in Minato-Ku, Tokyo, Japan.
Key Companies in the Quantum Computing in Healthcare market include.
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IBM Corporation
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Microsoft Corporation
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Google LLC
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D-Wave Systems
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IonQInc
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Rigetti Computing
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Fujitsu Ltd
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Intel Corporation
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Honeywell International Inc
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AT&T Inc.
Quantum Computing in Healthcare Industry Developments
July 2022: D-Wave Systems and Mastercard entered into a multi-year strategic alliance to champion the acceleration and adoption of quantum computing solutions.
Quantum Computing in Healthcare Market Segmentation
Quantum Computing in Healthcare Component Outlook
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Hardware
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Software
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Services
Quantum Computing in Healthcare Technology Outlook
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Superconducting Qubits
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Trapped Ions
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Quantum Annealing
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Others
Quantum Computing in Healthcare Application Outlook
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Drug Discovery and development
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Medical Diagnostics
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Genomics and Precision Medicine
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Radiotherapy
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Risk Analysis
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Others
Quantum Computing in Healthcare End User Outlook
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Pharmaceutical and Biopharmaceutical Companies
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Labs and Research Institutes
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Healthcare Providers
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Healthcare Payers
Quantum Computing in Healthcare Deployment Outlook
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On premises
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Cloud Based
Quantum Computing in Healthcare Regional Outlook
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North America
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U.S.
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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