Quantum Computing In Healthcare Global Market Report 2024

The quantum computing in healthcare market size has grown exponentially in recent years. It will grow from $0.06 billion in 2023 to $0.09 billion in 2024 at a compound annual growth rate (CAGR) of 36.8%. The increase witnessed during the historical period can be attributed to several factors. These factors comprise the expansion of high-speed networks, a rising preference for quantum computing, heightened patient engagement resulting in improved adherence to personalized treatments, enhanced bandwidth capacities, improved data integrity, and a greater comprehension of molecular interactions.

The quantum computing in healthcare market size is expected to see exponentially growth in the next few years. It will grow to $0.3 billion in 2028 at a compound annual growth rate (CAGR) of 37.1%. In the forecast period, growth can be attributed to rising investments in quantum computing, the increasing demand for precision medicine, and the acceleration of drug discovery capabilities. Additionally, the capacity to manage extensive data for personalized medicine is expected to contribute significantly to this growth. Major trends anticipated in this period include the discovery of new therapeutics, advancements in mRNA research, developments in biomedical research, improvements in imaging and diagnostics, and ongoing technological advancements.

The expansion of high-speed 5G or 6G networks is anticipated to drive the growth of quantum computing in the healthcare sector. These advanced wireless communication technologies offer faster data transfer rates, reduced latency, and improved connectivity, meeting the increasing demand for enhanced connectivity to support IoT, autonomous vehicles, and augmented reality applications. The synergy between high-speed networks and quantum computing in healthcare can facilitate faster data transfers, enable edge computing, support remote healthcare services, and enhance security and privacy measures. This integration has the potential to transform healthcare delivery, research, and innovation, ultimately leading to better patient outcomes. According to a report by the GSM Association, 5G connections are projected to double from 1 billion in 2021 to 2 billion by 2025. By the end of 2025, 5G connections are expected to comprise over 20% of total mobile connections, with more than 40% of the global population having access to 5G networks. This increased availability of high-speed networks is a key driver behind the growth of quantum computing in healthcare.

Leading companies in the quantum computing in healthcare sector are investing in advanced technologies such as quantum computers. These quantum computers have the potential to analyze large volumes of genomic data much faster than traditional computers, enabling personalized treatment plans. They also excel in solving complex problems in cryptography, optimization, drug discovery, and material science. For instance, Cleveland Clinic and IBM Corporation collaborated to launch the first quantum computer dedicated to healthcare research. With over 1,000 qubits, this quantum computer promises significant advancements in drug discovery, genomic analysis, molecular modeling, and medical imaging.

In March 2022, Supernova Partners Acquisition Company II Ltd. merged with Rigetti Holdings Inc. to accelerate the development of next-generation quantum processors. Rigetti Holdings Inc. specializes in full-stack quantum computing in healthcare and aims to leverage the merger to enhance operations and pursue corporate objectives.

Major companies operating in the quantum computing in healthcare market are Google LLC, Microsoft Corporation, Tencent Holdings Limited, Intel Corporation, IBM Corporation, HoneyWell International Inc., Fujitsu Ltd., Toshiba Corp., Atos SE, Quantinuum, Cambridge Quantum Computing, IonQ Inc., 1QBit Co., Rigetti & Co Inc., Cambridge Quantum Computing, QC Ware Corp., D-Wave Systems Inc., Zapata Computing Inc., Algorithmiq, KETS Quantum Security Ltd., Anyon Systems Inc., ProteinQure Inc., Menten AI, Entropica Labs, Strangeworks.

North America was the largest region in the quantum computing in healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum computing in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the quantum computing in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Utilizing quantum computing technology in healthcare entails harnessing its capabilities to enhance different facets of the healthcare industry, including drug discovery, medical imaging, genomics, personalized medicine, and healthcare optimization. This cutting-edge technology excels at tackling intricate computational challenges more effectively than classical computers, thereby expediting research, improving patient care, and streamlining healthcare systems.

The fundamental components of quantum computing in healthcare comprise hardware, software, and services. Hardware encompasses the tangible aspects of a quantum computing system, such as the quantum processor, control electronics, and supporting infrastructure. It encompasses diverse technologies such as superconducting qubits, trapped ions, and quantum annealing, among others, and can be implemented either on-site or in cloud-based environments. Its applications range from drug discovery and development to medical diagnostics, genomics, precision medicine, radiotherapy, risk analysis, and beyond, serving various end-users including pharmaceutical and biopharmaceutical companies, laboratories, research institutes, healthcare providers, and healthcare payers.

The quantum computing in healthcare market research report is one of a series of new reports that provides quantum computing in healthcare market statistics, including quantum computing in healthcare industry global market size, regional shares, competitors with a quantum computing in healthcare market share, detailed quantum computing in healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the quantum computing in healthcare industry. This quantum computing in healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The quantum computing in healthcare market consists of revenues earned by entities by providing services such as installation services, equipment updates, data management services and periodic software upgrades. The market value includes the value of related goods sold by the service provider or included within the service offering. The quantum computing in healthcare market also includes sales of quantum-enhanced drug discovery platforms, quantum-based diagnostic tools, biomolecular simulation software and quantum-powered bioinformatics platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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