Global Quantum Computing in Healthcare Market By Component (Hardware, Software, and Services), By Deployment Mode (Cloud and On-Premise), By Technology (Trapped ions, Superconducting qubits, and Quantum Annealing), By Application, By End-User, By Region, and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Oct 2023
- Report ID: 104108
- Number of Pages: 384
In 2022, the Global Quantum Computing in Healthcare Market was valued at USD 59.6 Million, it is estimated to reach USD 1,897.5 Million in 2032, and this market is projected to register a CAGR of 42.6%.
Quantum computing enables healthcare professionals to model difficult molecular interactions at an atomic stage. The healthcare industry especially develops itself with the help of developing and latest technology. This method can perform very fast DNA sequencing, which opens the opportunity for personalized medicine.
It allows the development of novel treatments and medicines through detailed modeling. This technology is based on the principles of quantum and superposition. Like normal computers, quantum computers make use of qubits instead of bits.
*Actual Numbers Might Vary In The Final Report
- Quantum computing remains in its infancy but holds great promise of revolutionizing industries such as drug discovery, molecular modeling, clinical trial design and medical imaging.
- Quantum computing market was estimated to be valued at USD 59.5 Million globally in 2022 and projected to hit an impressive total market size of USD 2,897.5 Million by 2032.
- Drug discovery and development represent over 75% of the current pharmaceutical R&D market due to their potential to accelerate pharmaceutical R&D.
- Quantum simulation could unlock complex drug interactions and biomolecular behaviors to enhance screening candidates and preclinical testing processes.
- Quantum machine learning algorithms have also found use in areas like personalized medicine, patient pattern recognition and population health insights.
- Major hurdles related to quantum computing technology include its infancy, high costs of quantum computers and limited expertise among biomedical researchers.
- Hybrid quantum-classical computing models are currently under investigation in order to combine the strengths of current and quantum systems for healthcare use cases.
Improve Data Security and Privacy to Drive the Quantum Computing Healthcare Market Growth.
Quantum computing can enhance data security and privacy in healthcare by providing advanced techniques for quantum computing. It can significantly speed up the process of drug discovery by stimulating molecular interactions and optimizing drug designs. With the rapid increase in skill and population, various research is being done in healthcare in terms of improving vision and accuracy by using machine learning models.
The current research targets to explore quantum computing in healthcare as a diverse way of processing information related to traditional computer systems such as quantum qubits. Quantum computing also provides necessary aids such as fast and easy diagnostic assistance.
Accuracy Influences with Quantum Computing Systems and High Application Cost Hamper Market Growth
The quantum computing system has not, up till now, reached the best efficacy and accuracy. Corporations in drug discovery and genomics have experienced difficulties while working with quantum computing.
Shortage of effective efficacy owing to the technology has difficulty also impacts accuracy. Additionally, the quantum computing system needs a long time to cool down after it reaches a specific disease. This hinders its efficacy.
Due to the high cost of quantum computers and their application, procedures must be time-consuming. Thus, presently, this technology is decreasing, and conventional and traditional systems, particularly in developing countries such as India, are chosen.
By Component Analysis
Services Segment to Witness Significant Growth
Global quantum computing in healthcare comprises services, software, and hardware. The services segment accounted for the largest market revenue share of 45.4% in 2022, owing to the advantages offered by the services, such as periodic software upgrades, installation, traditional licensing management, and equipment updates. Increase in the number of startups around the globe and heavy spending in R&D activities related to computing technology.
The hardware segment is dominating during the historical period and is projected to hold the second-largest market share, owing to the various quantum computing hardware platforms presently in development.
By Deployment Mode Analysis
The Cloud Segment Dominated the Market Growth of the Quantum Computing in Healthcare Market
Based on deployment mode, the global quantum computing in the healthcare market is classified into cloud and on-premise. The cloud segment dominated the highest market revenue share in 2022. The requirement for cloud computing solutions and services will likely rise as stronger systems develop.
Google is investing in and researching quantum technologies and is expected to launch an enhanced cloud service in the upcoming years. The on-premise segment held the maximum revenue share during the forecast period.
By Technology Analysis
The Superconducting Qubits Segment Hold the Highest Market Revenue Share During the Forecast Period
Based on the technology, global quantum computing in the healthcare market is categorized into trapped ions, superconducting qubits, and quantum annealing. The superconducting qubits segment accounted for the maximum market revenue share of 52% in 2022. Owing to its ability for scales and error correction, superconducting qubits are an innovative technology in the arena of quantum computing and have trained significant growth.
Superconducting circuits are frequently used to apply superconducting circuits to implement superconducting qubits based on the superconductivity theory. These qubits can have long consistency durations and can handle stimulating quantum complications. Some of the most advanced and nowadays commercially available quantum computers use superconducting qubits. The quantum annealing segment is anticipated to grow significantly during the forecast period.
By Application Analysis
The Genomics and Precision Medicine Segment Dominated the Highest Market Share
Based on the application, global quantum computing in the healthcare market is segmented into drug discovery and development, genomics and precision medicine, and others. The genomics & precision medicine segment dominated the highest market revenue share in 2022.
Genomics is one of the most important precision medicine drivers and is considered by various specialists as the one with the most disturbing potential in healthcare. Precision medicine is a relatively new approach that aims to redefine how to diagnose, treat and prevent disease.
The drug discovery and development segment holds the largest market share during the forecast period. One of the major use of quantum computing in healthcare is drug R&D. Over the optimization of drug candidate selection, simulation of molecular interactions, and prediction of drug-target can considerably speed up the drug discovery procedure.
By End-User Analysis
The Pharmaceutical and Biopharmaceutical Companies Segment Dominated the Quantum Computing in Healthcare Market
Based on the end-user, the global quantum computing in the healthcare market is divided into healthcare providers, labs and research institutes, pharmaceutical and biopharmaceutical companies, and others. Among these, the pharmaceuticals and biopharmaceuticals companies segment is anticipated to hold the highest market share in 2022.
The pharmaceutical and biopharmaceutical section is highly interested in using quantum computing to improve the procedures of drug discovery and development. The pharmaceutical part encounters problems like high costs, high rates of drug discovery, and protracted development schedules. The healthcare providers segment witnesses the maximum growth in the market during the forecast period.
Key Market Segments
By Deployment Mode
- Trapped ions
- Superconducting qubits
- Quantum Annealing
- Drug Discovery and Development
- Genomics and Precision Medicine
- Other Applications
- Pharmaceutical and Biopharmaceutical Companies
- Healthcare Providers
- Labs and Research Institutes
- Other End-Users
Technological Advancements in Quantum Computing Supporting Several Healthcare Applications
Market players have been investing considerably in expanding innovative quantum computing systems that aid end users in obtaining maximum efficacy. Some companies are cooperating to develop quantum computing systems with minimum error rates.
Companies such as Horizon Quantum have also been building programming tools for flexible computation routines. The rise in the approval of quantum computing applications in aerospace and defense, and life sciences offer significant opportunities in the market.
The Rising Use of Drug Discovery is the Global Trend in the Market
The increasing demand for quantum computers provides potent resources for considering difficult systems, such as the influence of drugs on biological systems, human physiology, and living organisms. This system is projected to be used in several pharmaceutical and R&D applications, mainly in the primary phases of drug discovery and development.
Quantum computing in healthcare is used in medical research. Quantum computing might accelerate and optimize prices and personalize treatment and diagnosis. Quantum computing in healthcare sectors advances with novel technologies. Artificial Intelligence and other technologies are also significant in healthcare.
North America Dominates the Global Quantum Computing in Healthcare Market During the Forecast Period
North America accounted for a significant quantum computing in healthcare market revenue share of 36.9% due to the rising government investments and funding for quantum computing and the increasing numeral of quantum computing corporations catering to the healthcare business in the region.
Geographically, various businesses and academic institutions focus on healthcare applications of quantum computing in the North American region. Strong technological advancement and collaboration between universities and industry drive the area.
Europe is estimated to hold the second-largest market revenue share during the forecast period due to its increasing popularity in the European region.
Asia-Pacific is anticipated to register the highest CAGR in 2022 due to the rising medical tourism expenditure is anticipated to bring the development of quantum computing for healthcare applications in the Asia-Pacific region.
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Key Players Analysis
The constant R&D activities by the company are leading to novel technologies. The market is extremely advanced, with many international market players operating. Key players concentrating on facilities provide an understanding of quantum computing in healthcare market opportunities. Some prominent key players in quantum computing in the healthcare market include International Business Machines Corporation, Google, Inc., Accenture plc, Deloitte, Amazon Web Services, Atos SE, and other key players.
Top Key Players
- International Business Machines Corporation
- Google, LLC
- Xanadu Quantum Technologies Inc.
- Accenture plc
- Amazon Web Services
- ID Quantiques
- Atos SE
- Other Key Players
- March 2023- Quandela collaborated with CryptoNext. This is expected to develop a fully combined quantum-safe solution for safely transferring complex data.
- March 2023- International Business Machines Corporation partnered with Cleaved Clinic. Through this collaboration, the IBM quantum system one was installed at Cleveland Clinic and became the initial quantum computer across the globe to be entirely committed to healthcare research to aid Cleaved Clinic in quickening biomedical discoveries.
Report Features Description Market Value (2022) USD 56.9 Million Forecast Revenue (2032) USD 1,897.5 Million CAGR (2023-2032) 42.6% Base Year for Estimation 2022 Historic Period 2016-2021 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Component- Hardware, Software, and Services; By Deployment Mode- Cloud and On-Premise; By Technology- Trapped ions, Superconducting qubits, and Quantum Annealing; By Application- Drug Discovery and Development, Genomics and Precision Medicine, and Other Applications; By End-User- Pharmaceutical and Biopharmaceutical Companies, Healthcare Providers, Labs, and Research Institutes, and Other End-Users Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; The Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape International Business Machines Corporation, Google LLC, Quandela, Xanadu Quantum Technologies Inc., Accenture plc, Amazon Web Services, ID Quantiques, Atos SE, Deloitte, and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)What is the size of the quantum computing in the healthcare market in 2022?
In 2022, the global quantum computing in the healthcare market was valued at USD 59.6 million, it is estimated to reach USD 1,897.5 million in 2032.What is the projected CAGR at which the Quantum Computing in Healthcare Market is expected to grow at?
The Quantum Computing in Healthcare Market is expected to grow at a CAGR of 42.6% (2023-2032).List the key industry players of the Quantum Computing in Healthcare Market?
International Business Machines Corporation, Google, LLC, Quandela, Xanadu Quantum Technologies Inc., Accenture plc, Amazon Web Services, ID Quantiques, Atos SE, Deloitte, Other Key Players
- International Business Machines Corporation Company Profile
- Google, LLC
- Xanadu Quantum Technologies Inc.
- Accenture plc Company Profile
- Amazon Web Services
- ID Quantiques
- Atos SE
- Other Key Players
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