Cancer patients frequently receive radiotherapy as treatment, therefore, Radiotherapy segment acquired $5,335.2 million revenue in the market in 2022. Furthermore, it uses radiation to kill malignant cells or stop them from proliferating.
New York, July 31, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Quantum Computing in Healthcare Market Size, Share & Industry Trends Analysis Report By Deployment, By Component, By Technology, By Application, By End User, By Regional Outlook and Forecast, 2023 – 2030” – https://www.reportlinker.com/p06481459/?utm_source=GNW
To lessen the harm to healthy tissues and bodily parts, it is also essential to develop a radiation plan. It also handles challenging optimization issues involving thousands of variables. As a result, it takes several simulations before the best solution is found in order to arrive at the ideal radiation strategy. Therefore, a wide range of possibilities is considered between each simulation using quantum computing. As a result, it enables healthcare experts to run several simulations concurrently and create an ideal strategy.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2023, IBM Corporation signed a partnership with Moderna, Inc. to develop solutions for mRNA research using quantum computing capabilities. The partnership would facilitate the creation and discovery of new therapeutics. Additionally, In December, 2022, D-Wave Systems Inc. came into partnership with uptownBasel to integrate D-Wave’s quantum annealing technology with uptownBasel’s offerings for Quantum & AI. The partnership would facilitate quantum innovation on a global scale.
Based on the Analysis presented in the KBV Cardinal matrix; Google LLC. is the major forerunner in the Market. In January, 2023, Google LLC entered a partnership with Bayer AG, a pharmaceutical company based in Germany, to develop solutions for early drug discovery using Google’s TensorFlow Processing Units. The combined expertise of the two companies would drive innovations in drug discovery. Companies such as Accenture PLC, IBM Corporation, Protiviti Inc. are some of the key innovators in the Market.
Market Growth Factors
Growing demand for and research into precision medicine
Precision medicine aims to pinpoint and clarify connections between causes and cures while also forecasting an individual’s next course of action. Traditional diagnosis, based on the patient’s stated symptoms, leads to umbrella diagnoses, and the associated therapies frequently fail. In order to predict diseases and enable appropriate therapies, quantum computing may be able to use continuous data streams. Utilizing continuous care, quantum-enhanced predictive medicine optimizes and customizes healthcare services. Quantum-enhanced modeling may increase patient engagement and adherence to individual-level treatments. These benefits of quantum computing are extremely beneficial for the market’s growth, as in the coming years, the demand for precision medicine will grow rapidly.
Increasing availability of 5G/6G High-Speed networks for data processing
Connecting smart medical objects has never been more important because of the fifth-generation (5G) connection. It has an exceptionally high capacity, low latency, increased bandwidth, and strong integrity. To function, IoT devices send data to edge/cloud infrastructure for processing. From the user’s point of view, cloud storage has security problems, which creates new hurdles for the accessibility, consistency, and confidentiality of data. In order to offer new services, quantum computing can profit from 5G and 6G networks. Quantum walks provide an all-encompassing processing model and built-in cryptography capabilities to provide efficient alternatives for the healthcare sector. Hence, the greater accessibility of fast internet connections is propelling the development of the market.
Market Restraining Factors
High implementation costs and problems with accuracy with quantum computing systems
The quantum computing device is still not operating efficiently and accurately. Companies involved in genetics and drug research have encountered problems using quantum computing. Accuracy has also been hampered by the technology’s lack of operational efficiency. In addition, once reaching a certain temperature, the quantum computing device takes a long time to cool down. Its effectiveness is hampered by this, which reduces production. As a result, traditional/conventional computer methods are favored nowadays, especially in developing nations. Market growth is anticipated to be somewhat impacted by the aforementioned reasons.
Component Outlook
By component, the market is divided into hardware, software and services. The software segment covered a considerable revenue share in the market in 2022. Software is essential for making use of the processing power offered by quantum computing devices as well as for creating and implementing quantum algorithms that are particularly suited for use in medical applications. To fully realize the promise of quantum computers, researchers, scientists, and developers must have access to programming languages, quantum software frameworks, and development tools. Healthcare workers can use quantum software to evaluate genetic data, improve drug discovery procedures, and solve optimization issues about healthcare delivery.
Technology Outlook
On the basis of technology, the market is classified into superconducting qubits, trapped ions, quantum annealing, and others. In 2022, the superconducting qubits segment witnessed the largest revenue share in the market. Due to their high speed, low operating temperature requirements, and low power consumption, they have a significant market share. These qubits can be utilized for a wide range of healthcare applications because of the high degree of control they allow for. Superconducting qubits are a cutting-edge technology in quantum computing and have grown significantly due to their potential for scalability and error correction.
Application Outlook
Based on the application, the market is segmented into drug discovery & development, medical diagnostics, genomics & precision medicine, radiotherapy, risk analysis, and others. In 2022, the genomics & precision medicine segment recorded a remarkable revenue share in the market. The goal of precision medicine is to completely rethink the identification, treatment, and prevention of disease. The growth of person-centered medicine has been spurred by its exponential growth during the past few years. Several intricate elements have driven this expansion.
End User Outlook
By end user, the market is fragmented into pharmaceutical & biopharmaceutical companies, labs and research institutes, healthcare providers, and healthcare payers. The pharmaceutical & biopharmaceutical companies segment registered the maximum revenue share in the market in 2022. Leveraging quantum computing to accelerate drug research and development is of great interest to the pharmaceutical & biopharmaceutical industries. Quantum computing has the ability to increase molecular interactions, improve clinical trial efficacy, and greatly speed up the discovery of drug candidates.
Deployment Outlook
Based on deployment, the market is bifurcated into on premises and cloud based. The on-premises segment led the market by generating highest revenue share in 2022. Organizations can maintain complete control over their confidential data and intellectual property with on-premise quantum computing. Data may need to be stored and processed on-site in some businesses due to legal or regulatory requirements, especially those dealing with highly sensitive or confidential information. On-premise quantum computing assures that data stays inside the borders of the company, lowering worries about data breaches or illegal access.
Regional Outlook
Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The development of quantum computing has been led by North America. Strong financing, cutting-edge knowledge, and collaborations between academics and industry advance the field. Additionally, interest in quantum computing and its applications, which include healthcare, is growing. Large investments in quantum technology research and development have been made by regional nations, which may serve as the impetus for the growth of quantum computing in the healthcare sector.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, RIGETTI COMPUTING, INC., ID Quantique SA, D-Wave Systems Inc., Google LLC (Alphabet Inc.), Protiviti Inc. (ROBERT HALF INTERNATIONAL INC.), Deloitte Touche Tohmatsu Limited, Accenture PLC and Atos Group.
Recent Strategies Deployed in Quantum Computing in Healthcare Market
Partnerships, Collaborations & Agreements:
Apr-2023: IBM Corporation partnered with The EY organization, a major accounting firm, to develop solutions for complex business problems using quantum computing. Together the two companies would be able to provide quantum computing solutions for different applications across industries.
Apr-2023: IBM Corporation signed a partnership with Moderna, Inc., an mRNA specialist, to develop solutions for mRNA research using quantum computing capabilities. The partnership would facilitate the creation and discovery of new therapeutics.
Mar-2023: IBM Corporation came into partnership with Cleveland Clinic, a medical centre based in the United States, to develop solutions for healthcare research through the use of quantum computers. Together the two companies would be able to provide their customers with solutions for biomedical research innovations.
Jan-2023: Google LLC entered a partnership with Bayer AG, a pharmaceutical company based in Germany, to develop solutions for early drug discovery using Google’s TensorFlow Processing Units. The combined expertise of the two companies would drive innovations in drug discovery.
Dec-2022: D-Wave Systems Inc. came into partnership with uptownBasel, a Swiss automation solutions provider, to integrate D-Wave’s quantum annealing technology with uptownBasel’s offerings for Quantum & AI. The partnership would facilitate quantum innovation on a global scale.
Nov-2022: Atos Group came into partnership with IQM, a quantum computing solutions provider, to provide end-to-end quantum computing solutions. The partnership aids Atos in its Hybrid Computing strategy.
Sep-2022: Deloitte Touche Tohmatsu Limited signed a partnership with NVIDIA, a technology company based in the United States, to develop cloud solutions for different companies. The partnership would allow Deloitte to provide its clients with AI-powered transformation solutions.
Jun-2022: Rigetti Computing, Inc. announced a partnership with Riverlane, a quantum engineering solutions provider, to develop solutions against syndrome extraction in quantum computers. The partnership would facilitate Rigetti in its goal of solving the problem.
Jun-2022: Atos Group signed a partnership with OVHcloud, a cloud-based solutions provider, to integrate Atos’s quantum emulator with OVHcloud offers. The partnership would allow Atos to provide its quantum computing solutions as a service on OVHcloud’s cloud platform.
Sep-2021: Accenture PLC announced a partnership with IonQ, a quantum computing solutions provider, to develop experimentation solutions using quantum computing. The partnership would provide the joint customers of the two companies to provide them with quantum computing solutions.
Jun-2021: Atos Group partnered with Huma, a digital health solutions provider, to develop solutions for home healthcare. Through this partnership, the two companies would be able to drive the healthcare industry with proactive models.
Jan-2021: Google LLC partnered with Boehringer Ingelheim, a German pharmaceutical company, to develop solutions for pharmaceutical research and development using quantum computing. The combined expertise of the two companies would drive innovation in the pharmaceutical industry.
Product Launches and Product Expansions:
Nov-2022: ID Quantique SA unveiled a new family of ID281 SNSPDs, a series of photon detectors. The new family of ID281 SNSPDs features a pulse arrival time of less than 25ps and a recovery time of less than 30ns. All the SNPDs are compatible with the ID281 SO system.
Jun-2022: D-Wave Systems Inc. announced the launch of the Advantage2 annealing quantum computer. The computer features 7000 qubits and leverages the Zephyr topology. Furthermore, Advantage2 is compatible with 20 more qubits.
Scope of the Study
Market Segments covered in the Report:
By Deployment
• On-premise
• Cloud
By Component
• Hardware
• Software
• Services
By Technology
• Superconducting Qubits
• Trapped Ions
• Quantum Annealing
• Others
By Application
• Drug Discovery & Development
• Medical Diagnostics
• Genomics & Precision Medicine
• Radiotherapy
• Risk Analysis
• Others
By End User
• Pharmaceutical & Biopharmaceutical Companies
• Labs & Research Institutes
• Healthcare Providers
• Healthcare Payers
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• IBM Corporation
• RIGETTI COMPUTING, INC.
• ID Quantique SA
• D-Wave Systems Inc.
• Google LLC (Alphabet Inc.)
• Protiviti Inc. (ROBERT HALF INTERNATIONAL INC.)
• Deloitte Touche Tohmatsu Limited
• Accenture PLC
• Atos Group
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
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