What are the Historical Developments and Current Growth Metrics of the Quantum Computing In Healthcare Market?
The quantum computing in healthcare market has seen considerable growth due to a variety of factors.
• The quantum computing in healthcare market has grown rapidly in recent years. It will grow from $0.09 billion in 2024 to $0.12 billion in 2025, reflecting a compound annual growth rate (CAGR) of 37.3%.
This growth is driven by the expansion of high-speed networks, increasing patient engagement, the preference for individual-level treatments, higher bandwidth, and a focus on strong data integrity.
What is the Forecasted Market Size and CAGR for the Quantum Computing In Healthcare Market?
The quantum computing in healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• The quantum computing in healthcare market is forecasted to grow to $0.42 billion by 2029 at a CAGR of 36.9%.
Growth is driven by increasing investments, demand for precision medicine, and drug discovery acceleration. Trends include new therapeutics, mRNA research, and advancements in imaging diagnostics.
What Key Factors and Trends Are Driving The Growth Quantum Computing In Healthcare Market?
The growth of quantum computing in the healthcare market is anticipated to be fueled by the escalating accessibility of high-speed 5G or 6G networks. These next-generation wireless communication technologies offer significantly quicker data transfer rates, less latency, and increased connectivity when compared to their predecessors. The mounting demand for quicker, more dependable connectivity to facilitate advanced applications such as the Internet of Things, autonomous cars, and augmented reality has led to the widening availability of high-speed 5G or 6G networks. Healthcare quantum computing could benefit from 5G networks through the speeding up of data transfer, facilitating edge computing, assisting remote healthcare services, and enhancing security and privacy. The merger of these innovations has the potential to transform healthcare delivery, research, and innovation, ultimately resulting in better patient and healthcare outcomes. As per a March 2022 report by the GSM Association, a non-profit organization headquartered in the UK, the quantity of 5G connections is set to rise from 1 billion in 2021 to 2 billion by 2025. As such, the escalating accessibility of high-speed 5G or 6G networks is propelling the expansion of quantum computing in the healthcare market.
What Are The Market Segments In The Quantum Computing In Healthcare Market?
The quantum computing in healthcare market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Superconducting Qubits, Trapped Ions, Quantum Annealing, Other Technologies
3) By Deployment: On-Premise, Cloud
4) By Application: Drug Discovery And Development, Medical Diagnostics, Genomics And Precision Medicine, Radiotherapy, Risk Analysis, Other Applications
5) By End-User: Pharmaceutical And Biopharmaceutical Companies, Labs And Research Institutes, Healthcare Providers, Healthcare Payers
Subsegments:
1) By Hardware: Quantum Processors, Quantum Computers, Cryostats
2) By Software: Quantum Algorithms, Quantum Simulation Software, Data Analysis Software
3) By Services: Consulting Services, Cloud-Based Quantum Computing Services, Training And Support Services
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What New Trends Are Influencing The Quantum Computing In Healthcare Market?
Key players in the quantum computing in healthcare market are innovating advanced technologies such as quantum computers that can process immense genomic data at a speed unmatchable by traditional computers, aiding in the creation of personalized treatment plans. The abilities of quantum computers stretch far beyond traditional ones, especially in solving problems related to cryptography, optimization, drug discovery, and material science. A pertinent example is the inauguration of the first healthcare research-dedicated quantum computer in January 2024 by Cleveland Clinic, a US non-profit academic medical center, in alliance with IBM Corporation, a tech giant based in the US. The computer, having over 1,000 qubits, has the potential to remarkably enhance healthcare research in areas like drug discovery, genomic analysis, molecular modeling, and medical imaging. The combination of its unique technology and an innovative approach in nurturing highly skilled data science and quantum computing personnel is set to take the understanding of the field to unprecedented levels.
Who Are the Key Players In The Quantum Computing In Healthcare Market?
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
What Are The Regional Insights Into The Quantum Computing In Healthcare Market?
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.
