Dublin, Sept. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Quantum Computing in Healthcare Market Size, Share & Industry Trends Analysis Report By Deployment, By Component (Hardware, Software, and Services), By Technology, By Application, By End User, By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global Quantum Computing in Healthcare market is on a trajectory for substantial growth, with a projected market size of $1 billion by 2030. The market is expected to experience a remarkable Compound Annual Growth Rate (CAGR) of 45.4% during the forecast period.
Radiotherapy Segment to Drive Significant Revenue
In 2022, the Radiotherapy segment emerged as a major revenue contributor in the Quantum Computing in Healthcare market, generating $5,335.2 million. Radiotherapy involves the use of radiation to eliminate malignant cells or halt their proliferation, frequently used in cancer treatment. Developing a radiation plan that minimizes harm to healthy tissues and body parts is crucial. This process entails complex optimization challenges with numerous variables. Quantum computing can assist in simulating a wide range of possibilities between each iteration, enabling healthcare professionals to concurrently run multiple simulations and formulate an optimal radiation strategy.
Partnerships Driving Market Development
Key market participants are embracing partnerships as a strategic approach to meet evolving end-user demands:
- In April 2023, IBM Corporation partnered with Moderna, Inc. to leverage quantum computing for mRNA research, facilitating the discovery of new therapeutics.
- In December 2022, D-Wave Systems Inc. collaborated with uptownBasel, aiming to enhance quantum innovation globally by integrating quantum annealing technology with uptownBasel's Quantum & AI solutions.
- Google LLC, in partnership with Bayer AG, is utilizing quantum computing for early drug discovery, boosting innovation in drug development.
Market Competition Analysis
Google LLC leads the market, notably partnering with Bayer AG for drug discovery. Additionally, companies such as Accenture PLC, IBM Corporation, and Protiviti Inc. are playing crucial roles in driving innovation in the Quantum Computing in Healthcare market.
Factors Driving Market Growth
Two key factors are propelling the growth of the Quantum Computing in Healthcare market:
- Demand for Precision Medicine: Precision medicine, which aims to pinpoint causes, cures, and individualized treatment plans, is gaining traction. Quantum computing can leverage continuous data streams to predict diseases and enable tailored therapies, enhancing patient engagement and adherence to treatments.
- 5G/6G Network Availability: The expansion of high-speed networks like 5G and 6G is supporting quantum innovation. Quantum computing can capitalize on these networks, offering efficient alternatives for data processing, cryptography, and healthcare optimization.
Factors Restraining Market Growth
Several challenges hinder the quantum computing healthcare market's growth:
- High Implementation Costs: Quantum computing systems are costly to implement and may lack operational efficiency.
- Accuracy Issues: Quantum computing technology is not yet highly accurate, impacting fields like genetics and drug research.
- Cooling Challenges: Quantum computing devices take time to cool down after reaching certain temperatures, reducing effectiveness and production.
Market Segmentation
The Quantum Computing in Healthcare market is segmented based on components, technology, applications, end-users, and deployment:
Component:
- Hardware
- Software
- Services
Technology:
- Superconducting Qubits
- Trapped Ions
- Quantum Annealing
- Others
Application:
- Drug Discovery & Development
- Medical Diagnostics
- Genomics & Precision Medicine
- Radiotherapy
- Risk Analysis
- Others
End-user:
- Pharmaceutical & Biopharmaceutical Companies
- Labs & Research Institutes
- Healthcare Providers
- Healthcare Payers
Deployment:
- On-premise
- Cloud-based
Regional Outlook
As of 2022, North America leads the Quantum Computing in Healthcare market, with strong investments and collaborations driving quantum computing advancements. The development of quantum computing is particularly significant in the pharmaceutical and biopharmaceutical sectors.
Key Players
Key market players, including 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, are actively contributing to the growth and innovation of the Quantum Computing in Healthcare market.
For more information about this report visit https://www.researchandmarkets.com/r/xrt3tc
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