Quantum Computing in Healthcare Market to Reflect Tremendous Growth Potential with A CAGR Of 42.90% BY 2032

Market Analysis:

The global quantum computing in healthcare market will touch USD 1.98 billion at 42.90% CAGR by 2032, as per the latest Market Research Future report.

Drivers 

Increasing Adoption in Radiotherapy to Boost Market Growth 

The increasing adoption of quantum computing in radiotherapy will fuel market growth during the assessment period. Radiotherapy includes the usage of radiation for eliminating malignant cells or halting their proliferation, used frequently in cancer treatment. Creating a radiation plan which minimizes harm to the healthy body parts and tissues is vital. The process includes complex optimization issues with various variables. Quantum computing will help to simulate assorted possibilities amidst each iteration, allowing healthcare experts in concurrently running several simulations and formulating the optimal radiation strategy.

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Key Players

Eminent market players profiled in the global quantum computing in healthcare market report include

• IBM Corporation
• Microsoft Corporation
• Google LLC
• D-Wave Systems
• IonQInc
• Rigetti Computing
• Fujitsu Ltd
• Intel Corporation
• Honeywell International Inc.
• AT&T Inc

Opportunities:

Growing Need for Precision Medicine to offer Robust Opportunities 

The growing need for quantum computing in precision medicine will offer opportunities for the market over the forecast period. Precision medicine aims in pinpointing and clarifying connections between cures and causes while at the same time also forecasting a person’s upcoming course of action. The traditional diagnosis as per the stated symptoms of the patient results in umbrella diagnoses & the related therapies often fail. Thus for predicting diseases and enabling appropriate therapies, the quantum computing technology can use constant data streams. Using constant care, predictive medicine that are quantum-enhanced helps in optimizing and customizing healthcare solutions. The quantum-enhanced modeling can boost patient engagement & adhere to the individual-level treatment. Such perks that quantum computing offer are immensely profitable for the expansion of the market with the need for precision medicine likely to grow rapidly in the years ahead.

Restraints and Challenges 

High Implementation Cost to act as Market Restraint 

The high implementation cost of quantum computing technology, accuracy issues, and cooling challenges may act as market restraints over the forecast period.

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Market Segmentation 

The global quantum computing in healthcare market is bifurcated based on component, technology, application, end user, and deployment.

By component, services will lead this market in the forecast period.

By technology, superconducting qubits will domineer the market over the forecast period.

By application, drug discovery & development will spearhead the market over the forecast period.

By end user, pharmaceutical & biopharmaceutical companies will spur the market over the forecast period.

By deployment, cloud based will head the market over the forecast period.

COVID-19 Analysis 

Quantum computing played a pivotal role to address COVID-19 challenges. Quantum computing helps in stimulating complex molecular interactions quicker, thus helping in accelerating drug discovery such as finding COVID-19 treatment. It can aid to design more effective vaccines via optimizing protein folding & antigen-antibody interactions which were crucial to combat COVID-19 virus. Quantum computing helps in analyzing vast datasets for developing personalized treatments accounting for the individual genetic variation that helped to augment patient outcome in COVID-19. This technology can also model evolution of pathogens, aiding in predicting and combating drug resistance, the issue to treat infectious diseases like COVID-19. Last but not least, quantum algorithms can help in optimizing hospital resource allocation, the supply chain management especially for medical equipment & healthcare logistics at the time of pandemic responses.

Regional Analysis:

North America to Command Quantum Computing in Healthcare Market 

North America will command the quantum computing in healthcare market over the forecast period with a 45.80% market share. Some of the highly esteemed IT firms, universities, and research centers are located in this region, to be more specific in the US. Such businesses are engaged actively in creating and studying quantum computing. The collaborations between such healthcare providers and institutions help to promote innovation within the healthcare domain in fields such as disease modeling, genetics, and drug discovery. Further, the US market for quantum computing in healthcare grabbed the utmost market share while the market in Canada had been the fastest growing within this region. North America domineer the market with collaborations and strong investments boosting quantum computing advances. The quantum computing development is significant especially in the biopharmaceutical and pharmaceutical sectors. Geographically, with an array of academic institutions and businesses laying emphasis on healthcare applications of the quantum computing technology, North America stays ahead in the quantum computing development. Partnerships between industry and academia, technological know-how, and robust funding are also fuelling market growth in the area.

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APAC to Have Admirable Growth in Quantum Computing in Healthcare Market 

The APAC region will have an admirable growth in the quantum computing in healthcare market over the forecast period. The quantum hubs in fact are beginning to form with the APAC zone in nations such as Japan, Australia, and China. Such centers are making key investments in quantum technology advances which also include applications in medicine. Quantum innovation in the area is being fueled by partnerships between healthcare organizations, entrepreneurs, and academic institutions. Moreover, the market for quantum computing in healthcare in China grabbed the utmost market share while the market in India had been the fastest developing market. Besides, factors such as burgeoning need for advanced technologies like quantum computing technology for genomics and research purposes, rising adoption and awareness of the technology in emerging regions, & augmented healthcare infrastructure are also fuelling market growth.

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