Quantum computing is expected to make significant advances in 2024, and its growth in healthcare will depend on the development of the right ecosystem driven by collaboration between business, academia, and government.
Quantum computing is poised to revolutionize a variety of industries due to its potential for exponential computational power, among which healthcare stands out as a fascinating application area. In this article, we explore the intersection of quantum computing and healthcare, digging into both the challenges and the potential impacts.
Market size and investment
Understanding numerical data is essential to gain precision and clarity as trends and patterns emerge. Let’s take a look at the quantum technology investment landscape in 2024.
* Quantum computing in healthcare is projected to grow at a staggering compound annual growth rate (CAGR) of 42% from 2024 to 2032, both in terms of market size and overall value.
*Private sector investment flooded into quantum computing in 2022, but by 2023 public sector investment surpassed private sector investment.
* Currently, there are over 500 startups actively working on quantum computing.
* Universities around the world, especially in the US, China, UK and India, are launching quantum computing programs.
Supported by increasing investment from both the private and public sectors and a growing number of start-ups, quantum computing represents a transformation from traditional computing infrastructure.
Why is QC important in healthcare?
Quantum computers have the potential to revolutionize certain fields by solving problems that classical computers currently struggle to solve. For example, Google’s latest quantum computer is said to be able to perform 47 years’ worth of computational tasks in just six seconds.
This incredible potential positions quantum computing as a key technology, especially in the medical field, where it can efficiently process vast amounts of data to tackle complex problems. Let’s take a look at some of the medical fields that are already experimenting with quantum computing.
Drug discovery with unprecedented speed and precision
Traditional drug discovery involves a series of steps, from target identification to clinical trials, that can take years and involve significant risk. Quantum computing has the potential to shorten these timelines by enabling more accurate simulations of molecular interactions compared to classical computers.
Additionally, quantum computing can help researchers predict drug-protein interactions and optimize drug candidates, improving our understanding of biological processes and facilitating more efficient drug design.
Treatment and interventions
Emerging fields such as pharmacogenomics, combined with the principles of precision medicine, will usher in an era of targeted therapies and drug delivery systems based on genomic sequences, revolutionizing our approach to personalized medicine.
Imaging and diagnosis
Medical research organizations face significant computational challenges due to the sheer volume of data that accumulates over time. For example, consider a research program with over 100,000 members that runs for 5+ years and frequently generates MRI/CT scans. Such a program accumulates petabytes of data, including social determinants and patient-generated health information.
Quantum computing can analyze these massive data sets and simultaneously extract key information from the images at speeds faster than classical computers, revealing subtle patterns and anomalies that may go unnoticed using traditional methods.
assignment
Although quantum computing holds great potential for solving healthcare problems, it also faces several challenges that must be addressed to achieve the desired results.
Talent shortages, limited talent pipeline, fierce competition: A lack of qualified talent means academia is unable to offer graduate-level programs, forcing companies to reevaluate their implementation timelines.
Cost: Widespread adoption of quantum computing is severely limited by the prohibitive cost of hardware investments, making quantum computing an option only available to well-funded organizations working on high-value research projects.
Noise and error correction: The reliability of quantum algorithms is a concern as they can degrade the quality of the calculations, and overcoming this challenge is crucial for reliable medical applications. To address this challenge, the industry is exploring hybrid approaches that combine classical and quantum computing to achieve fault-tolerant solutions.
Collaboration is key to success
The quantum computing ecosystem thrives on collaboration and its success depends on the joint efforts of various stakeholders. As the industry faces challenges, academic institutions, industry players, and governments all have a key role to play in advancing quantum research and development.
Conclusion
In summary, quantum computing holds great potential and is poised to be transformative in healthcare. As the hardware improves, collaborative efforts between academia, industry, and government will shape the future, delivering breakthroughs in drug discovery, personalized medicine, and diagnostics.
— Srinivas Iyengar, VP & Head of IG, Healthcare & Life Sciences, Happiest Minds Technologies.
