Global Quantum Computing Market in Drug Discovery By Type (Finance, Pharmaceuticals & Healthcare, IT & Telecommunications), By Application (Optimization Problems, AI and machine learning, Database & D...

The integration of quantum computing in drug discovery represents a revolutionary advancement in the pharmaceutical industry. Quantum computing leverages quantum mechanics principles to perform complex calculations at unprecedented speeds, providing new avenues for drug discovery and development. This technology can significantly reduce the time and cost associated with traditional drug discovery processes, enabling more efficient identification and optimisation of potential drug candidates.

The Quantum Computing Market in drug discovery was valued at USD 0.35 billion in 2023 and is projected to reach USD 1.64 billion by 2036, growing at a CAGR of 13.1% from 2023-2036. By enabling researchers to skip the tedious process of screening billions of molecules at random, in a short time, the predictive power of quantum computing helps to lower the complexity, cost, and time investment in the entire drug discovery procedure. Consequently, stakeholders in the pharmaceutical industry have begun to depend on companies that provide hardware and software for quantum computing to aid in drug discovery.

Premium Insights:

• Quantum computing can provide more accurate predictions of molecular behavior and drug efficacy, leading to the development of more effective and targeted therapies.

• Numerous partnerships between quantum computing firms and pharmaceutical giants are driving technological advancements and practical applications in drug discovery.

Quantum Computing in Drug Discover, Market Dynamics:

Drivers: Accelerate virtual screening and discovery, discovery of raw materials for drug delivery, personalised medicine and simulation of complex biological systems

QC can potentially screen vast libraries of potential drug candidates much faster than traditional methods. This can significantly reduce the time and cost associated with identifying promising drug leads in the early stages of drug discovery.

QC can aid in the discovery and design of new materials with specific properties for drug delivery or targeted therapies. Additionally, it can assist in exploring unconventional drug discovery techniques not feasible with classical computing.

QC simulations can help optimise drug design by predicting a drug's efficacy, potential side effects, and interaction with a patient's specific genetic makeup. This paves the way for personalised medicine approaches with more effective and targeted therapies.

Classical computers struggle to model the intricate interactions between molecules in drug discovery processes. QC's ability to handle complex simulations can revolutionise our understanding of protein folding, ligand-receptor binding, and cellular pathways, leading to more targeted drug design.

Restraints: Immaturity of QC technology, high costs of access and expertise and limited availability of quantum algorithms for drug discovery.

Current QC technology is still in its early stages of development. Hardware limitations, susceptibility to errors, and challenges in developing user-friendly software hinder widespread adoption in drug discovery pipelines.

Building and maintaining quantum computers is expensive. Additionally, specialised expertise is required to operate and utilise them effectively. These factors can limit accessibility for some pharmaceutical companies, particularly smaller players.

While the potential of QC is vast, specific algorithms optimised for drug discovery tasks are still under development. Continued research is needed to unlock the full potential of QC in this domain.

Opportunities: Advancements in Quantum hardware and software, government funding and strategic partnerships

Ongoing research and development efforts are rapidly improving QC hardware capabilities and user-friendly software interfaces. Cloud-based access to quantum computing resources can also enhance accessibility for smaller companies.

Government funding initiatives and public investment in QC research specific to drug discovery can significantly accelerate advancements and drive market growth

Collaboration between pharmaceutical companies, quantum computing startups, and academic institutions can accelerate research, address challenges, and foster innovation in applying QC to drug discovery.

Market By Quantum Computing in Drug Discovery Type Insights:

Based on technology, the market is segmented into superconducting qubits, trapped ions, quantum annealing and others. The Superconducting qubits dominate the segment because, in terms of computational powers, superconducting qubits can surpass classical computers. They can execute intricate calculations at previously unthinkable speeds. This ability is essential for processing large healthcare datasets accurately and quickly in real-time, such as genetic or medical imaging data.

Based on application, the market is segmented into drug discovery and development, medical diagnostics, genomics and precision medicine, radiotherapy, risk analysis and others. The market was led by the drug development and discovery sector in 2023. 

Market By End-Use Insights:

The pharmaceutical and biopharmaceutical companies dominated in market share in 2023.  This is because companies in the above-mentioned sectors are constantly under pressure to introduce new drugs and therapies. Finding new drugs is sped up significantly by the modelling and prediction of complex chemical interactions made possible by quantum computing. As a result, finding promising therapeutic candidates and conducting preclinical research requires less time and money.

Market By Region Insights:

Based on regional coverage, quantum computing in the drug discovery market is segmented into North America, Asia-Pacific and Europe. North America was the dominant regional player in 2023 accounting for over 45.09% market share in 2023. This is primarily due to the presence of some esteemed research centres, IT firms, and universities in the region, particularly in the states. Innovation in the healthcare industry is being fostered by partnerships between these institutions and healthcare providers, particularly in areas such as genetics, disease modelling, and drug discovery. 

Competitive Scenario:

Some major players in the industry are IBM Corporation, Microsoft Corporation, Google LLC, Rigetti Computing,  Fujitsu Ltd, D-Wave Systems, IonQIncand Intel Corporation.

Scope of Work- Quantum Computing Market in Drug Discovery

Key Market Developments

• March 2023- Cleveland Clinic and IBM jointly announced the US's first on-site private sector IBM-managed quantum computer deployment for medical research.

• April 2023- Moderna and IBM announced their partnership with the goal of investigating quantum computing and artificial intelligence to promote and expedite mRNA science and research.

• Kvantify's first product, Kvantify Koffee, was introduced to minimise the expense and duration of laboratory experiments through accurate evaluation and identification of possible novel drug candidates.

Frequently Asked Questions (FAQs)

1. What is the current size of the quantum computing market in drug discovery?

Ans. The Quantum Computing Market in drug discovery was valued at USD 0.35 billion in 2023 and is projected to reach USD 1.64 billion by 2036

2. What are the main drivers of the quantum computing market in drug discovery?

Ans. The drivers for growth are the acceleration of virtual screening and discovery, the discovery of raw materials for drug delivery, personalised medicine and simulation of complex biological systems

3. What are the primary challenges faced by the market?

Ans. Some challenges faced are the immaturity of QC technology, high costs of access and expertise and limited availability of quantum algorithms for drug discovery.

4. What opportunities exist in the market?

Ans. Opportunities include Advancements in quantum hardware and software, government funding and strategic partnerships