Quantum computing holds immense potential for healthcare

In 2024, quantum computing is poised to make significant strides and its growth in healthcare will depend on developing the right ecosystem driven by the collaboration between businesses, academia and the government. 

Quantum computing, with its potential for exponential computational power, is poised to revolutionize various industries. Among these, healthcare stands out as an exciting area of application. In this article, we explore the intersection of quantum computing and healthcare, delving into both the challenges and the potential impact.

Market size and investments
Understanding numerical data is crucial for gaining precision and clarity as trends and patterns emerge. Let’s explore the investment landscape in quantum technology in 2024:

* Quantum computing in healthcare is projected to grow at a remarkable 42% compound annual growth rate (CAGR) from 2024 to 2032, both in terms of market size and overall value.
* In 2022, private sector investments flooded into quantum computing, but by 2023, public sector investments surpassed those from the private sector.
* Currently, there are over 500 startups actively engaged in quantum computing.
* Across the globe, universities—particularly in the United States, China, the United Kingdom, and India—are launching Quantum Computing programs.

Quantum computing, fueled by increasing investments from both private and public sectors as well as a rising number of startups, represents a transformative shift away from classical computing infrastructure.

Why does QC matter in context of healthcare?
Quantum computers hold the promise of revolutionizing specific fields by solving problems that classical computers currently struggle with. For instance, Google’s latest quantum computer is said to accomplish 47 years’ worth of computing tasks in just 6 seconds. 

This remarkable potential positions quantum computing as a crucial technology, especially in healthcare, where it can efficiently process massive amounts of data to tackle intricate problems. Let’s explore some healthcare areas that are already experimenting with quantum computing.

Drug discovery at unprecedented speed and accuracy
Traditional drug discovery involves a series of steps, from target identification to clinical trials, which can span many years and carry substantial risks. Quantum computing has the potential to shorten these timelines by enabling more precise simulation of molecular interactions compared to classical computers. 

Additionally, quantum computing aids researchers in predicting drug-protein interactions and optimizing drug candidates, enhancing our understanding of biological processes and facilitating more efficient drug design.

Treatments and interventions
Emerging fields such as pharmacogenomics, combined with the principles of precision medicine, are set to revolutionize our approach to personalized medicine ushering in an era of targeted treatment and drug delivery systems based on genome sequencing.

Imaging and diagnostics
Healthcare research organizations encounter significant computational challenges due to the substantial volume of data they accumulate over time. For instance, consider a research program with over one hundred thousand members, running for more than five years, and generating frequent MRI/CT scans. Such programs accumulate petabytes of data, including social determinants and patient-generated health information. 

Quantum computing’s ability to analyze these massive datasets while simultaneously extracting critical information from images at speeds surpassing classical computers can reveal subtle patterns and anomalies that traditional methods might overlook.

Challenges
While quantum computing holds immense potential to solve healthcare problems, it also faces several challenges that must be addressed to achieve desired results.

Talent gap, limited pipeline and immense competition: Given the scarcity of qualified resources, academia is not able to offer graduate-level programs, leading companies to re-evaluate their implementation timelines. 

Cost: The widespread adoption of quantum computing is significantly limited by the prohibitive cost of hardware investments. As a result, it is an option available only to well-funded organizations working on high value research projects.

Noise and error correction: The reliability of quantum algorithms has been a topic of concern as it can sometimes degrade computation quality and overcoming this challenge is crucial for reliable healthcare applications. To address this challenge the industry is exploring hybrid approaches of combining classical and quantum computing for fault tolerant solutions.

Collaboration is key to success
The quantum computing ecosystem thrives on collaboration and its success depends on combined efforts of various stakeholders. As the industry faces challenges, academic institutions, industry players, and governments all need to play major roles in advancing quantum research and development.  

Conclusion
In summary, quantum computing holds immense potential for healthcare, and is poised to be transformative. As hardware improves, collaborative efforts among the academia, industry, and government will shape the future unlocking breakthroughs in drug discovery, personalized medicine, and diagnostics.

-- Srinivas Iyengar, VP & IG Head, Head of Healthcare & Life Sciences, Happiest Minds Technologies.