Quantum sensors are devices used for measuring and detecting magnetic fields, electric fields, forces, or electromagnetic radiation at the atomic or subatomic level. Quantum sensors have advantages like extremely high sensitivity and accuracy over conventional sensors. These sensors have applications in healthcare for detection of biomolecular interactions, measurement of magnetic fields emitted by the human brain and heart.
The global Quantum Sensors Market is estimated to be valued at US$ 716.76 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for quantum sensors in the healthcare industry is a major market opportunity. Quantum sensors are gaining importance in applications like microscopy, diagnostics, drug discovery and development. These sensors can detect tiny biomolecular interactions and changes at the atomic level with high accuracy. This helps in early detection of diseases like cancer. Quantum magnetic sensors are also useful in detection of magnetic fields emitted by neurons in the brain, which aids in understanding brain functions and developing diagnostics for neurological disorders. The high sensitivity and accuracy of quantum sensors over conventional ones is increasing their adoption in the healthcare sector for various applications, thereby driving market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The quantum sensors market has moderate threat of new entrants due to requirement of high R&D investments and complex manufacturing process. However, growth opportunities lie in developing economies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute technologies and differentiated products offered by manufacturers.
Bargaining power of suppliers: Suppliers have high bargaining power due to critical sourcing of raw materials like semiconductors and components.
Threat of new substitutes: Threat of substitution is moderate owing to emergence of new technologies such as photonics however quantum technology still in development stage provides less threat.
Competitive rivalry: Market comprises key global players offering innovative products however demand supply gap offers scope for new entrants.
SWOT Analysis
Strength: Growing demand for quantum computing, sensing and high accuracy applications. Increase in R&D investments worldwide.
Weakness: High capital requirements, complex manufacturing process, lack of infrastructure in developing countries. Require skilled workforce to operate equipment.
Opportunity: Untapped markets in APAC and adoption in fields of navigation, communication and healthcare. Partnerships with technology integrators.
Threats: Commercialization challenges, prototyping limitations, price fluctuations of raw materials and components. Cybersecurity concerns hinder adoption.
Key Takeaways
The Global Quantum Sensors Market Size is expected to witness high growth during the forecast period owing to growing demand from data centers, healthcare systems, manufacturing plants industrial equipment.
Regional analysis: The APAC region held the largest share of the global quantum sensors market in 2024 and is expected to growth at highest CAGR during forecast period. Developing countries like China and India are investing heavily in quantum computing infrastructures which will drive the demand for quantum sensors in industrial, healthcare and other applications. The presence of key players like Toshiba, Hitachi in Japan and growing investments from China is fueling the market growth.
Key players operating in the Quantum Sensors market are GlaxoSmithKline Plc., Sanofi SA, Bharat Biotech, Bio-Med Pvt. Ltd., PT Bio Farma, PaxVax, Inc. Shanghai Institute of Biological Products Co., Ltd., and Prokarium. These players are focused on new product launches, partnerships and strategic collaborations to strengthen their market position.
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