by Quantum sensors are devices capable of detecting single quanta of physical stimuli like magnetic field, electric field, temperature, force, acceleration and others. Quantum sensors have applications across various industries including healthcare, transportation, oil and gas exploration, defense and security. In healthcare industry, quantum sensors are being used in developing advance medical imaging technologies like Magnetic Resonance Imaging (MRI), molecular diagnostics, lab-on-chip devices and cellular imaging.
The global quantum sensors market is estimated to be valued at US$ 622.18 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Application in Healthcare Industry: Quantum sensors are increasingly being used in developing advanced medical imaging technologies like MRI and molecular diagnostics which provide enhanced detection and analysis capabilities. Quantum MRI technology offers advantages like improved resolution and shorter scanning times. This growing application of quantum sensing technologies in healthcare industry is expected to drive the market growth over the forecast period.
Enhanced Sensitivity and Accuracy: Quantum sensors offer significantly higher sensitivity and accuracy compared to conventional sensors. They are capable of detecting subtle changes at atomic or molecular level. This enhanced sensitivity and accuracy offered by quantum sensors makes them suitable for various precision applications across industries like material research and non-destructive testing. Growing demand for high precision sensing technologies is expected to boost the quantum sensors market.
Segment Analysis
The global quantum sensors market is segmented into type, application, end user vertical and region. Based on type, the market is divided into gravity sensors, magnetic sensors, temperature sensors and imaging sensors. The magnetic sensors segment dominates the market and accounts for over 30% share owing to its wide usage in various applications such as navigation, transport, and healthcare among others.
PEST Analysis
Political: The development of quantum technologies is backed by government initiatives and funding from US, Europe, and Asian countries. The funding promotes research and innovation in the market.
Economic: Adoption of quantum technologies helps in optimal resource utilization, cost reduction and boosts economic productivity. The sensors find application across various industries benefiting their growth.
Social: Advances in quantum technologies improve healthcare services, transportation facilities and open new opportunities. The sensors enhance safety, security and quality of life.
Technological: Significant R&D is being undertaken to miniaturize sensors, improve sensitivity and develop new types of applications. Advancements in material sciences, nanotechnology and computing aid technology evolution in the market.
Key Takeaways
The Global Quantum Sensors Market Growth is expected to witness high at a CAGR of 12% during the forecast period of 2023 to 2030.
Regional analysis: North America accounted for over 40% share of the global quantum sensors market in 2024 and is expected to continue dominance through the forecast period. This can be attributed to presence of major players and R&D centers in the US and funding from organizations like NASA and DARPA.
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. GlaxoSmithKline and Sanofi dominate the vaccine market with extensive portfolios and global reach.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
