Increasing focus on safeguarding sensitive genomic data during information transfer, rising adoption of automated clinical workflows, and growing trend of connected healthcare systems are some key factors expected to drive market growth.
Increasing focus on safeguarding sensitive genomic data during information transfer, rising adoption of automated clinical workflows, and growing trend of connected healthcare systems are some key factors expected to drive market growth
According to Emergen Research, the global blockchain in genomics market size was USD 24.5 Million in 2019 and is expected to reach USD 1,258.3 Million in 2027 and is expected to register a revenue CAGR of 65.8% during the forecast period, 2020-2027.
Market Dynamics:
Blockchain has gained massive popularity in the field of genomics as it offers novel solutions to challenges of genomics. Advancements in next-generation sequencing technologies have resulted in the generation of massive amount of sensitive data in a single and nearly two billion human genomes are expected to be sequenced over the coming years. Blockchain is a decentralized technology that has the potential to change the way data handling is done in the healthcare industry, particularly in genomics. Blockchain provides an adaptive, dynamic, distributed, flexible, and secure platform with support for numerous advanced analysis tools. Blockchain can reduce analysis costs of genomics and healthcare applications, enable fast transactions, enable transparent and traceable transaction history, and prevent any fraudulent and unauthorized activity, in turn, improving safety of sensitive genomic data and these are some key factors expected to drive market revenue growth over the forecast period.
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Blockchain is essentially an indefectible distributed ledger of transactions that enables operation without needing a central authority which prevents single-point-of-failure with distributed timestamp mechanism. Blockchain can enhance EHR interoperability by storing the information in blocks by specifying the kind of data, size, and format that is to be used. Innovations and advancements in blockchain technology are expected to boost the use of EHR and genomic data sharing and blockchain-based platform are increasingly emerging to provide robust solutions to overcome technical challenges associated with genomic data sharing. This is expected to further contribute to revenue growth of the market going ahead. However, lack of knowledge regarding benefits of blockchain technology, high costs of genomic analysis, and high costs of implementation and maintenance are some key factors expected to limit its adoption and hamper market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Utility Segment to Account for Largest Revenue Share:
Utility segment is expected to account for largest revenue share over the forecast period attributable to attributable to increasing awareness regarding benefits of utility tokens, their ability to store genome data privately, and increasing use of tokens as a viable option to exchange genomic data.
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Data Sharing and Monetization Segment Revenue to Support Market Growth:
Data sharing and monetization segment is expected to register significant revenue growth over the forecast period attributable to increasing need for efficient control over data sharing processes, ability of blockchain to enable sellers and consumers to monetize data, and rising need for secure and confidential data sharing and exchange.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market attributable to increasing progress of blockchain technology, rising investment to accelerate genomics research, establishment of advanced healthcare and research facilities, and presence of key market players in the region.
Major Companies in the Market Include:
- GenoBank.io Inc.
- Nebula Genomics, Inc.
- SimplyVital Health, Inc.
- Zenome.io Ltd.
- LunaDNA, LLC
- Encrypgen Incorporated
- Digital DNAtix Ltd
- Longenesis Ltd.
- WuXi Nextcode Genomics
- Shivom Ventures Limited
For the purpose of this report, Emergen Research has segmented the global blockchain in genomics market on the basis of service, business model, application, end-use, and region:
Service Outlook (Revenue, USD Million; 2017-2027)
- Utility
- Platforms
Business Model Outlook (Revenue, USD Million; 2017-2027)
- Business to Customer (B2C)
- Business to Business (B2B)
- Customer to Business (C2B)
Application Outlook (Revenue, USD Million; 2017-2027)
- Data Storage & Security
- Data Sharing and Monetization
- Automated Health Insurance
End-Use Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Pharmaceutical and Biotechnology
- Research Institutes
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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