Development of advanced blockchain technologies and rapid integration of digital healthcare technologies and solutions in healthcare operations are other key factors expected to drive global blockchain in genomics market revenue growth over the forecast period.
Emergen Research has published its latest report titled “Blockchain in Genomics Market, By Service Type (Utility, Platforms), By Business Model (Business to Customer, Business to Business, Customer to Business), By Application (Data Storage & Security, Data Sharing and Monetization, Automated Health Insurance), By End-use (Hospitals, Pharmaceutical and Biotechnology Companies, Research Institutes), and By Region, Forecast to 2028”
According to Emergen Research, the global blockchain in genomics market size was USD 40.62 million in 2020 and is expected to reach USD 2,086.26 million in 2028 and register a revenue CAGR of 65.8% during the forecast period, 2021-2028.
Market Dynamics:
The global blockchain in genomics market revenue growth is majorly attributed to factors such as increasing prevalence of genetic disorders across the globe, rise in government investments in genomic research & development activities, growing use of blockchain technology in the healthcare sector for enhanced clinical workflow of genomic data, and rising need for improved security of unique genomic data. Development of advanced blockchain technologies and rapid integration of digital healthcare technologies and solutions in healthcare operations are other key factors expected to drive global blockchain in genomics market revenue growth over the forecast period. Use of blockchain technology in genomics has streamlined and automated the storage, management, and processing of important genomic data transaction between genomic data providers and their customers. In September 2019, Nebula Genomics, Inc., a leading American company providing personal genomics solutions, introduced its new blockchain-based DNA sequencing technology. The company reportedly intended to expand its market footprint with the launch of this new technology.
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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
Business to Customer (B2C) Segment Accounted for Largest Revenue Share:
Among business model segments, the business to customer (B2C) segment accounted for the largest revenue share in the global blockchain in genomics market in 2020. Rising adoption of the business to customer business model of the blockchain technology by large enterprises and SMEs is among the major factors driving the revenue growth of this segment. Blockchain in genomics has enabled B2C companies worldwide to streamline digital currency transactions and process unique genomic data in safer and more secure ways.
Data Sharing and Monetization Segment to Account for Fastest Revenue CAGR:
Based on application, the data sharing and monetization segment is projected to register the fastest revenue growth rate in the global blockchain in genomics market over the forecast period. Blockchain technology’s peer-to-peer network framework enables businesses to exchange critical data & information in a highly secure manner. One of the key factors contributing to revenue growth of this segment is rising adoption of blockchain in genomics for faster and secure sharing and monetization of genomic data.
North America Accounted for Largest Revenue Share:
Among regional markets, the North America blockchain in genomics market accounted for largest revenue share in the global market in 2020, owing to certain favorable factors. Major factors contributing to the regional market revenue growth are growing prevalence of genetic disorders, increasing genomic research & development activities, rapid adoption of blockchain technology in genomics, increasing government investments in healthcare R&D activities, and presence of leading market players in the region, including GenoBank.io Inc., LunaDNA, Longenesis Ltd., and Nebula Genomics, Inc.
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Major Companies in the Global Blockchain in Genomics 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 based on service type, business model, application, end-use, and region:
Service Type Outlook (Revenue, USD Million; 2018-2028)
- Utility
- Platforms
Business Model Outlook (Revenue, USD Million; 2018-2028)
- Business to Customer (B2C)
- Business to Business (B2B)
- Customer to Business (C2B)
Application Outlook (Revenue, USD Million; 2018-2028)
- Data Storage & Security
- Data Sharing and Monetization
- Automated Health Insurance
End-use Outlook (Revenue, USD Million; 2018-2028)
- Hospitals
- Pharmaceutical and Biotechnology Companies
- Research Institutes
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Region Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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