Blockchain in Genomics Market to Grow with a CAGR of 11.11%through 2028
Rising investment by private players & venture capitalists and
advancements in genomics is expected to drive the Global Blockchain in Genomics
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Blockchain in Genomics Market - Industry Size, Share, Trends,
Opportunity, and Forecast, 2018–2028F”, the Global Blockchain in Genomics
Market stood at USD 1.06 Billion in 2022 and is anticipated to grow with a CAGR
of 11.11% in the forecast period, 2024-2028. Increasing investments by private
players and venture capitalists have a positive impact on the growth of the
Blockchain in Genomic Data Management Market. Furthermore, factors such as
advancements in genomics, the adoption of digital tools, and the digitization
of healthcare services by patients contribute to the market's expansion. The
global blockchain technology in the healthcare market is poised for significant
growth, revolutionizing the healthcare industry with its transformative
capabilities. Blockchain technology provides a decentralized and secure system
for storing, managing, and sharing healthcare data, ensuring transparency,
immutability, and privacy. The primary objective of this market is to address
long-standing challenges in healthcare, including data interoperability,
security breaches, and lack of trust among stakeholders. Driven by the
increasing adoption of electronic health records (EHRs), the need for efficient
data exchange, and the growing demand for secure healthcare systems, the market
is expected to witness exponential growth. While several factors drive the
market's growth, the most significant ones include the enhanced security and
privacy offered by blockchain technology, which effectively safeguards
sensitive patient data from unauthorized access and tampering. Additionally,
the immutability and transparency of blockchain transactions contribute to
improving trust among stakeholders, streamlining processes, and reducing
healthcare fraud and errors.
Recent developments in this domain, including
strategic partnerships involving pharmaceutical players and relevant government
bodies, as well as investments by venture capital firms and other stakeholders,
indicate the growing acceptance of blockchain platforms for storing and
managing genetic information within the healthcare industry. Such efforts are
expected to drive the market's overall growth in the coming years.
Additionally, the market is propelled by the continuous advancements in
genomics, the increasing adoption of digital tools, and the digitization of
healthcare services by patients. In today's healthcare data management systems,
key concerns revolve around data collection, sharing, analysis expenses, data
ownership, privacy, and security. Data Cloud Architecture was developed to
address the issue of single points of failure by ensuring secure and reliable
data storage. Blockchain technology has the potential to reduce the cost of
genomics and healthcare analysis. Unlike existing systems, if data owners can
directly connect with data buyers without intermediaries, both analysis costs
and data owners' income can be reduced. This applies to electronic healthcare
applications as well. Blockchain systems offer faster and more efficient
transactions compared to conventional processes. With genomic data being hailed
as the driving force behind the growing shift towards precision medicine,
high-throughput sequencing (HTS) technologies have undergone rapid
advancements, emerging as the most formidable tools for biological research.
However, the current scale of data generated by these platforms is immense,
leading to a situation where computational analyses present the greatest
challenge. With the global rise in sequencing activities, the volume of data being
produced is projected to soon reach exabytes, necessitating modern solutions
that rely on robust infrastructures capable of handling such substantial loads.
However, there is a lack of reliable and
secure data management resources for handling large volumes of genomic and
clinical data, which can provide secure storage, seamless information exchange,
and a reliable transaction platform. Concerns regarding data security and
privacy remain key challenges for the Blockchain In Genomic Data Management
Market. Safeguarding the security and privacy of personal data is of utmost
importance. While Bitcoin provides pseudo-anonymity, no system can guarantee
complete anonymity. Another sensitive issue in genomics and healthcare is the
reluctance of individuals to directly share their original data. Analyzing an
individual's entire genome data can potentially lead to identification and the
disclosure of information about their ancestors. In blockchain systems,
transactions are stored with their hash values instead of the original data.
Individuals also only share metadata, which provides general information about
the data. Additionally, the market presents significant opportunities through
innovative products and advancements in the medical device industry, as well as
the increasing use of mobile smartphones.
Browse over 26 market data Figures spread through 91 Pages and an in-depth TOC on "Global
Blockchain in Genomics Market”
The Global Blockchain in Genomics Market is
segmented into business model, service, application, end user, regional
distribution, and company.
Based on application, the data sharing and
monetization segment is projected to dominate the market throughout the forecast
period. Blockchain technology facilitates monetized interactions between
sellers and consumers, ensuring the confidentiality of personal information.
Through its peer-to-peer network framework, blockchain technology provides a
platform for secure and confidential exchange of data. Many businesses are
currently developing data control processes that allow consumers to consolidate
their private data into a decentralized ledger, enabling them to selectively
share data within the network with data buyers. The Data Storage & Security
segment is expected to experience significant market growth in the forecasted
period. The genomics industry faces ongoing challenges in data storage. By
2028, it is estimated that human genomic data alone will require approximately
40 exabytes of storage space, driving the growth of this segment.
Based on region, North America stands out as
the dominant region in the global healthcare blockchain technology market. With
its advanced technological infrastructure and unwavering focus on healthcare
innovation, North America has emerged as the frontrunner in embracing
blockchain solutions. This dominance can be attributed to multiple factors.
Firstly, the presence of key market players, including established tech giants
and innovative startups, has nurtured a thriving ecosystem for blockchain
technology in healthcare. Secondly, stringent regulatory frameworks in the
healthcare industry have fueled the demand for secure and transparent data
management solutions, making blockchain an optimal choice. Lastly, the region's
substantial investment in research and development activities has significantly
propelled the adoption of blockchain technology in healthcare, paving the way
for transformative advancements.
Major companies operating in Global Blockchain in Genomics Market are:
- Digital
DNAtix Ltd.
- Encrypgen
Incorporated
- Genobank.io
Inc.
- Genomes.io
- Longenesis
- LunaDNA,
LLC
- Nebula
Genomics, Inc.
- Shivom
Ventures Limited
- SimplyVital
Health, Inc.
- WuXi
Nextcode Genomics, Inc.
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“Blockchain technology in genomics has emerged
as a viable solution for storing and exchanging genomic data. The decentralized
information management model employed in blockchains has demonstrated
significant advantages in banking and the fintech sector, thereby fueling the
growth of the global market. Moreover, cryptocurrencies, which are built on
blockchain technology, are recognized as a powerful tool for peer-to-peer
transactions without the need for intermediaries. Furthermore, the reduction in
costs and advancements in sequencing technologies are expected to drive the
growth of the global blockchain in genomics market in the foreseeable future.
The increasing importance of bio-cybersecurity and the implementation of
nation-wide initiatives to ensure the safety of genetic data are further
propelling the growth of the target market. However, a lack of awareness and
understanding on a global scale, coupled with the substantial costs of
maintaining sensitive genomic data, may hinder the growth of the global market
over the forecast period. Nevertheless, many companies have taken initiatives
to promote the use of blockchain technology for genomic data management,
creating lucrative growth opportunities for the global market. Additionally,
the growing number of strategic partnerships involving relevant government
bodies and pharmaceutical players, as well as investments from venture capital
and other stakeholders, indicate a rising interest in using blockchain
platforms for the management and storage of genetic information within the
healthcare industry.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Blockchain in Genomics Market Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028 Segmented By Business Model (B2B Business
Model, B2C Business Model, and C2B Business Model), By Service (Utility Tokens
and Blockchain Platforms), By Application (Data Sharing & Monetization,
Data Storage & Security, and Automated Health Insurance), By End User
(Pharmaceutical & Biotechnology Companies, Hospitals & Healthcare
Providers, Research Institutes, Data Owners, And Others), By Region and Competition”, has evaluated the future growth potential of Global
Blockchain in Genomics Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Blockchain
in Genomics Market.\\
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