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

Market Overview

Global Blockchain in Genomics Market has valued at USD 1.06 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 11.11% through 2028. Blockchain is a digitized public ledger that records transactions and data as blocks. It offers a decentralized network for distributing data among interconnected database systems. Utilizing a timestamped and immutable system of blocks, blockchain technology enables global accessibility with proper authorization. This empowers users to retain control over data distribution, safeguarding their privacy. By employing asymmetric cryptography, users can enhance data security through encryption. When it comes to selling or donating data, recipients are provided with a private key for decryption, ensuring exclusive access and preventing unauthorized third-party intrusion. Blockchain technology facilitates the storage, management, and exchange of genomic data. Its decentralized information management model proves advantageous in the banking, financial, biopharmaceutical, and genomic research sectors. Within these industries, blockchain facilitates transactions and payments between genomic data providers and their customers, aiding in decision-making. The blockchain platform fosters direct interaction between data providers (users) and buyers, including pharmaceutical companies and research institutes.

Key Market Drivers

Rising Investment by Private Players and Venture Capitalists

Increased investment provides researchers and innovators with the financial resources needed to explore and develop blockchain solutions tailored for genomics. This funding supports the creation of new platforms, tools, and applications that leverage blockchain's capabilities. Financial support from private players and venture capitalists accelerates the development of blockchain-based solutions for genomics. This leads to quicker advancements in technology, making blockchain more accessible and applicable to genomic research and data management. Funding supports the development of robust and scalable blockchain infrastructure required to handle large volumes of genomic data securely. This infrastructure enables efficient data storage, sharing, and analysis. Investments attract collaboration among stakeholders, including researchers, industry players, technology providers, and healthcare institutions. These partnerships foster a collaborative ecosystem that accelerates blockchain adoption in genomics. Venture capital investment fuels the growth of genomics-focused start-ups that are developing blockchain solutions. These start-ups contribute to the development of new platforms, tools, and applications, increasing the overall demand for blockchain technology. Investment in blockchain technology enables the streamlining of clinical trials, data sharing, and research collaboration. This leads to more efficient and cost-effective research efforts in genomics. Increasing investments from private players and venture capitalists are contributing to the growth of the Blockchain in Genomic Data Management Market. Recent developments in this field, such as strategic partnerships involving pharmaceutical companies and government bodies, as well as investments from venture capital and other stakeholders, indicate the growing acceptance of blockchain platforms for the storage and management of genetic information in the healthcare industry. These collective efforts will significantly drive the market's growth in the years to come.

Increasing Developments in Genomics

Genomic data is highly sensitive and personal, containing valuable information about an individual's health and genetic makeup. Blockchain's decentralized and secure nature can help protect genomic data from unauthorized access and breaches, ensuring patient privacy.  Blockchain can empower individuals to have greater control over their genomic data. Patients can grant or revoke access to their data on a permissioned basis, enabling them to share data with researchers or healthcare providers while maintaining ownership. Genomic research often involves data sharing and collaboration among different organizations and institutions. Blockchain can establish a secure and transparent platform for sharing and accessing genomic data across multiple entities while maintaining data integrity. Blockchain's immutability ensures that once data is recorded, it cannot be altered or deleted without consensus from the network. This feature is particularly important for maintaining the accuracy and reliability of genomic data over time.

Rising Adoption of Digital Tools

The rising adoption of digital tools in blockchain technology within the field of genomics is transforming the way genetic data is managed, shared, and utilized. Digital tools are used to implement robust encryption and security measures for genomic data stored on the blockchain. This ensures that sensitive genetic information remains confidential and protected from unauthorized access. Digital tools enable the creation and management of decentralized identities for individuals participating in genomics research. These identities can control access to personal genomic data and streamline consent processes. Digital tools can establish standardized formats and metadata for genomic data stored on the blockchain. This ensures consistency and facilitates efficient data retrieval and analysis. Digital tools enable secure and controlled sharing of genomic data among researchers, healthcare providers, and patients. Participants can define access permissions and track data usage transparently. Digital tools can be employed to verify the integrity of genomic data by recording data hashes or digital signatures on the blockchain. This helps ensure that data has not been tampered with or altered. Digital tools enable real-time tracking of data transactions and movements on the blockchain. This transparency enhances accountability and traceability of data usage.

Digitization Of Healthcare Services by Patients

Blockchain technology has emerged as a viable option for storing and exchanging genomic data. The decentralized information management model used in blockchains has shown significant benefits in the banking and fintech industries. Additionally, cryptocurrencies based on blockchain technology are viewed as powerful tools for peer-to-peer transactions, eliminating the need for a third party to oversee exchanges. In genomics, blockchain can serve as a trusted means of conducting transactions between data owners and users, such as research groups and pharmaceutical companies. These platforms also facilitate easy access to genomic datasets, greatly improving the information procurement process for personalized drug and therapy research studies. Consequently, numerous companies have initiated efforts to promote the use of blockchain technology for managing genomic data. The growing significance of blockchain in managing genetic information and its application in healthcare decision-making is evident from the substantial number of tweets (~1,750) posted on Twitter in recent years. Notably, the establishment of strategic partnerships involving pharmaceutical players and relevant government bodies, as well as investments by venture capital and other stakeholders, indicate the increasing acceptance of blockchain platforms for the storage and management of genetic information in the healthcare industry.

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Key Market Challenges

Regulatory Challenges

The use of blockchain technology in genomics presents several regulatory challenges that need to be addressed to ensure compliance with existing laws and ethical standards. These challenges stem from the unique nature of genomic data, data privacy concerns, data ownership, and the decentralized nature of blockchain. Genomic data is highly sensitive and personal. Regulatory frameworks, such as the General Data Protection Regulation (GDPR) in the European Union, require strict adherence to data privacy principles. Ensuring that individuals provide informed and explicit consent for their data to be stored, shared, and used on the blockchain is a significant challenge. Blockchain's decentralized nature challenges traditional concepts of data ownership. Determining who has control over genomic data stored on the blockchain and how individuals can assert their rights over their data is a regulatory hurdle. Integrating blockchain into existing regulatory frameworks designed for centralized systems can be difficult. Regulators must adapt or create new regulations that accommodate the unique characteristics of blockchain technology.

Lack of Resources and Stakeholders

The lack of resources and stakeholders in the adoption of blockchain technology in genomics possess significant challenges that hinder its growth and implementation. These challenges can impact the development, deployment, and sustainability of blockchain-based solutions in genomics. Developing and implementing blockchain solutions requires significant financial investment. Lack of funding can impede the development of robust and secure blockchain platforms for managing genomic data. Blockchain technology is complex and requires specialized technical expertise in areas such as cryptography, blockchain architecture, and smart contract development. The scarcity of skilled professionals can hinder the successful implementation of blockchain solutions in genomics. Blockchain networks require robust and scalable infrastructure to ensure optimal performance, data storage, and network consensus. Limited access to suitable infrastructure can hinder the deployment of blockchain solutions in genomics. Blockchain solutions in genomics require standardized data formats, terminologies, and metadata to ensure interoperability and data integrity. The lack of established standards can complicate data integration and sharing.

Key Market Trends

Innovations in Technology

Innovation in blockchain technology within the field of genomics has the potential to significantly boost its demand in the future by addressing existing challenges, enhancing data management, improving research collaboration, and enabling new possibilities for personalized medicine. Innovative blockchain solutions can offer even stronger data security and privacy features, assuaging concerns about the safe storage and sharing of sensitive genomic data. This can encourage more individuals to contribute their data for research and clinical purposes. Blockchain innovations can introduce advanced consent management and data ownership mechanisms. Individuals will have greater control over their genetic data, leading to increased willingness to participate in research initiatives. Innovative blockchain platforms can facilitate secure cross-border data sharing and collaboration among researchers and institutions. This can accelerate the pace of genomics research by allowing global participation and knowledge exchange. As blockchain technology continues to evolve and new innovations emerge, the demand for its integration in genomics is likely to grow. These innovations can address critical concerns, unlock new research opportunities, and ultimately lead to improved patient care, driving the adoption and utilization of blockchain technology in the field of genomics.

Launch of New Blockchain-Based Platforms

The launch of new blockchain-based platforms specifically tailored for genomics can indeed play a significant role in boosting the demand for blockchain technology within the genomics field. These platforms can address key challenges, provide specialized solutions, and create a conducive environment for data sharing, research collaboration, and personalized medicine. New blockchain-based platforms can offer customized data management solutions designed specifically for genomics data. These platforms can ensure secure and efficient storage, sharing, and tracking of genomic information, enhancing data integrity and privacy. Dedicated genomics platforms can integrate advanced privacy features and consent management mechanisms, alleviating concerns about data security and giving individuals more control over how their genetic data is used. These platforms can facilitate the integration of diverse genomic datasets from different sources and formats, promoting data standardization and interoperability. This integration can accelerate research by providing a comprehensive view of genetic information.

Segmental Insights

Business Model Insights

Within business model segments, the business to customer (B2C) segment emerged as the dominant revenue contributor in the global blockchain in genomics market in 2020. The increasing adoption of the business to customer business model for blockchain technology by large enterprises and SMEs remains a significant driver for the revenue growth of this segment. The utilization of blockchain in genomics has facilitated B2C companies worldwide in streamlining digital currency transactions and processing unique genomic data in a more secure and reliable manner.

Application Insights

In terms of application, the data sharing and monetization segment is expected to exhibit the highest revenue growth rate in the global blockchain in genomics market throughout the forecast period. The peer-to-peer network framework of blockchain technology facilitates secure and efficient exchange of critical data and information among businesses. A key driver for the revenue growth of this segment is the increasing adoption of blockchain in genomics, which enables faster and more secure sharing and monetization of genomic data.

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Regional Insights

In the global market, the North America blockchain in genomics market emerged as the leader in 2022. This can be attributed to several favorable factors. Key drivers for the regional market revenue growth include the rising prevalence of genetic disorders, increasing research and development activities in genomics, rapid adoption of blockchain technology in the field, growing government investments in healthcare research and development, and the presence of prominent market players in the region such as GenoBank.io Inc., LunaDNA, Longenesis Ltd., and Nebula Genomics, Inc.

Recent Developments

• In September 2020, Nebula Genomics announced its partnership with Oasis Labs to implement an innovative framework for the secure utilization of personal genomics data. This collaboration also enables unprecedented access to genetic data for customers. Through this strategic alliance, Nebula aims to fortify its market presence.
• In September 2019, Digital DNAtix Ltd introduced the pioneering concept of a free and anonymous genetic vault service. This groundbreaking service empowers users to engage directly, pose inquiries, connect with individuals sharing similar traits, gain valuable insights, and contribute to a comprehensive database of genetic information that facilitates open exchange.
• In September 2019, Nebula Genomics, Inc. launched blockchain-based DNA sequencing, a revolutionary advancement in the field. By integrating blockchain technology into DNA sequencing, the company is poised to enhance its competitive position and further establish its foothold in the market.

Key Market Players

·         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.

Report Scope:

In this report, the Global Blockchain in Genomics Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Blockchain in Genomics Market, By Business Model:

o   B2B Business Model

o   B2C Business Model

o   C2B Business Model

• Blockchain in Genomics Market, By Service:

o   Utility Tokens

o   Blockchain Platforms

• Blockchain in Genomics Market, By Application:

o   Data Sharing & Monetization

o   Data Storage & Security

o   Automated Health Insurance

• Blockchain in Genomics Market, By End User:

o   Pharmaceutical & Biotechnology Companies

o   Hospitals & Healthcare Providers

o   Research Institutes

o   Data Owners

o   Others

• Blockchain in Genomics Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

§  Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Blockchain in Genomics Market.

Available Customizations:

Global Blockchain in Genomics market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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