Increasing advancements in genomics and introduction of digitization in the healthcare sector to drive global blockchain in genomics market
According to TechSci Research report, “Global Blockchain In Genomics Market By Type (Public, Federated, Private), By Application (Clinical Trials, IP Management, Drug Discovery, Data storage and security, Others), By Models (Token-economy, Service, Development Platforms, Blockchain based software products), By Targets (B2B, B2C, C2C), By End User (Pharmaceutical companies, Research institutes), By Region, Forecast & Opportunities, 2025”, the global market for blockchain in genomics is expected to grow at a robust CAGR during the forecast period. Blockchain finds utility mainly in the BFSI sector, but with developments in healthcare industry, it is finding application in genomics. Blockchain technology stores, keeps track of, manages, and carries out the transaction of genomic data between the customers and genomic data providers. The need for high security in a transaction of unique genomic codes is fulfilled by blockchain technology. It uses cryptography to link the blocks that contain the genomic data providing better security, treatment for unique genomic disorders, and better decision making. Hence, the usage of blockchain technology in genome related applications and diseases is being promoted by various companies worldwide. However, lack of global understanding related to blockchain in genomics and the high costs of maintaining the sensitive genomic data are few factors that can hamper the growth of the market.
The global blockchain in genomics market is segmented based on type, application, models, targets, end user and region. Among these, the application segment is further segmented into clinical trials, IP management, drug discovery, data storage & security and others. Out of these, data storage and security segment accounted for the largest share in 2019 as it used for storing data securely using cryptographic blocks without any alteration or deletion. The target segment is divided into B2B, B2C and C2C out of which, B2B segment is expected to grow at higher rate than other segments, as it improves the efficiency of supply chains in B2B companies. Blockchain lays down reliable sales relationships at low costs for the B2B sales. The end user segment is segregated into pharmaceutical companies and research institutes, out of which, pharmaceutical companies dominate the market due to their requirement of blockchains for securing genomic data.
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Some of the leading players in global blockchain in genomics market include DNAtix, Shivom, Zenome, Luna DNA, EncrypGen, Nebula Genomics, GSK, Pfizer, Genobank.io, Merck, Genomes.io, WuXi Nextcode Genomics, Murrieta Genomics, Gene Blockchain, Longenesis, SimplyVital Health, Neogen, Ripe Technology, etc. In order to expand their market share, the companies are adopting various strategies like new product launches, and collaborations. For instance, Murrieta Genomics, the genome sequencing business developer, has merged with EncrypGen’s blockchain-based solution, which promotes the enhancement of newly adopted medical treatments and aims to provide more efficient healthcare facilities.
“North America dominated the global blockchain in genomics market, holding a share of approximately 60% in the overall market in 2019. The market drivers of North America include presence of various companies conducting research in the field of molecular biology and the provision of laying abundant funds by the companies and government in this field. Additionally, increasing awareness among people about the risks associated with genomic diseases is anticipated to drive global blockchain in genomics market until 2025,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Global Blockchain In Genomics Market By Type (Public, Federated, Private), By Application (Clinical Trials, IP Management, Drug Discovery, Data storage and security, Others), By Models (Token-economy, Service, Development Platforms, Blockchain based software products), By Targets (B2B, B2C, C2C), By End User (Pharmaceutical companies, Research institutes), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global blockchain in genomics market and provided statistics & information on market size, shares, 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.