Blockchain in Genomics Market to Register Robust Growth through 2025
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.
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