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Blockchain In Genomics Global Market Analysis, Trends, Growth, Research And Forecast 2033
Blockchain In Genomics Global Market
The Business Research Company presents an extensive market research report on the Blockchain In Genomics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The blockchain in genomics market size has grown rapidly in recent years. It will grow from $0.71 billion in 2023 to $0.84 billion in 2024 at a compound annual growth rate (CAGR) of 18.6%. The growth in the historic period can be attributed to rising developments in genomics, rising adoption of digital tools, digitization of healthcare services by patients, increasing interest in blockchain technologies and their capabilities, rising awareness about the potential benefits of blockchain in genomics.
The blockchain in genomics market size is expected to see rapid growth in the next few years. It will grow to $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 19.6%. The growth in the forecast period can be attributed to increasing demand for secure and efficient storage and retrieval of genomic data, growing adoption of blockchain-based solutions for genomic data sharing, rising investment in research and development activities in genomics, increasing government investments in healthcare research and development. Major trends in the forecast period include advancements in blockchain-based technologies for genomic data storage and retrieval, technological advancements, innovative development, increased investment and funding, blockchain in bioinformatics.
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Key Market Players:
Major companies operating in the blockchain in genomics market report are International Business Machines Corporation, Sharecare Inc., WuXi Nextcode Genomics Inc., Health Utility Network Inc., Chronicled Inc., Medicalchain Ltd., Akiri Inc., Futura Genetics LLC, Nebula Genomics Inc., Medicalchain SA, Digital DNAtix Ltd., EncrypGen Inc., Longenesis, Guardtime AS, ProCredEx LLC, Embleema Inc., Patientory Inc., Shivom Ventures Limited, BurstIQ LLC, Genobank.io Inc., LunaDNA LLC, SimplyVital Health Inc., Zenome.io Ltd., Coral Health Research & Discovery Inc., FarmaTrust Holdings Limited
Market Drivers:
The rising adoption of digital tools is expected to propel the growth of the bloackchain in genomics market going forward. Digital adoption is the process of incorporating new digital tools and systems to improve work processes and achieve objectives. The global COVID-19 pandemic served as a significant catalyst for digital adoption, with lockdowns and social distancing measures, individuals and businesses were forced to rely on digital tools for communication, education, shopping, and entertainment. Digital tools, such as software, hardware, and online platforms, are used bloackchain in genomics to enhance encryption and security for genomic data, ensuring confidentiality and protection. For instance, in February 2023, according to a survey of 8,000 US adults by Rock Health Inc., a US-based healthcare organization, around 80% of all respondents have accessed care via telemedicine at some point, up 8 percent from 72% in 2021. Further, around 82% of hispanic respondents reported telemedicine use, reflecting a 9 percent increase in 2021. Therefore, the rising demand for digital health solutions is driving the growth of blockchain in the genomics market.
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https://www.thebusinessresearchcompany.com/report/blockchain-in-genomics-global-market-report
The blockchain in genomics market covered in this report is segmented -
1) By Service: Utility Tokens, Blockchain Platforms
2) By Business Model: Business-To-Business (B2B) Business Model, Business To Consumer (B2C) Business Model, Consumer-to-Business (C2B) Business Model
3) By Application: Automated Health Insurance, Pharmaceutical And Biotechnology Companies, Hospitals And Healthcare Providers, Research Institutes, Data Owners, Other End Users
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