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Blockchain In Genomics Market: Exploring Market Dynamics, Growth Drivers, and Competitive Landscape in Genetic Data Security
Blockchain In Genomics Market Report
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.
Market Overview -
Blockchain in genomics refers to the application of blockchain technology in the field of genomics, combining the decentralized and secure nature of blockchain with the storage, sharing, and analysis of genomic data. It provides a blockchain-based platform for individuals to securely store and share the genomic data.
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Impact Of Rising Digital Tool Adoption On Blockchain In Genomics Market
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.
Competitive Landscape -
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
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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