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Blockchain In Genomics Market Report 2024 - Blockchain In Genomics Market Share And Trends
Blockchain In Genomics Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Impact Of Personalized Medicine On The Growth Of Blockchain In Genomics Market:
The growing demand for personalized medicine is expected to propel the growth of the blockchain in the genomics market going forward. Personalized medicine refers to a medical approach that tailors healthcare decisions and medical treatments to the individual characteristics of each patient. The increasing burden of chronic diseases such as cancer, heart disease, and diabetes, there's a stronger need for targeted treatments that address the specific causes and progression of each patient's condition. Blockchain in genomics is used in personalized medicine to ensure secure storage and sharing of genomic data, protecting individuals' privacy while still allowing researchers and healthcare providers to access the necessary information for personalized treatments. For instance, in 2022, according to the Personalized Medicine Coalition, a US-based membership organization, the Food and Drug Administration's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs) in 2022. Further, out of the 35 therapeutic NMEs, approximately 34%, which amounts to 12 of them, are classified as personalized medicines by the Personalized Medicine Coalition (PMC). Therefore, the growing demand for personalized medicine drives the growth of the blockchain in the genomics market.
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Major Key Players of the Market:
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
Blockchain In Genomics Market 2024 Key Insights:
• The Major Key Players of the Market:
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 is expected to grow toBlockchain In Genomics Market 2024 Key Insights:
• Impact Of Rising Digital Tool Adoption On Blockchain In Genomics Market
• North America was the largest region in the blockchain in genomics market in 2023.
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