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Blockchain In Genomics Market: Major Trends Reshaping the Future of the Industry
Blockchain In Genomics Market
What Will the Blockchain In Genomics Industry Market Size Be by 2025?
In recent times, the market size for blockchain in genomics has seen tremendous growth. It's projected to expand from $0.84 billion in 2024 to $1.01 billion in 2025, recording a compound annual growth rate (CAGR) of 20.8%. The substantial growth in the historic period can be credited to advancements in genomics, increased acceptance of digital tools, the patient-led drive towards digitization in healthcare, growing fascination with blockchain technologies and their potential, and a heightened awareness of how blockchain could potentially benefit genomics.
What's the Long-Term Growth Forecast for the Blockchain In Genomics Market Size Through 2029?
In the coming years, the market size for blockchain in genomics is projected to witness vigorous growth, reaching $2.01 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 18.7%. This growth during the forecast period could be linked to the escalating demand for efficient and secure systems to store and retrieve genomic data, the rising trend of adopting blockchain-based solutions for sharing genomic data, increased investment in genomics research and development, and the enhanced government funding in healthcare research and development. The forecast period will also see major trends such as progress in blockchain-based technologies for genomic data storage and retrieval, advancements in technology, innovative developments, increased investments, and the use of blockchain in bioinformatics.
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What Are the Key Growth Drivers Fueling the Blockchain In Genomics Market Expansion?
The anticipated surge in the use of digital tools is predicted to fuel the expansion of the blockchain in genomics market. This enhancement involves the integration of innovative digital systems and tools to enhance work procedures and meet goals. The global COVID-19 pandemic significantly increased digital adoption as people and companies were compelled to utilise digital tools for various purposes such as communication, education, shopping, and entertainment due to lockdowns and social distancing protocols. Digital tools, including software, hardware, and online platforms, are used in blockchain in genomics to bolster genomic data's encryption and security, ensuring privacy and protection. A report from Eurostat, a Luxembourg-based government agency, revealed in May 2024 that 8.5% of people in the EU between the ages of 16 and 74 used the internet for online consultations in 2023. Hence, the surging demand for digital health solutions propels the blockchain in genomics market's growth. Blockchain In Genomics Market Driver: Impact Of Personalized Medicine On The Growth Of Blockchain In Genomics Market
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How Is the Blockchain In Genomics Market Segmented?
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
Subsegments:
1) By Utility Tokens: Access Tokens, Functional Tokens
2) By Blockchain Platforms: Public Blockchain Platforms, Private Blockchain Platforms, Consortium Blockchain Platforms
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Which Companies Are Leading the Charge in Blockchain In Genomics Market Innovation?
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
Which Regions Are Leading the Global Blockchain In Genomics Market in Revenue?
North America was the largest region in the blockchain in genomics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in genomics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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