Blockchain in Genomics market accounted for US$ 37.9 million in 2020 and is estimated to be US$ 3,881.2 million by 2030 and is anticipated to register a CAGR of 66.42%. Genomic medicine enables accurate diagnosis, prognosis, and treatment of a variety of genetic disorders by using genetic data. An individual's genetic information is profiled using genomic techniques to assess disease susceptibility and suitable treatment strategies for their personalized medicine. Block chain is a block-based digital public ledger of transactions and records. Block chain creates a decentralized network of distributable data that can be shared between databases that are linked together. This technology allows users to monitor how their data is shared, preserving their privacy. Users can encrypt their data with asymmetric cryptography (Public Key Cryptography) for added protection.
The report " Global Blockchain in Genomics Market, By Business Model (B2B Business Model, B2C Business Model, and C2B Business Model), By Service (Utility Tokens and Blockchain Platforms), By Application (Data Sharing & Monetization, Data Storage & Security, and Automated Health Insurance), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”
Key Highlights:
· Nebula Genomics revealed in September 2020 that it would collaborate with Oasis Labs to develop a new paradigm for the secure use of personal genomics data and to provide consumers with first-of-its-kind access to its genetic data.
· Digital DNAtix Ltd launched the first free anonymous genetic vault service in September 2019.
Analyst View:
The market is being driven by the utility and demand for safe transactions involving specific genomic data. Furthermore, increased use of genomic data in clinical workflows is projected to fuel market growth over the forecasted timeframe. Digitalization of healthcare facilities and increased use of digital resources In the forecasted timeframe, it is expected to increase demand. Furthermore, increasing government funding for genomics is expected to boost the demand for blockchain in genomics in the near future.
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Key Market Insights from the report:
The Global Blockchain in Genomics market accounted for US$ 37.9 million in 2020 and is estimated to be US$ 3,881.2 million by 2030 and is anticipated to register a CAGR of 66.42%. The Global Blockchain in Genomics Market is segmented based on the business model, service, application, and region.
· By Business model, the Global Blockchain in Genomics Market is segmented into B2B business model, B2C business model and C2Bbusiness model.
· By Service, the market is segmented in Utility tokens and Blockchain platforms
· By Application, the Global Blockchain in Genomics Market is segmented into data sharing & monetization, data storage & security and Automated health Insurance.
· By Region, the Global Blockchain in Genomics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Because of its rich economy and the presence of numerous research firms in the area, North America retained the majority of market share.
Competitive Landscape:
The key players operating in the Global Blockchain in Genomics Market include Encrypgen Incorporated Digital DNAtix Ltd., Genomes.io, Genobank.io Inc., Longenesis, Nebula Genomics, Inc., LunaDNA, LLC, Shivom Ventures Limited, WuXi Nextcode Genomics, Inc., SimplyVital Health, Inc., Zenome.io, Ltd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
