According to a current analysis by Emergen Research, the Global Blockchain in Genomics Market size is projected to be USD 1,258.3 Million in terms of revenue, from USD 24.5 Million in 2019, delivering a CAGR of 65.8% through 2027. Surging demand for data protection of distinctive genomic data and rising adoption of blockchain technology in the clinical workflow of genomic data is propelling industry growth.
Venture capitalists and private entities’ funding may also favor the growth of the blockchain in genomics market. Moreover, extensive utilization of genetic information in the medical practice for diagnosis and treatment will foster blockchain in genomics market size through 2027. However, maintenance and high-costs associated with the technology may restraint industry growth in the forecasted period.
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Key Highlights From Report
- Based on service type, the utility sub-segment is expected to contribute significantly to the blockchain in genomics market share through 2027. The segmental growth can be attributed to the digital coupon offerings that can be traded in the future for exclusive exposure or discounted fees for a service.
- On the basis of business model, the Business to Business (B2B) sub-segment is forecast to register a substantial CAGR of 66% during the projected timeframe. Increasing adoption of blockchain technology by B2B companies for the advantages of unparalleled standards of safety, productivity, and privacy will boost segmental growth.
- On the basis of application, the data sharing and monetization sub-segment is estimated to contribute a significant revenue share through 2027 as the blockchain technology enables both buyers and sellers to connect in a monetized way.
- Based on end-use, the pharmaceutical and biotechnology sub-segment is expected to dominate the blockchain in genomics market share through 2027. The growth can be attributed to the feasible implementations of blockchain in the pharmaceutical and biotechnology industries to enable doctors, pharmaceutical firms and insurers for accessing health records.
- In the regional landscape, North America accounted for a 1% global blockchain in genomics market share in 2019 and is expected to expand exponentially through 2027. The robust growth can be attributed to large investments by modern healthcare facilities and federal agencies.
- Key players operating in the global blockchain in genomics market include Nebula Genomics, Inc., GenoBank.io Inc, SimplyVital Health, Inc., LunaDNA, LLC, Zenome.io Ltd., Encrypgen Incorporated, Longenesis Ltd, Digital DNAtix Ltd, Shivom Ventures Limited, and WuXi Nextcode Genomics, among others.
- Nebula Genomics, Inc., a San Francisco-based genomic company, introduced its blockchain-based DNA sequencing in September 2019. The launch this of blockchain-based DNA sequencing, is expected to enhance Nebula’s market position in the future.
Blockchain in Genomics Market
Emergen Research has segmented the Global Blockchain in Genomics Market on the basis of service, business model, application, end-use, and region:
- Service Outlook (Revenue, USD Million; 2017-2027)
- Utility
- Platforms
- Business Model Outlook (Revenue, USD Million; 2017-2027)
- Business to Customer (B2C)
- Business to Business (B2B)
- Customer to Business (C2B)
- Application Outlook (Revenue, USD Million; 2017-2027)
- Data Storage & Security
- Data Sharing and Monetization
- Automated Health Insurance
- End-Use Outlook (Revenue, USD Million; 2017-2027)
- Hospitals
- Pharmaceutical and Biotechnology
- Research Institutes
- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/blockchain-in-genomics-market
